New 119-Hole Assay Results at Brazil's Piracanjuba Rare Earth Project

en.Wedoany.com Reported - On October 12, Australian mining company Magnum Mining and Exploration announced assay results from 119 additional drill holes at the Piracanjuba North rare earth project in Brazil, bringing the total number of drill holes with assay data to 492. Of the new holes, 80 returned at least one sample interval with desorbable rare earth oxide content exceeding 150 ppm, 59 exceeded 200 ppm, and 24 exceeded 300 ppm. Four key mineralized zones have been identified at the project, covering a combined area of approximately 7.19 square kilometers.

Piracanjuba North is part of the Azimuth REE Project, wholly owned by Magnum Mining and Exploration, located in Goiás. Among the new assay data, 101 drill holes are distributed across four mineralized concentration zones, covering the East, North, Central, and Southeast areas, all located within or adjacent to the previously delineated 32.5-square-kilometer Plateau priority exploration area.

The latest drilling results show that hole PIR-AH-0420 returned a 5-meter mineralized interval from a downhole depth of 10 meters, with desorbable rare earth oxide content of 626 ppm, including a 2-meter interval grading 946 ppm. Hole PIR-AH-0491 returned a 5-meter mineralized interval from a downhole depth of 4 meters, grading 612 ppm, including a 2-meter interval grading 717 ppm. The assays also detected rare earth elements including Neodymium, Praseodymium, Terbium, and Dysprosium.

The assays used ammonium sulfate solution for preliminary desorption testing at an initial pH of 4. The data are laboratory screening results, and leaching process condition optimization and industrial-scale recovery rate verification have not yet been completed. The 119 additional drill holes correspond to 812 paired sample intervals of head grade and desorption testing, with a total analyzed length of approximately 1,544 meters.

Magnum Mining and Exploration has completed its first-phase 10,000-meter shallow auger drilling program and continues infill drilling, with approximately 751 meters of follow-up infill drilling completed to date. The company plans to publish its first JORC-compliant mineral resource estimate by the end of November 2026 and complete a preliminary scoping study by January 2027. Mineralogy, ore characterization analysis, and subsequent metallurgical optimization testing are being advanced in parallel.