Low-Thorium Palmares Project Poised for Rare Earth Market Impact

Exceptional Early Leach Test Results

Magnum Mining & Exploration Limited (ASX – MGU) has announced preliminary leach test results from its Feirinha Prospect, part of the 100% owned Palmares Rare Earth Elements (REE) Project in Bahia State, Brazil. The tests, conducted at room temperature with a notably short five-minute leach residence time, delivered leachate concentrations exceeding 1,100ppm total rare earth oxides (TREO), including 338ppm magnet rare earth oxides (MREO). These figures are impressive given the early-stage nature of the work and the lack of optimisation to date.

Of particular significance is the high recovery of neodymium and praseodymium (NdPr), reaching up to 212ppm. These elements are critical components of high-performance permanent magnets used extensively in electric vehicles, wind turbines, and defence technologies. Additionally, the Feirinha samples showed over 270ppm of heavy rare earth oxides (HREO), which command premium prices due to their scarcity and growing demand.

Strategic Advantages and Project Potential

The low levels of deleterious elements such as thorium and uranium, both below typical crustal abundance, enhance the metallurgical and permitting outlook for the project. This reduces potential environmental and regulatory hurdles, a key consideration for rare earth projects.

Magnum’s Chairman, Michael Davy, emphasised the significance of these findings, noting that Palmares stands out among Brazilian peers like Brazilian Rare Earths and Meteoric due to its heavy rare earth enrichment and consistent mineralisation across multiple pegmatite targets. The company is now preparing to launch an extensive auger drilling program over a mapped 1.3-kilometre strike length of G2 pegmatites, aiming to delineate the scale and depth of mineralisation.

Next Steps and Regional Context

Following the auger survey, Magnum plans to undertake reverse circulation or air core drilling to test the subsurface extent of the REE mineralisation. Concurrently, metallurgical leach testing will be refined to optimise recovery processes, particularly focusing on the ionic clay-hosted mineralisation that is expected to enhance leach results further.

The Palmares Project is situated within the Jequié Belt, a region gaining attention as an emerging REE mining hub in Brazil. Neighbouring projects by Brazilian Rare Earths and Equinox Resources have reported major discoveries, underscoring the district’s potential. Magnum’s engagement with Senai CiMATEC, a leading Brazilian technology and education centre specializing in REE processing, signals a commitment to advancing both technical expertise and local partnerships.

Broader Implications

These breakthrough results position Magnum Mining as a compelling player in the global rare earth sector, particularly as demand for NdPr and heavy rare earths accelerates amid the green energy transition. While still early, the combination of high-grade mineralisation, favourable metallurgy, and a strategic location within a burgeoning REE district sets the stage for Palmares to evolve into a significant new source of critical minerals.