Magnum Mining and Exploration Limited (ASX:MGU, OTCQB: MGUFF), a company focused on the exploration and development of resource projects, has provided an update on its rare earth element (REE) drilling activities at the Palmares and Azimuth Projects in Brazil. Drilling resumed on January 5th, following a planned operational shutdown for the Brazilian Recesso Period.
At the Palmares Project, 15 RC drill holes totalling 225m have been completed at the Feirinha Prospect. The drilling program is designed to assess high levels of REE previously identified in surface and trench samples, testing for lateral continuity and depth extent. Initial rig access was affected by rainfall, but the company plans to accelerate drilling progress with two RC drilling crews operating in alternating 12-hour shifts. The first batch of Feirinha samples are prepared and ready for dispatch for assaying, with results expected by the end of January.
Drilling at the Azimuth Project has focused on the Piracanjuba prospect, with 13 auger holes completed, totalling 155m. Drilling was extended where visual soil characteristics indicated prospective horizons consistent with clay layers associated with rare earth mineralisation. The pace of drilling at Azimuth is expected to accelerate following the commencement of full time operations of a second auger drill rig, in line with the planned drilling program. The first batch of assays have been received by ALS Laboratory for analysis, and results are expected by the end of January.
Both the Palmares and Azimuth drill programs remain under budget. Magnum Mining expects to continue advancing these projects, with further drilling planned throughout Q1 CY2026, as seasonal weather permits. The company anticipates assay results by the end of January, which will provide clarity on the mineralisation potential of both projects.
