March 2024 - Montpellier l Corporate Advisors

Highlights

Magnum enters into an agreement to take up a 50% share ownership of Middle East for Metallic Industrial (Midmetal)

It is intended that Midmetal construct and operate a Green Pig Iron Production Facility in the Kingdom of Saudi Arabia

It is also intended for Magnum Mining & Exploration Ltd to provide iron ore and biochar to the Green Pig Iron Production Facility.

Costs associated with the construction and operation of the Green Pig Iron Production Facility will be shared equally between the Shareholders of Midmetal.

A full financial model has not been completed at this stage due to the early phase the project is in and regulatory constraints. The Board of Magnum are satisfied that the project represents a compelling business case for development.

A small first pass, site reconnaissance soil and rock chip sampling program was completed 6-10 November 2023 at the newly acquired Bridgetown-Greenbushes project 250km south of Perth WA. No anomalous lithium was identified in 3 rock chip samples taken. Some encouragement was noted on E70/5981 where a micaceous felsic schist sample (MRP049763) recorded elevated values of 150ppm Be, 227ppm Rb and 128ppm Sn.

Roadside verge soil sampling was also conducted on E70/5980-5981 and E70/6551 centred about 10km south east of the Greenbushes mine. A total of 33 samples were taken overall with several areas returning anomalous lithium up to 91.9ppm Li against a background of about 20-40ppm Li.

234 pulps were retrieved from the 2021-2022 RC gold program at Yarmany and resubmitted for lithium and pathfinder geochemistry late in January 2024. The RC holes targeted gold where historic drilling had discovered anomalous mineralisation. No pegmatites were logged however on a routine drilling review in 2023, large zones, 20-30m wide, of white, pallid clays beneath a transported profile were noted. Elevated results from the pulps include:

4m @ 72.5ppm Cs, 30ppm Nb, 417.2ppm Rb and 55.5ppm Ta (YMRC22035 56-60m)

8m @ 93ppm Li (adjacent hole YMRC21036 20-28m, background values were 20- 40ppm Li)

All but one of the 2021-2022 drill holes, including YMRC21035-21036, lie outside the proposed anomalous soil areas. The above results do not confirm pegmatites or spodumene mineralisation, they do however indicate that pathfinders and lithium are active and requires further investigation.

Click here to read the full ASX Announcement

Month: March 2024

Magnum Mining and Exploration: Saudi Hismelt Project Opportunity With Midmetal

Highlights

Horizon Minerals: Lithium Exploration Update