Magnum Mining secures rare earth expansion in Brazil

Magnum Mining and Exploration (ASX:MGU) secured a major strategic consolidation of its tenure around the Piracanjuba ionic adsorption clay rare earth element discovery in Goiás, Brazil.

The Brazilian National Mining Agency published the formal grant of new exploration permits (Alvarás de Pesquisa) for three-year terms under the Diário Oficial da União, significantly expanding the company's regional exploration footprint.

The newly granted tenure comprises 14 new permit areas distributed around the critical Piracanjuba North and Piracanjuba South target zones.

The major corporate expansion brings Magnum’s total consolidated landholding in the region to an 429.49km2.

Held via Palmares Estudos Geologicos Ltda, a wholly-owned subsidiary of Magnum, these crucial permits provide essential exploration optionality to evaluate prospective lateral extensions, highly weathered regolith profiles, and structural geophysical trends immediately adjacent to the core discovery corridor.

A 10,000-metre auger drilling campaign remains actively underway across a prominent 85-square-kilometre geophysical anomaly at the Piracanjuba North target.

The 810-hole exploration programme aims to delineate a system that holds genuine potential to host a world-class, large-scale REE deposit.

Managing Director Antonio Vitor Junior emphasised that initial drilling confirmed strong REE grades alongside exceptional desorption recoveries under mild leaching conditions, with all initial holes terminating within rich REE mineralisation.

At the time of reporting, Magnum Mining and Exploration’s share price was $0.0060.