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Magnum Mining & Exploration (ASX:MGU) has been up as much as +42.9% through Friday’s lunchtime trading as investors celebrate news from its Palmares Rare Earth Element Project in Brazil; leach testing is now underway on a batch of high-grade samples from tenement 871332/2020.
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This tenement is just one of 18 that make up the broader Palmares rare earth element project, which spans a hefty ~348km².
The company’s been getting cracking results out of the Feirinha Prospect, and trench assays have returned up to 1.69% TREO (that’s 16,884 ppm, for those playing at home), and rock chips aren’t far behind, hitting up to 1.31% TREO (13,082 ppm).
“The sample results validate the high-grade continuity of mineralisation on the tenement, specifically on the G2 pegmatites, which average 0.40% TREO. Individual grades up to 1.69% TREO, coupled with enrichment in Nd and Pr and high-value heavy rare earths, demonstrate the potential of Palmares,” chairman Michael Davy said.
What’s really turning heads is the enrichment in critical rare earths like Nd, Pr, Dy, Tb, and Y; the good stuff needed for EV motors, wind turbines, and defence gear.
The G2 pegmatites, the host rock carrying the goods, have been mapped over roughly 1.3km in strike length. That’s not small, and there’s evidence they continue along strike too.
Magnum’s sent 15 selected trench and rock chip samples off to ALS Labs for leach testing, with results expected by the end of September. The idea is to suss out recovery rates before diving into more expensive drilling.
Meanwhile, the Company’s new geo is knee-deep in a data review across Magnum’s broader Brazil REE portfolio, which now covers a whopping ~1,549km².
Looks like things are heating up in Bahia – watch this space.
MGU has been up 57% at 1.1cps in afternoon trade.
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