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Magnum Mining and Exploration Limited (ASX:MGU)

ALERT: Price-sensitive ASX Announcement for MGU
Current share price for MGU : $0.008 0.003 (60%)+
Announcement
Release
8 Jul 2026 10:28AM
Price at Release
$0.005
Full Release
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Summary
Magnum Mining and Exploration Limited has reported significant developments at its Azimuth REE Project in Goiás, Brazil, with promising results from their systematic vertical auger drilling program. The company has expanded its interpreted geophysical footprint at Piracanjuba North from 85 km² to 116 km², highlighting the potential for a large-scale ionic adsorption clay REE discovery. The reported results show anomalous drilled total rare earth oxide (TREO) values across 122 holes, supporting the potential for a district-scale rare earth element system. The exploration program is advancing ahead of schedule, with the delivery of an Exploration Target expected by August and a JORC Resource by November. The project demonstrates promising desorption characteristics and a favorable rare earth element mix, backed by robust infrastructure and community support.
Key Points
  • Expansion of geophysical footprint at Piracanjuba North to 116 km²
  • Positive assay and desorption results from 122 drilled holes
  • Potential large-scale ionic adsorption clay REE discovery
  • Systematic vertical auger drilling program ahead of schedule
  • Delivery of Exploration Target by August and JORC Resource by November
  • Favorable REE element mix and infrastructure support
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.