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Magnum Mining and Exploration Limited (ASX:MGU)

ALERT: Price-sensitive ASX Announcement for MGU
Current share price for MGU : $0.009 0.004 (80%)+
Announcement
Release
18 Jun 2026 8:16AM
Price at Release
$0.005
Full Release
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Summary
Magnum Mining and Exploration Limited has defined a significant eTh pathfinder footprint around historical high-grade samples at the Wet Mountain REE Project in Colorado, USA. The reprocessed airborne magnetics and radiometrics establish a 3.3 km² area for potential exploration. Key historical samples report up to 7.99% TREE, and these samples are spatially associated with magnetic and structural features, creating a framework for drill targeting. The project, complementing Magnum's Azimuth IAC REE Project in Brazil, offers large-scale discovery potential through modern exploration techniques. Priority drill targets have been identified, and steps for field validation and permitting are underway.
Key Points
  • Magnum completed reprocessing of airborne magnetic and radiometric data.
  • Defined approximately 3.3 km² eTh pathfinder footprint at Wet Mountain.
  • Historical samples include rock-chip assays up to 7.99% TREE.
  • Drill target areas selected based on elevated eTh trends and magnetic features.
  • Wet Mountain is a carbonatite-related REE target with large-scale discovery potential.
  • Next steps include field validation, permitting review, and discussions with drilling contractors.
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.