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Magnum Mining & Exploration (ASX:MGU) has wrapped up a geophysical reprocessing at its Wet Mountain REE Project in Colorado this week, identifying a 3.3 square kilometre pathfinder footprint for future on-site drilling.
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The ~3.3 km² radiometric pathfinder footprint includes a principal connected lobe of ~2.6 km² that “provides a clear opportunity,” the explorer says.
The project area, located in a recognised alkaline igneous province, is characterised by historical high-grade rock-chip samples. Previous USGS sampling included results as high as 7.99% Total Rare Earth Elements.
The new analysis indicates these historical high-grade samples are associated with elevated equivalent thorium trends and interpreted magnetic/structural features.
These targeting vectors are intended to guide priority drill targeting as Wet Mountain now moves “into a more coherent target-generation framework,” the explorer’s managing director, Antonio Vitor Junior, said today.
“The attraction is… historical carbonatite samples grading up to 7.99% TREE at surface, a multi-square-kilometre eTh radiometric footprint, and magnetic/structural features that may reflect the intrusive architecture of the system.”
“The significance of Wet Mountain is that it provides Magnum with a clear opportunity to drill test the potential for a high-grade, large-scale carbonatite-related REE discovery in the United States. The project is strongly aligned with our exploration-led strategy, which is focused on advancing high-potential opportunities capable of delivering significant shareholder value,” he added.
The next phase for Wet Mountain involves ground-checking sample locations, finalising targeting, and securing permits and contractor deals.
Magnum is also preparing to stage a first-pass diamond drilling program.
MGU shares are 0.5c on Thursday morning.
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