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Magnum Mining & Exploration (ASX: MGU) has drawn investor attention today after the company significantly expanded its landholding around the Piracanjuba discovery in Brazil, strengthening its position in what management believes could become a large-scale ionic adsorption clay rare earth project.
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The Australian company announced the grant of 14 new exploration permit areas by Brazil’s National Mining Agency, lifting its landholding around the Piracanjuba North and Piracanjuba South targets to 429.49 square kilometres.
The new permits surround Magnum’s recent discovery and provide more ground to test potential extensions, geological trends, and broader targets.
Oz ivestors have been following Piracanjuba since Magnum confirmed ionic adsorption clay-hosted rare earth mineralisation earlier this year; a style of deposit highly sought after due to its potential for lower-cost processing.
The explorer’s management team has today said that the tenure expansion was a strategic move designed to secure prospective ground around the discovery before further drilling and exploration work advances.
The announcement comes as Magnum progresses a large 10,000-metre auger drilling campaign across an 85km² geophysical anomaly at Piracanjuba North. The company expects assay and desorption results from the 810-hole program to come in shortly, setting up what could be a period of strong news flow.
The project’s location has also attracted attention, with Piracanjuba situated within Brazil’s Azimuth 125 structural corridor and approximately 50 kilometres from CMOC’s Catalão rare earth and niobium operations.
Attention will now turn to results from the current drilling campaign, which could help determine whether Piracanjuba has the scale to emerge as a significant new rare earth discovery in southeastern Goiás.
MGU shares have been selling at 7c/ea.
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