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Magnum Mining and Exploration Limited ( (AU:MGU) ) just unveiled an update.
Magnum Mining and Exploration has launched a large-scale auger drilling programme of up to 10,000 metres across 830 holes at the Piracanjuba prospect within its wholly owned Azimuth REE Project in Brazil. The campaign will use both wide and tight-spaced drilling grids to test the lateral extent of mineralisation and support the definition of an Exploration Target and a JORC-compliant Mineral Resource.
The programme follows confirmation that rare earth mineralisation at Piracanjuba is hosted in ionic adsorption clays, with strong desorption recoveries and high-grade assay results indicating potential for a large, laterally extensive ore body. Management says the project’s location in a key Brazilian structural corridor, near an established niobium mine, underpins its ambition to delineate a potentially world-class REE system and reinforces Brazil’s emerging role in critical mineral supply chains.
The most recent analyst rating on (AU:MGU) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Magnum Mining and Exploration Limited stock, see the AU:MGU Stock Forecast page.
More about Magnum Mining and Exploration Limited
Magnum Mining and Exploration Limited is an Australia-listed resources company focused on rare earth element exploration, with its flagship Azimuth REE Project in Brazil. The company is targeting ionic adsorption clay-hosted rare earth deposits, positioning itself within the critical minerals supply chain as demand for strategic REEs grows globally.
Technical Sentiment Signal: Sell
Current Market Cap: A$16.07M
For a thorough assessment of MGU stock, go to TipRanks’ Stock Analysis page.