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Magnum Mining & Exploration (ASX:MGU) has provided an update on its ongoing drill runs at its respective Palmares and Azimuth rare earth element (REE) projects located in Brazil; this week, rigs began spinning again as what is effectively the regional holiday period wrapped up this week.
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Drilling at Palmares will run for 24H straight across two RC rigs while samples plucked from the on-site Feirinha target of interest are due back later this month – previous trench samples have shown up to 1.7% total rare earth oxides (TREO) while rock chips have come in at 1.3%.
As for azimuth, auger drilling is the name of the game (placing Palmares firmly in ‘flagship’ territory, for now) with 155 metres completed so far; drilling was extended after visual soil data suggested there’s more to be found under the surface.
At Azimuth, the name of the game is the Piracanjuba target of interest; there, too, assays are back later this month. Drilling will soon be ramped up.
Most notably, like Palmares, drilling at Azimuth will soon swap to a twenty-hour roster. “The pace of drilling at Azimuth is expected to accelerate following the mobilisation and commencement of full-time operations of a second auger drill rig, in line with the planned drilling program,” the company wrote Tuesday.
The company’s projects are focusing on clay-hosted REE prospects.
MGU last traded at 0.5cps.
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