Magnum Mining and Exploration (ASX: MGU) is refreshing the feasibility of its wholly-owned Buena Vista iron project in Nevada. The company says the refresh includes a processing flowsheet, engineering design work, and mine planning and scheduling. All are designed to enable the production of high-grade magnetite concentrate suitable for direct reduced iron (DRI) production as soon as possible.
Following confirmatory test work by MinRizon Projects that a DRI concentrate grade of +68% iron is technically and economically viable, Magnum’s board authorized engineering and planning studies to fast track the project to production. The key design work is being done by Samuel Engineering of Denver, Colorado.
The Buena Vista iron resource contains 232 million tonnes at 18.6% iron and 22.6% DTR. The resource includes a high-grade pod within the West deposit that occurs from surface. The company says accessing this high-grade pod may substantially de-risk the project and allow for a short payback period.
The Buena Vista iron deposit is located approximately 160 km east-northeast of Reno. It was discovered in the late 1890s and has a history of mining, with around 900,000 tonnes of direct shipping magnetite ore with an estimated grade of 58% iron mined in the late 1950s to early 1960s.
The company says this development represents a major step forward in bringing the Buena Vista project into production.
For more information, visit www.MMEL.com.au.
