Magnum Advances 830-Hole Drilling Program to Define REE Resource at Piracanjuba

Large-Scale Drilling Program Initiated at Piracanjuba Prospect

Magnum Mining and Exploration Limited (ASX:MGU) has commenced a substantial auger drilling program targeting the Piracanjuba prospect, part of its wholly owned Azimuth Rare Earth Element (REE) Project in Brazil. The program involves up to approximately 10,000 metres drilled across 830 holes, distributed over an 85 square kilometre geophysical footprint. This initiative aims to underpin the definition of an Exploration Target by September 2026 and a JORC-compliant Mineral Resource Estimate by November 2026.

Drilling Strategy and Targets

The drilling campaign is structured around two grid spacings: a wide 1000m by 1000m grid designed to test the lateral extent of mineralisation and support an Exploration Target, and a tighter 200m by 200m grid focused on areas with previously reported high-grade REE intercepts to advance towards a Mineral Resource Estimate. The program covers three main targets within the Piracanjuba prospect: Piracanjuba North, Piracanjuba, and Piracanjuba South, with 462 holes planned on the tighter grid at Piracanjuba North alone.

Encouraging Mineralisation and Recovery Results

The decision to accelerate drilling follows confirmation that the mineralisation is hosted in Ionic Adsorption Clay (IAC), a style of deposit known for its amenability to mild leaching extraction techniques. Desorption tests have demonstrated recoveries of up to 75% total rare earth oxides (TREO) and 94% for medium rare earth oxides (MREO), indicating potential for efficient extraction of high-value strategic elements. Initial assays have returned promising grades, with up to 3,971 parts per million (ppm) TREO and 1,360 ppm MREO, alongside a favourable distribution of high-grade MREO mineralisation.

Strategic Location and Geological Setting

The Azimuth REE Project is situated within the Azimuth 125° Lineament, a prominent crustal-scale structural feature that may influence mineralisation controls. The project lies approximately 50 kilometres from CMOC’s Catalão Project, one of Brazil’s highest-grade niobium mines, highlighting the regional mineral potential. The extensive 85km geophysical anomaly at Piracanjuba North, validated by wide-spaced drilling, suggests a laterally extensive ore body that warrants systematic exploration.

Outlook and Market Context

Magnum’s Chairman, Michael Davy, emphasised Brazil’s growing importance in critical mineral supply chains and expressed optimism about the potential scale of the Piracanjuba discovery. The current drilling program is designed to rigorously test and define the mineralisation, with results expected to be reported progressively over the coming months. This development follows Magnum’s recent confirmation of exceptional gold grades at its Parker Project in Arizona, reflecting the company’s diversified exploration efforts across multiple jurisdictions and commodities recent high-grade gold assays.