Magnum Expands into US Copper-Gold Sector with New Acquisitions

Magnum Mining and Exploration

Strategic Deals Secure Key Copper-Gold Projects

Magnum Mining and Exploration (ASX:MGU) has entered into binding agreements to acquire multiple copper-gold assets in the United States. The acquisitions involve Monomatapa Investments and EV Resources (ASX:EVR), adding three key project areas to Magnum’s portfolio.

The transactions include the Parker Gold and La Cienega projects in western Arizona and the Mormon Canyon Copper-Gold-Silver Project in northeastern Idaho. These deals mark a significant step in Magnum’s strategy to expand its presence in the North American resource sector.

Acquisition Terms and Exploration Plans

As part of its agreement with Monomatapa, Magnum will acquire Monomatapa Mining Services—holder of the Parker and Mormon Canyon projects—for US$200,000 (A$335,717), payable in four equal installments.

Magnum will also acquire EV Resources’ entity that owns the La Cienega Project, granting EV Resources a 2% net smelter return (NSR) royalty on any minerals produced.

Both transactions are contingent on due diligence and regulatory approvals. To fund the Monomatapa transaction and exploration activities, Magnum will utilize capital from its ongoing entitlement offer, set to close on April 28, 2025.

Exploration and Development Strategy

Magnum’s initial focus will be on verifying existing drilling programs. The company plans a field program, including surface sampling, geological mapping, and magnetic surveys to refine exploration targets. Data from these studies will support an iron oxide copper-gold (IOCG) model and guide future drilling priorities over the next 12 months.

Parker Project (La Paz County, Arizona): Focuses on iron-copper Mississippi Valley-type mineralization within Paleozoic sediments.

Mormon Canyon (Lemhi County, Idaho): Spans 4.371 km² in a gold-copper-rich district.

La Cienega Project (Buckskin Mountains, Arizona): Features multiple copper outcrops and historic mine workings along a 2.5 km mineralized trend.

With these acquisitions, Magnum is poised to enhance its North American asset base and strengthen its position in the copper-gold sector.