Drilling Permits in Focus as Magnum Targets Untested Zones at Parker Project

Strategic Location and Historical Significance

Magnum Mining and Exploration Limited (ASX:MGU) has unveiled promising exploration results from its Parker Project in La Paz County, Arizona. Situated within the prolific Walker Lane structural belt; a region known for hosting tens of millions of ounces of gold and substantial copper and silver deposits; the project benefits from a rich geological setting and a history of intermittent mining dating back over a century.

The Parker Project encompasses three key target areas: Eagle Nest, Red Breccia, and NSW Detachment. Historical mining at Eagle Nest, in particular, includes underground workings reaching depths of approximately 180 metres, primarily targeting oxidised copper mineralisation. Notably, mining ceased in the 1940s due to labour shortages rather than resource depletion, leaving deeper oxide and sulphide zones largely unexplored by modern methods.

Multiple Mineralisation Styles Confirmed

Recent reconnaissance mapping and a systematic 2026 surface sampling program; comprising 457 soil and 131 rock chip samples; have confirmed multiple mineralised trends. At Eagle Nest, structurally controlled copper-gold mineralisation aligns along quartz-porphyry and carbonate contacts and fold-related shear zones, extending continuously across the Eagle Nest, Double Eagle, and Gray Eagle veins.

Meanwhile, the Red Breccia target has been identified as a hematite-rich intrusive breccia system exhibiting alteration and structural features consistent with iron oxide copper-gold (IOCG) style mineralisation. This target shows potential for significant mineralisation controlled by east-west trending breccia and structural corridors. The NSW Detachment target adds a structurally hosted gold-copper prospect along a low-angle detachment fault, further diversifying the project’s exploration potential.

Assays Pending and Permitting Underway

While laboratory assay results from the 2026 sampling campaign are still pending, historical rock chip samples have returned impressive grades, including gold values up to 83.9 ppm and copper concentrations as high as 14.7%. These findings underscore the potential for high-impact discoveries within the project area.

Magnum has already initiated engagement with the US Bureau of Land Management to advance drill permitting. The company plans to finalise drill collar locations and access logistics at Eagle Nest, while refining drill targets at Red Breccia based on structural interpretations and forthcoming assay data. Subject to permit approvals and assay confirmation, first-pass drilling is anticipated to commence shortly, focusing initially on Eagle Nest and Red Breccia.

Looking Ahead

Chairman Michael Davy emphasised the strategic importance of the Parker Project within the Walker Lane trend and the company’s commitment to delivering high-impact discoveries. The combination of historical underground development, multiple mineralisation styles, and a favourable regional setting positions Magnum well to unlock significant value as exploration progresses.

Investors and analysts will be watching closely for assay results and permitting milestones, which will provide clearer insights into the project’s resource potential and guide the upcoming drilling campaign.