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Magnum Mining and Exploration (ASX:MGU) has kicked off its seven-week, two-rig reverse circulation drilling campaign at Feirinha in Brazil, with the Australian explorer targeting near-surface REE mineralisation at the prospect.
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The campaign marks a “significant acceleration” to Magnum’s plans in Brazil, chairman Michael Davy said today. This is the site’s second drilling run.
The Feirinha program will test a large zone of surface anomalism that recently returned high-grade rare earth results, including surface assays of up to 1.69% total rare earth oxides. Initial leach works had shown REEs from Feirinha should be readily recoverable under ambient conditions, the explorer says.
With all permitting and land access now confirmed, Magnum will soon be working across 133 planned holes at Feirinha, for a total of 2,000 metres.
Final assays are expected in by late January, The Market Link understands. They will be undertaken by ALS Laboratories in Brazil, with quality controls in the testing next month, including duplicates, blanks, and standards.
Magnum has already shared its plans: Drilling will be conducted on a grid pattern to a nominal 15m depth, mapping REE-bearing ionic clays.
“Given the quality and setting of the prospects currently being drilled [at Feirinha and Azimuth], we believe both programs offer meaningful potential for a new greenfield REE discovery,” Mr Davy said on drilling.
“I look forward to providing updates as both programs advance,” he added.
MGU opened Tuesday selling at 0.6cps.
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