Magnum Mining and Exploration Limited (ASX: MGU), an Australian-listed company focused on the exploration and development of rare earth element projects in Brazil, has announced significant advancements at its 100%-controlled Azimuth REE Project in Goiás. On 8 July 2026, the company reported compelling shallow desorbable rare earth element (REE) results from the second batch of assays at its Piracanjuba North target. This update reinforces the project’s potential as a large-scale, high-value ionic adsorption clay (IAC) REE prospect. Managing Director Antonio Vitor Junior expressed growing confidence in the target’s characteristics, including its scale, desorption, favourable REE element mix, and local support.
The latest assay results cover an additional 98 holes, bringing the total reported holes to 122, all of which have returned anomalous Total Rare Earth Oxide (TREO) values. Multiple holes exhibited elevated desorbable Magnet Rare Earth Oxide (D-MREO) and Terbium (Tb) plus Dysprosium (Dy) values, with D-Tb+Dy reaching up to 33 parts per million (ppm). These high-value heavy rare earth elements are crucial for permanent magnets. Noteworthy shallow intersections include 12m at 1,045ppm TREO (22% desorp.) from 0m in PIR-AH-0083, and 14m at 587ppm TREO (31% desorp.) from 0m in PIR-AH-0077.
Further supporting the project’s potential, the interpreted geophysical footprint at Piracanjuba North has been expanded from 85km² to 116km² following reinterpretation of existing radiometric data. This expanded area encompasses compelling targets like PN-1, PN-4, and the newly identified PN-6. Operationally, Magnum has increased its drilling capacity with six rigs now active, including a diamond drill rig for deeper geological testing. The company anticipates delivering an Exploration Target by early August, ahead of its previous September schedule, and a JORC Resource by November, subject to ongoing exploration success.
