Magnum Mining And Exploration Limited (ASX: MGU) has released its second batch of assay results from the ongoing drilling program at the Piracanjuba North prospect, part of the Azimuth project in Goiás, Brazil. The latest data includes 98 holes, bringing the total reported to 122. All holes returned anomalous total rare earth oxide values, reinforcing the company's focus on defining a large-scale ionic adsorption clay system. Several holes intersected high-grade zones, with notable results including 12m at 690ppm TREO and a high-grade interval of 2m at 1,409ppm TREO.

The company also confirmed the expansion of the interpreted geophysical footprint at Piracanjuba North. Following a reinterpretation of existing radiometric data, the target area has grown from 85 km² to 116 km². This work highlights multiple zones of interest, including the advanced PN-4 area and the newly identified PN-6.

"As further assay results have been received from drilling at Piracanjuba North, our confidence in this target has continued to grow. While we remain at an early stage of exploration, the ongoing stream of results continue to demonstrate the key characteristics we look for in a favourable ionic adsorption clay REE system - scale, desorption, favourable REE element mix, infrastructure and state/community support."

— Antonio Vitor Junior, Managing Director

Operationally, the project is scaling up to support upcoming milestones. The company currently operates six drill rigs across the site, comprising four mechanised auger rigs, one deeper-capacity winch-assisted rig, and one diamond drill rig. This technical effort is aimed at testing vertical profile completeness and saprolite architecture. Magnum remains on schedule to deliver an Exploration Target by early August 2026, with a maiden JORC Mineral Resource estimate for Azimuth planned for follow-up by November 2026. 

Read the full announcement: MINERALISED FOOTPRINT GROWS WITH COMPELLING REE DESORPTION