Magnum bringing modern exploration, sampling to newly-acquired Wet Mountain REE project

Aussie explorer Magnum Mining and Exploration (ASX:MGU) has put a bow on its Wet Mountain acquisition, this week wrapping up its $107.5K deal to buy Wyoming Critical Minerals Inc. – and, more importantly, the “high-quality” rare earths project the U.S. explorer has been developing in central Colorado.

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The buy-up was a no-brainer for Magnum, which has been looking to mostly focus on U.S.-based critical minerals while Trump is supporting the venture.

To finalise the deal, Magnum paid out US$27,500 to have exclusive bargaining, then another US$80,000 to buy the company. The Aussie explorer also traded away 20 million fully paid MGU shares and a 2% smelter royalty.

“With ownership now secured, Magnum intends to formulate and advance a systematic and cost-effective modern exploration program, as soon as weather permits,” Magnum’s chairman, Michael Davy, declared.

The main focus of this “modern exploration program” – no systematic sampling or drilling has been run at Wet Mountain before – is to dive into untested mineralisation at depth. A large zone of significant surface anomalism has already shown TREE grades between 2% and 4%; Magnum will dig into that first in CY26.

The proposed work program includes geochemical surface sampling, trenching to test grade continuity, and geological mapping of intersections.

Magnum also intends to interpret existing aeromagnetic and gravity data, with the potential to collect high-resolution magnetic data to refine drill targets. That will happen alongside Magnum’s application for U.S. permitting.

Heading into Tuesday, MGU shares have been 0.5c/ea.

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