Magnum Mining and Exploration Limited is listed on the Australian Stock Exchange (ASX:MGU).
Magnum’s current focus is the Gravelotte Project, located in the Limpopo province of South Africa and the Cloncurry East Project in Queensland.
Magnum’s 74% owned Gravelotte Project is located in the Limpopo province of South Africa. Emeralds were discovered in the province in 1927 and since then several companies have explored for and mined within the broader region for emeralds.
From 1929 to 1982 the total recorded emerald production from the Gravelotte Project as well as the area surrounding the nearby Gravelotte township was nearly 113 million carats. It is reported that during the 1960’s the Gravelotte Project itself was the largest mine of its type in the world, employing over 400 sorters.
The Company will be conducting a bulk sampling programme and the results will provide the platform to formally assess the economics of a potential commercial mining operation within the Gravelotte Project.
The Cloncurry East Project is centred around 20km east of Cloncurry in northwest Queensland. The Project is at an advanced stage of exploration and is highly prospective for iron oxide copper gold (“IOCG”) +/- cobalt mineralisation and variants of this style of mineralisation.
An initial mineral resource (JORC Code 2004) has already been defined at Salebury which is one of one of the advanced prospects within the Project area.
The Cloncurry East Project presents Magnum with an advanced exploration opportunity with an existing resource, high priority drill targets, an extensive exploration data package and established infrastructure.