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Magnum Mining and Exploration Limited (ASX:MGU)

ALERT: Price-sensitive ASX Announcement for MGU
Current share price for MGU : $0.007 0.001 (8.33%)+
Announcement
Release
10 Jun 2026 9:41AM
Price at Release
$0.006
Full Release
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Summary
Magnum Mining and Exploration Limited has reported successful results from the first 24 holes of its 810-hole auger drilling program at the PN-04 area of the Piracanjuba North Target in Goiás, Brazil, with all holes intersecting near-surface rare earth element mineralisation. The assays reveal high desorption rates, indicating promising prospects for economically viable mineralisation. Notably, the results included up to 65% total rare earth oxide (TREO) and 82% medium rare earth oxide (MREO) desorption under initial screening conditions. These findings suggest a strong potential for the Piracanjuba system to host a large-scale rare earth system with strategic medium and heavy rare earth components, differentiating it from lower-value occurrences. The company plans to continue systematic drilling and report results regularly, aiming to establish an Exploration Target by September and a JORC Resource by November 2026.
Key Points
  • All 24 holes intersected near-surface REE mineralisation
  • High desorption rates of up to 65% TREO and 82% MREO
  • Drilling part of a 10,000m auger program at Piracanjuba North
  • Potential for large-scale, economically viable rare earth system
  • Focus on strategic medium and heavy rare earth elements
  • Systematic drilling to continue with regular result reporting
  • Exploration Target set for September, JORC Resource by November 2026
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.