Magnum Mining and Exploration (ASX:MGU) is set to acquire multiple copper-gold projects in the United States through binding agreements with Monomatapa Investments and EV Resources (ASX:EVR). The acquisitions include the Parker Gold and La Cienega projects in western Arizona, and the Mormon Canyon Copper-Gold-Silver Project in northeastern Idaho, expanding Magnum’s exploration portfolio. The deal with Monomatapa involves acquiring Monomatapa Mining Services, which holds the Parker and Mormon Canyon projects, for US$200,000, payable in four installments. Magnum will also acquire EV Resources’ entity, which holds the La Cienega Project, granting EV a 2% net smelter return royalty.
Both transactions are conditional upon due diligence and regulatory approvals. Magnum intends to finance the Monomatapa transaction and exploration activities through funds raised from an ongoing entitlement offer closing on April 28, 2025. Initial efforts will concentrate on confirming existing drilling programs, alongside surface sampling, geological mapping, and magnetic surveying to refine drilling priorities. The Parker Project targets iron-copper Mississippi Valley-type mineralization, while Mormon Canyon is situated in a gold-copper region. The La Cienega Project features copper outcrops and historical mine workings along a 2.5km mineralized trend. Magnum is pursuing an iron oxide copper-gold model, with the next 12 months focused on field work and data analysis to support this model.
