Magnum Mining & Exploration Limited (ASX: MGU) has announced it is commencing a drilling campaign on priority rare earth element (REE) targets identified on the Azimuth 125 and Palmares REE Projects in Brazil. Magnum Mining & Exploration is focused on the exploration and development of resources. The company is committed to delivering shareholder value through strategic exploration and project development.
The company has received full permitting and negotiated land access for drilling at the priority REE targets. The initial phase will test four targets on the Azimuth 125 REE Project: Piranhas and Montes Claros de Goias, proximal to ASX: FMG and CSE: API, and Piracanjuba and Corumbaiba, within 50km of CMOC Brazil Niobium Mine. Auger and deeper RC drilling will test ionic clays occurring over pegmatite dykes on the Feirinha Prospect, part of the Palmares REE Project, which has returned up to 1.69% TREO in trench sampling and 1.31% TREO from rock chip sampling.
Recent leach tests on Feirinha samples showed recoveries of 1,100ppm TREO at a 5-minute residency time. The auger drill program is an initial evaluation phase to identify mineralised zones for subsequent, detailed sampling. A notional 221 holes for 1,105m are planned. Two auger rigs are being acquired, and a contractor will be engaged for RC drilling. Assaying will be done by recognised laboratories in Brazil, with QA/QC procedures including repeats, blanks, and standards.
Fieldwork will be managed by Magnum’s in-country manager. Auger drill sampling is expected to start this month and take approximately eight weeks, pending weather-related delays. All assaying is scheduled to be completed by January.
