Magnum Mining Finds High-Grade Gold, Copper at La Paz County Parker Project

Magnum Mining and Exploration Limited (ASX: MGU) reported rock-chip assays from Eagle Nest returning values up to 91.6 g/t gold and 18.35% copper, while Red Breccia samples showed multiple results exceeding 100 g/t gold. The results, disclosed in an ASX release dated March 24, 2026, came from a surface geochemical reconnaissance program at the Parker Project, located 14 kilometers northeast of Parker in La Paz County, Arizona.

The program's two standout Red Breccia rock-chip samples pushed past laboratory detection limits, triggering further analysis. A separate set of 129 rock-chip assays at Eagle Nest returned values up to 91.6 g/t gold and 18.35% copper, while up to 457 soil and rock-chip samples underwent an additional overlimit re-assay. Final results from that re-assay are still pending.

Magnum Chairman Michael Davy said the breadth of results across the project was significant. "High-grade gold and copper assays have now been returned across multiple target areas including multiple overlimit gold results at Red Breccia, which gives us growing confidence that this could be a broad and well-developed mineralised system," Davy said.

The company's soil sampling found that gold and copper anomalism is spatially aligned with mapped and interpreted structures across the site, with a combined 5-kilometer prospective strike length identified. Mapping places the Eagle Nest target at a 1.3-kilometer strike length, while Eagle Nest, Double Eagle, and Gray Eagle together form what the company describes as a continuous, structurally controlled trend running along quartz-porphyry–carbonate contacts and fold-related shear zones on a tight, east-overturned anticline flank.

The Parker Gold Project is located in western Arizona and consists of three areas: Eagles Nest, Red Breccia, and New Standard West (NSW) Detachment, with 79 federal unpatented mining claims covering 6.391 square kilometers. The project focuses on Iron-Copper Mississippi-Valley-Type mineralisation developed in Palaeozoic sediments, driven by major over-thrusting in the Buckskin Mountains Province, with some evidence of epithermal mineralisation associated with detachment faults.

Recognition of a possible Iron Oxide Copper-Gold (IOCG) mineralisation model opens up significant tonnage potential, with immediate drill targets identified to test the vein systems at Eagles Nest. Magnum acquired the Parker Project in April 2025 through a binding agreement to purchase 100% of Monomatapa Mining Services Inc. Historical surface rock samples from that acquisition announcement reached up to 83.87 g/t gold, 359 g/t silver, and 8.37% copper.

Analysis of the project notes it sits along the southern continuation of the Walker Lane structural belt, a structurally active corridor known for hosting significant copper-gold mineralisation. Drilling at Eagle Nest, aimed at confirming depth potential below the current surface sample footprint, has been flagged as a next step, though formal permitting and timing have not been publicly confirmed by the company.

The broader copper market provides a compelling backdrop for the Parker results. J.P. Morgan has forecast a 330,000-tonne copper supply deficit with a price peak of $12,500 per tonne, while Goldman Sachs projects a range of $10,000 to $11,000 per tonne. Those forecasts come despite a reported 8% year-over-year decline in China's refined copper consumption in the fourth quarter of 2025, a counterweight that analysts say introduces meaningful demand uncertainty.

The Parker claims sit within the Cienega District of La Paz County, within the Buckskin Mountains of west-central Arizona. Regional context is anchored by the Bagdad Copper Mine and Morenci Copper Mine, both operated by Freeport-McMoRan, which demonstrate the established infrastructure and economic viability of Arizona's copper-bearing systems. The pending overlimit re-assay results will be the next indicator of whether Magnum's surface geochemistry at Parker holds up at the scale Davy described.