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Magnum Mining and Exploration (ASX:MGU) has its eyes on a whopping 10,000-metre auger drill run on-site at its newly minted Piracanjuba prospect, part of the Azimuth Project, with the potential to deliver a maiden rare earth JORC resource.
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Disclaimer: This content has been prepared as part of a partnership with Magnum M&E Ltd and is intended for informational purposes only.
The company’s chasing after REEs after recent testwork boasted high recoveries in the lab at a time when the world needs more and more of the not-actually-that-rare-but-difficult-to-process elements.
The company’s got thorough coverage on the brain with “tighter-spaced drilling centred on previous… intercepts [that] will aim to define” a resource estimate.
It’s effectively an acceleration of on-the-ground activity borne from the juncture of the critical metals thematic and eyebrow-raising testwork.
Those CY26 recoveries saw Magnum feedstock boasting desorption recoveries of up to 75% total rare earth oxides (TREO) and 94% magnetic rare earths under “mild leaching conditions,” which ultimately hints at a down-the-line project with desirable economics when it comes to downstream.
Moreover, 13 previously sunk auger drill holes all returned evidence of near-surface REE mineralisation; the prospect area of interest is some 85sq.km. The rigs will fire up on April 1.
Meanwhile, the company remains focused on its Parker project, too, with exploration ramping up there, as covered by The Market Link‘s Colin Hay last week.
MGU last traded at 0.5cps.
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