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Magnum Mining and Exploration (ASX:MGU) has this week uncovered what looks like a major, large-scale new ionic adsorption clay-hosted REE discovery that “exceeds all expectations” at its Azimuth project in Goias State.
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All 13 first-pass auger holes at the first Azimuth target intersected near-surface mineralisation with a thick clay section, the explorer said today.
Notably, every one of the holes also terminates in REE mineralisation.
“These results have materially exceeded our expectations,” Magnum’s chairman, Michael Davy, declared after unveiling the results Wednesday.
“Given the substantial landholding at Azimuth, the auger program was intentionally designed as a first-pass reconnaissance campaign to test for the presence of REE across some 19 priority targets,” the chairman explained.
The Australian explorer’s walked away with an even better hit, especially because the latest results “indicate that REE mineralisation may extend across substantial portions of the defined geophysical anomalies.” The largest mineralisation cluster was spotted at Piracanjuba North, along the 125° trend.
Those standout results at Piracanjuba North came in at 13.5 metres at 2,165ppm TREO from surface, including three metres at 3,175ppm TREO.
Magnum was also able to confirm a strong distribution of magnetic rare earth oxides (MREO), including neodymium, praseodymium, dysprosium, and terbium. Those accounted for up to 34% of the TREO in high-grade zones.
The company is now preparing to speed up its exploration targets, which may include adding more auger rigs or introducing RC drilling to test profiles.
Final validated results from the ALS testing labs are due in soon, The Market Link understands. Elsewhere, Magnum is also still actively drilling at Azimuth and Palmares as it looks to meet ex-China critmins demand.
MGU shares will open Wednesday morning at 0.5c/ea.
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