Magnum Mining and Exploration (ASX: MGU) confirmed an ionic adsorption clay discovery at its Azimuth project, validating its Brazilian rare earth element (REE) assets amidst a series of strategic updates.
The company also recently completed the acquisition of a US-based REE project.
This confirmation follows earlier positive auger results from the Piracanjuba North area, which indicated near-surface REE mineralisation within thick clay.
Previous results from the project included drill intervals such as 13.5m at 2165 TREO.
Magnum’s recent activities reflect a strategic focus on its REE projects in both Brazil and the United States.
Brazilian Project Exploration Advances
The company had previously requested trading halts, including one on 17 February 2026, pending desorption test work results from the Piracanjuba Prospect (AZ125 REE Project) in Brazil.
Exploration at Azimuth involves multiple auger and reverse circulation (RC) rigs, with a focus on validating the scale of the ionic adsorption clay system.
The Azimuth project’s proximity to CMOC’s Catalão Nb mine highlights its strategic significance within the region.
US REE Acquisition Completed
Magnum Mining completed the acquisition of Wyoming Critical Minerals, owner of the Wet Mountain REE Project in Colorado, on 2 February 2026.
Historic surface assays at Wet Mountain show high-grade REE potential, with results up to 7.99% TREE.
The company plans an aggressive near-term exploration program for the US-based asset, including systematic surface geochemical sampling, trenching, geological mapping, and initial drilling when weather permits.
Outlook
Magnum Mining is advancing its REE assets in both Brazil and the US, with the recent confirmation of ionic adsorption clay at Azimuth being a key development.
The company’s valuation remains speculative, dependent on validating exploration results, successful resource definition, and economic processing potential across its portfolio.
