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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 (0%)+
Announcement
Release
12 Oct 2026 9:36AM
Price at Release
$0.007
Full Release
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Summary
Magnum Mining and Exploration Limited (ASX: MGU) reported that new assay and ammonium sulphate desorption-screening results from 119 additional auger holes at the Piracanjuba North ionic adsorption clay rare earth project within its 100%-owned Azimuth REE Project in Goiás, Brazil, continue to define broad, repeatable high-desorption zones enriched in magnet rare earths, especially heavy terbium-dysprosium (TbDy) and light neodymium-praseodymium (NdPr), across a 32.5 km² plateau-style granite-hosted IAC system; the analytical database now totals 492 holes, with 101 of the new holes concentrated in four interpreted result clusters covering about 7.19 km², where 70% returned at least one interval above 150 ppm D-TREO, 56% exceeded 200 ppm and 23% exceeded 300 ppm, led by standout intersections including PIR-AH-0420 at 5 m @ 626 ppm D-TREO from 10 m to end of hole with 27.5 ppm D-TbDy and 188 ppm D-NdPr, PIR-AH-0491 at 5 m @ 612 ppm D-TREO from 4 m to end of hole with 21.7 ppm D-TbDy and 195 ppm D-NdPr, PIR-AH-0447 at 4 m @ 518 ppm D-TREO from 14 m to end of hole, PIR-AH-0494 at 6 m @ 461 ppm D-TREO with 18.3 ppm D-TbDy, and PIR-AH-0501 at 8 m @ 428 ppm D-TREO; Cluster East is the largest and strongest high-desorption area, Cluster North is a compact high-grade centre, Cluster Central extends the discovery trend southward, and Cluster Southeast shows the strongest proportional TbDy signature, while across the broader plateau 73 new holes lifted coverage to 294 assay holes, with 58% of those new plateau holes exceeding 200 ppm D-TREO, supporting Magnum’s interpretation of a laterally extensive shallow saprolite-hosted rare earth system; the initial 10,000 m auger programme has been completed, infill drilling is underway with about 751 m completed, and the company is targeting a maiden JORC Mineral Resource Estimate in November 2026 followed by an Initial Scoping Study in January 2027, while noting that D-prefix desorption results are early laboratory screening indicators rather than metallurgical or process recoveries.
Key Points
  • Magnum reported 119 new assay and desorption-screening holes from Piracanjuba North, taking the analytical database to 492 holes.
  • The results relate to the Piracanjuba North ionic adsorption clay rare earth project within Magnum’s 100%-owned Azimuth REE Project in Goiás, Brazil.
  • 101 of the 119 new holes fall within four interpreted result clusters covering about 7.19 km².
  • Of the 119 new holes, 67% returned at least one interval above 150 ppm D-TREO, 50% above 200 ppm and 20% above 300 ppm.
  • PIR-AH-0420 returned 5 m @ 626 ppm D-TREO from 10 m to end of hole, including 27.5 ppm D-TbDy and 188 ppm D-NdPr.
  • PIR-AH-0491 returned 5 m @ 612 ppm D-TREO from 4 m to end of hole, including 21.7 ppm D-TbDy and 195 ppm D-NdPr.
  • PIR-AH-0447 returned 4 m @ 518 ppm D-TREO from 14 m to end of hole.
  • PIR-AH-0494 returned 6 m @ 461 ppm D-TREO from 6 m to end of hole, including 18.3 ppm D-TbDy.
  • PIR-AH-0501 returned 8 m @ 428 ppm D-TREO from 6 m.
  • 15 new holes contained at least 3 m of consecutive original samples with every sample above 300 ppm D-TREO.
  • 39 of the 119 new holes ended with their final sampled interval above 150 ppm D-TREO, highlighting deeper testing priorities.
  • Cluster East is the largest result corridor and hosts the biggest concentration of new high-desorption results.
  • Cluster North is a compact high-grade centre with standout heavy and light magnet rare earth intersections.
  • Cluster Southeast shows the strongest proportional TbDy contribution among the four clusters.
  • Across the broader 32.5 km² Plateau Zone, assay coverage increased from 221 to 294 holes.
  • Of the 73 new Plateau holes, 58% exceeded 200 ppm D-TREO.
  • The company interprets the results as supporting a broad, repeatable granite-hosted IAC-style rare earth system rather than isolated mineralisation.
  • The initial 10,000 m auger programme is complete and infill drilling is underway with about 751 m completed.
  • Magnum is targeting a maiden JORC Mineral Resource Estimate for November 2026 and an Initial Scoping Study for January 2027.
  • The reported D-prefix grades are laboratory desorption-screening indicators and not metallurgical or process recoveries.
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.