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Magnum Mining and Exploration (ASX:MGU) is now heading for a +20% burst once its trading halt ends, after the explorer today flagged there is indeed an ionic adsorption clay system at its Piracanjuba prospect in Brazil.
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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.
Recent drilling at the Goiás State project identified the REE system, which boasts recoveries up to 75% total oxides and up to 94% magnetic oxide. (These stand in contrast to typical IAC recoveries, which ranged up to 25%.)
Magnum’s management is equally excited because it looks like Azimuth’s February results (achieved under lower acidity) suggest “economic and environmental advantages” over hard-rock or non-IAC clay deposits.
“Confirming an ion-exchangeable component within the mineralisation at Piracanjuba is a critical tech milestone,” said Magnum’s chair, Michael Davy.
He continued: “Given the mild leach conditions applied, we see strong scope for further metallurgical optimisation. The preferential recovery of magnetic and heavy rare earth oxides by data is also highly encouraging.”
Top results shared by Magnum include 11.84 metres at 45% TREO and 64% MREO, including a one metre zone at 75%/94%, and 14 metres at 23% TREO and 29% MREO, including a five metre interval at 42%/54%. These results “materially strengthen the pathway towards defining a large-scale IAC deposit.”
“We have accelerated plans to delineate the lateral continuity of Piracanjuba North Prospect, an 85 square kilometre geophysical anomaly which has already returned exceptional drilling,” Mr Davy said today.
“Drilling will also remain ongoing across the 19 of our high-priority prospects at the Aizmuth project. We look forward to reporting further results.”
When those will be hasn’t been locked in yet, though Magnum’s chief said it would be “in due course.” More metallurgical test results will come in soon, too, with ALS turnaround times usually around four weeks.
MGU shares were selling at 0.5c/ea pre-halt.
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