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Magnum Mining (ASX:MGU) has kicked off drilling for rare earth elements (REEs) at its Azimuth Project in Brazil where the company’s now got auger rigs spinning as the geotech team kicks off early-stage surface drillworks.
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Focusing on clay REE targets, the company’s going after pockets where geomag data has suggested possible mineralisation underground; a total of 333 holes will be sunk for 1,665m to a nominal depth of 5m. Areas where REE grades come back promising will be later grid-drilled in initial efforts to quantify the scope of mineralisation.
Located nearby what is among the highest-grade niobium projects in Brazil, the company is hopeful underlying geology replicates features evident in that project’s acreage; no historical exploration has been conducted at the targets of interest to Magnum, effectively underpinning a greenfields project.
“The program will be led by Antonio Vitor, a major shareholder and an exceptional in- country manager with extensive experience in managing field operations,” the company added on Friday. Azimuth Project leases expand over an eye-catching 900km.
“We are excited to commence auger drilling at our Azimuth REE Project in Brazil. The program represents a major step forward in testing the extensive radiometric anomalies that define multiple high-priority ionic clay rare earth targets,” company chief Michael Davy said.
MGU last traded at 0.7cps.
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Disclaimer: HotCopper had a commercial relationship with MGU at the time this article was crafted and published.
