Magnum expands Piracanjuba North rare earth footprint with fresh assays

Magnum Mining and Exploration (ASX:MGU) has grown the mineralisation footprint at the Piracanjuba North target at its Azimuth rare earth project in Goiás, to 116 square kilometres on the back of its second batch of total rare earth oxide assay and ammonium sulphate desorption screening results.

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The explorer’s July update confirms all 122 holes reported to date across the wider Brazil project’s area have intersected anomalous drilled TREO values.

This second “best-reported” batch contains data from 98 newly reported holes, with multiple intervals returning elevated desorbable magnet rare earth oxides (MREO) as well as terbium (Tb) and dysprosium (Dy).

These high-value heavy rare earth elements serve as performance-enhancing additives in NdFeB permanent magnets. Notable results include drill hole PIR-AH-0010, which intersected 12 metres at 690 ppm TREO, including a two-metre interval of 1,409 ppm TREO from 8m with 57% MREO desorption.

Another hole, PIR-AH-0083, returned 12 metres at 1,045 ppm TREO from zero metres, including two metres at 1,671 ppm TREO from six metres.

“As further results have been received from drilling at Piracanjuba North, our confidence in this target has continued to grow,” said MD Antonio Vitor Junior today.

He explained: “While we remain at an early stage of exploration, the ongoing stream of results continues to demonstrate the key characteristics we look for in a favourable ionic adsorption clay rare earth system – scale, desorption, favourable REE element mix, infrastructure, and state/community support.”

“Another important development has been the expansion of the interpreted geophysical footprint at Piracanjuba North from 85km² to 116km², following reinterpretation of existing radiometric data,” he continued.

“The significance of this is further reinforced by the repeatability… with all 122 holes over multiple areas returning anomalous drilled TREO values.”

Drilling will now continue “at pace,” Magnum confirmed today. Six rigs are now active, HotCopper understands, with more assays to come. The project includes four mechanised auger rigs for shallow recon, one winch-assisted auger rig for deeper regolith penetration, and one diamond rig to validate regolith architecture and collect material for mineralogical and geometallurgical testing.

“With many holes ending in anomalous REE mineralisation, the data supports deeper follow-up drilling, which we intend to undertake with the newly mobilised diamond drill rig,” Mr Vitor Junior declared Wednesday.

In June, the company had completed 314 collars totalling 3,251.1 metres.

By lunchtime Wednesday, MGU shares were +20% stronger.

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