Magnum Mining has reported robust rare earth element results from 92 new auger holes at its Piracanjuba North project in Brazil, confirming widespread mineralisation across multiple centres and accelerating its 10,000m drilling program ahead of schedule.
- All 214 holes to date show anomalous TREO values
- Select intervals exceed 2,300ppm TREO with high desorption rates
- Nine rigs operating to fast-track drilling progress
- Exploration Target finalisation targeted for early August
- Maiden JORC Mineral Resource Estimate planned for November
Extensive Rare Earth Mineralisation Confirmed Across Multiple Targets
Magnum Mining and Exploration Limited (ASX:MGU) has revealed a third batch of assay results from its Piracanjuba North project in Goiás, Brazil, reinforcing the scope and scale of rare earth element (REE) mineralisation across four distinct centres. All 92 newly reported vertical auger holes returned anomalous total rare earth oxide (TREO) grades, ranging from 186ppm to a standout 2,344ppm, maintaining a 100% hit rate across 214 holes drilled and reported so far.
Key intercepts include 12m at 2,344ppm TREO with 8% desorption from surface in hole PIR-AH-0142, and multiple intervals exceeding 1,000ppm TREO with desorption rates up to 69%. These figures underscore the potential for a laterally extensive ionic clay REE system, with mineralisation shallow, developed within deeply weathered granite saprolite.
Drilling Program Accelerates Ahead of Schedule
With nine rigs now operational on site, Magnum has ramped up drilling productivity for six consecutive weeks, recently completing 772m from 61 holes in a single week. The current 10,000m auger drilling campaign has logged 5,739.4m across 498 holes, with the first diamond drill hole completed to 34.53m and assays pending. This pace positions the program for completion potentially as early as September, ahead of previous timelines.
The expanded rig fleet allows simultaneous testing of priority targets PN-1, PN-2, PN-5, and PN-6, where multiple holes have ended in mineralisation, providing critical data on lateral extent, vertical thickness, and desorbable REE grades essential for resource modelling.
Building Towards an Exploration Target and JORC Resource
Magnum is in the final stages of integrating assay and desorption data to define an Exploration Target for Piracanjuba North, covering a geophysical anomaly footprint of approximately 116km². While this target remains conceptual, the consistency of results across separate centres supports the interpretation of a large-scale ionic adsorption clay (IAC) style deposit.
The company aims to deliver a maiden JORC Mineral Resource Estimate by November 2026, following further assay closures, deeper drilling, and comprehensive geological modelling. The project’s favourable logistics, situated just 7km from Piracanjuba city and 93km from Goiânia with established infrastructure, enhance its development potential.
Early Low Uranium and Thorium Profile Supports Exploration Model
Preliminary assay-derived estimates indicate low natural radionuclide activity, with uranium levels comparable to background and thorium relatively low versus many ionic clay REE deposits. This aligns with Magnum’s exploration model and supports ongoing technical evaluation, including planned NORM characterisation and metallurgical studies.
Magnum’s Exploration Manager Leonardo Deringer Fraga, a qualified geoscientist, has overseen the compilation and verification of the dataset underpinning these results, lending confidence to the interpretation of a coherent REE system.
While auger drilling can introduce sampling limitations such as down-hole smearing, the repeated detection of mineralisation across multiple target centres and the ongoing diamond drilling program are critical steps towards establishing economic continuity and resource confidence.
Bottom Line?
Magnum’s expanding dataset and accelerated drilling at Piracanjuba North set the stage for a maiden resource estimate, but the transition from exploration results to a defined mineral resource remains a key milestone to watch.
Questions in the middle?
- How will upcoming diamond drilling results influence the geological model and resource confidence?
- What metallurgical recovery rates can be expected from the desorbable REE fractions identified so far?
- How might the low uranium and thorium profile impact future regulatory and processing considerations?