Magnum Mining and Exploration Limited (ASX: MGU), an Australian company focused on the exploration and development of mineral resources, particularly iron ore and rare earth elements, has announced a significant initial Exploration Target at its Piracanjuba North prospect. Located within the company’s 100% controlled Azimuth REE Project in Goiás, Brazil, the target ranges from approximately 700 to 1,200 million tonnes (Mt) at an estimated whole-hole head Total Rare Earth Oxide (TREO) grade of 500-650 parts per million (ppm). Magnum noted that the potential quantity and grade of this Exploration Target are conceptual in nature, with insufficient exploration to estimate a Mineral Resource at this stage.
The initial Exploration Target spans three conceptual regolith domains over an area of approximately 44 square kilometres, representing about 38% of Magnum’s broader 116 square kilometre geophysical footprint within Piracanjuba North. The company reported that this milestone was achieved under budget and ahead of schedule, 120 days after commencement. To date, approximately 6,200 metres of a 10,000-metre drilling programme have been completed using 9 drill rigs on site, with around 300 holes currently awaiting assay results from ALS. Assays are being conducted by total fusion (ICP/IMS) and ammonium sulfate screening, with full results to be disclosed with the Mineral Resource Estimate.
Magnum Managing Director Antonio Vitor highlighted the rapid progress, stating, “With nine drill rigs now on site, we are progressing toward our next major milestone in November, when we are targeting the delivery of a maiden JORC Mineral Resource Estimate.” The project benefits from established infrastructure, including existing roads, access to grid power, and a regional workforce. The company plans to undertake further auger drilling, approximately 2,000 metres of reverse circulation and/or diamond drilling, ore characterisation, and metallurgical test work over the next 6-12 months to validate the Exploration Target and remains on track to deliver a Mineral Resource Estimate in November 2026, subject to exploration results.
