Magnum Mining & Exploration Limited (ASX: MGU) has announced encouraging preliminary results from leach test work conducted on rare earth element (REE) samples from the Feirinha Prospect, part of its 100%-owned Palmares REE Project in Brazil. Magnum Mining & Exploration is focused on the exploration and development of resources, with a particular interest in rare earth elements. The test work indicates significant potential for high-value magnet feedstock.
Leach tests performed at room temperature and with a short residency time of only five minutes produced leachates exceeding 1,100 parts per million (ppm) total rare earth oxides (TREO) and 338 ppm magnet rare earth oxides (MREO) from hard rock samples. Recovered neodymium-praseodymium (NdPr) values reached up to 212 ppm. Additionally, the presence of over 270 ppm of heavier rare earth elements (HREE) distinguishes the Feirinha prospect from others, potentially commanding premium pricing due to their scarcity and growing demand in various industries.
The simple leaching process at ambient temperatures and short residency times is considered highly encouraging at this early stage, with further process optimisation yet to occur. Low levels of thorium and uranium, elements that can hinder metallurgical processes and permitting, further enhance the project’s outlook. The consistency of results across multiple pegmatite targets also suggests broad-based mineralisation, reinforcing the potential for a substantial resource.
Magnum plans to immediately undertake an extensive auger drilling program across the mapped 1.3km strike length of the G2 pegmatites, which host the high-grade REE mineralisation. The company will also follow up on other known repetitions along the strike. Chairman Michael Davy stated that these results establish Palmares as a promising rare earth project in Brazil, positioning Magnum to attract investor and strategic partner interest.
