Magnum Mining and Exploration Limited (ASX: MGU) today announced compelling rare earth element (REE) assay results from the third batch of drilling at its Piracanjuba North project, located within the 100%-controlled Azimuth REE Project in Goiás, Brazil. Magnum Mining and Exploration Limited is an Australian mineral exploration company focused on developing rare earth element projects in Brazil. The company reported a further 92 holes, all of which returned anomalous drilled Total Rare Earth Oxide (TREO) values, with whole-hole composite grades ranging from 186ppm to 2,344ppm. This latest release confirms that all 214 holes drilled and reported to date across the three assay batches at Piracanjuba North have yielded anomalous TREO values, underscoring the project’s broad mineralisation.
The new results demonstrate robust mineralisation across four separate centres: PN-1, PN-2, PN-5, and PN-6, which have been identified as priority areas for follow-up. Notable high-grade intercepts from this batch include PIR-AH-0142, which returned 12 metres at 2,344ppm TREO (8% desorbable) and 514ppm MREO (14% desorbable) from surface, and PIR-AH-0223, yielding 12 metres at 1,208ppm TREO (12% desorbable) and 283ppm MREO (20% desorbable) from surface. These findings continue to support the interpreted 116 square kilometre geophysical anomaly and the potential for laterally extensive ionic clay-style mineralisation.
Magnum has accelerated its drilling programme, now operating with nine rigs on site. This expanded capacity led to 772 metres being drilled across 61 auger holes in the most recent week, marking a sixth consecutive weekly increase in productivity. The overall 10,000-metre drilling programme has now completed 5,739.4 metres across 498 auger holes. The company anticipates completing this first drilling phase during September, ahead of its previous base schedule. An Exploration Target is in the final data-integration phase, targeted for early August, with a maiden JORC Mineral Resource Estimate planned for November. The project also benefits from favourable logistics, being situated just 7 kilometres from Piracanjuba city with established infrastructure, and an encouraging preliminary low-uranium/thorium profile.
