Magnum Mining & Exploration (ASX: MGU) has completed the first phase channel sampling of massive, high grade magnetite outcrops at its Buena Vista Green Pig Iron Project in Nevada, USA.
This work will support work focussed on outlining a possible Direct Shipping Ore (DSO) source that may allow an early, low cost start-up for mining and shipment of DSO from the project.
DSO Potential
The Buena Vista Mine site has not been comprehensively mapped since 1960. Modern mapping is hampered by the extensive earth works, stockpiles, dumps, and ground disturbance that resulted from the mining operations during the 1950s to the 1970s.
Evenso, that mapping shows widespread occurrences of massive magnetite. It is not uncommon for these outcrops to exceed the minimum iron grade equivalent to Platts standard fines grade of 62% Fe or lump grade of 62.5% Fe.
The massive magnetite outcrops have generally been exposed through the mining process, although natural outcrops are not uncommon.
Drilling of the Buena Vista deposit has historically focussed on deeper, high tonnage targets, ignoring the lower tonnage, near surface or surface potential. First pass channel sampling (ie, a line of continuous rock chips taken across an outcrop) has now been completed. Those samples are being processed now.
During the sampling procedure, it was recognised that there may exist in the floors of the existing pits potentially high-grade magnetite ore. This material may be easily accessible with little additional work required to mine it: the Buena Vista Mine is a fully permitted mine for open cut mining.
A drilling contract is in place for shallow DSO drilling. This drilling will be done with a Reverse Circulation (RC) rig. It is focussed on three areas:
1. Massive magnetite outcrops associated with the historic West Pit
2. Magnetite outcrops and indications of DSO possibilities in in the floor of the Central Pit
3. Iron Horse – an as yet undrilled area
of extensive surface magnetite mineralisation.
It is expected that the drilling campaign will start by the end of April.
For further information please visit: https://www.mmel.com.au
