Magnum Mining & Exploration advises that the high resolution aeromagnetic survey of its Buena Vista Green Pig Iron Project announced on 5 October, 2022 has been completed and final data delivered to the Company. The survey covered the majority of Magnum's claims in and around the Buena Vista mine in
Nevada, USA. The Buena Vista iron resource consists of disseminated to massive magnetite that is ideally mapped by the magnetic method. The aeromagnetic survey was undertaken using a helicopter platform. Sensor height achieved an average of 27m above ground level. With a flight line spacing of 50m and close along line data readings this survey is considered high resolution. The data quality promises to greatly assist in the aims for the survey, namely: · Lithological mapping, · Structure identification · Identification of magnetite high grade zones · Basis for ground sterilisation prior to mine build The new survey allows the previously identified targets to be prioritised. New areas for expandi the existing resource have been identified. These targets are: · West Deposit SE Extension
· Section 5 Deposit SE Extension · East Deposit North Extension · Iron Point East and West · BV-D target · Fisk, Fisk North, and Fisk SE targets · Ute and Ute West targets · Section 27 target · Iron Horse and Iron Horse West. With the standardised magnetic coverage of the claims by the new survey, Magnum is able to
undertake optimised inversion of the data to a 3D voxel model. This process divides the earth into cubes and a magnetic susceptibility assigned to those cubes to explain the magnetic response observed in the aeromagnetic data. In general, the magnetic susceptibility is directly proportional to the magnetite content of the rock encompassed by the cube, allowing Magnum to predict areas likely to contain possibly economic concentrations of magnetite. The process will be calibrated over areas of drilling and resource estimation. A full interpretation of the data, supported by the 3D voxel inversion, will be undertaken. Area prioritisation will follow with identification of drilling targets. The strategic aim will be to assess and prioritise targets in the Company's land holding in support of the proposed green pig iron project (ASX release 29 August 2022).