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Magnum Mining and Exploration (ASX:MGU) has landed another major windfall in its aggressive U.S. expansion, this week acquiring the Wet Mountain project in central Colorado that has previously yielded assays of up to 7.99% total rare earth elements – and a “rapid campaign” on-site is soon to come.
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Disclaimer: This content has been prepared as part of a partnership with Magnum Mining Ltd and is intended for informational purposes only.
The large Wet Mountain project boasts extensive surface anomalism hosted in carbonatite dykes, with historical sampling by the United States Geological Survey recording TREE grades from 2% to 4% in broader zones.
“We’re thrilled to secure the Wet Mountain Project, an outstanding addition to our growing U.S. critical minerals portfolio,” said Magnum chairman Michael Davy.
The Magnum helmsman continued: “This agreement provides Magnum with immediate exposure to a high-grade, large-scale rare earth project in what is arguably the world’s most strategic jurisdiction for REEs. Being able to follow up on historical assays of up to 7.99% TREE is an exceptional opportunity.”
Under the acquisition terms, Magnum will take 100% ownership of the project’s vendor, Wyoming Critical Minerals Inc., as well as its various mining assets.
Magnum had already paid a US$27,500 exclusivity fee to open the deal. Further payments to seal the acquisition include a US$80K cash upon completion, as many as 20 million Magnum shares, and a 2% net smelter royalty.
As many as 126 mining claims sit across 10.47km² acreage at Wet Mountain, with Magnum already spotting ground where it wants to explore further.
The Market Link understands no drilling or systematic sampling has been run at Wet Mountain yet; Magnum’s work will be the first. First targets on that front include structural intersections and intrusive contacts, too.
MGU rocketed on the news today, and is up +20% just after open.
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