Magnum Mining and Exploration (ASX:MGU) has completed reverse circulation drilling at its 100%-owned Palmares Rare Earth Elements Project in Bahia, Brazil.
The company drilled 75 holes for 1,145m, comprising 70 holes at the Feirinha prospect and five in the northern portion of the project.
Magnum says the program was reduced from the previously planned 143 holes for 2,145m as the company prioritised drilling at its Azimuth Rare Earth Elements Project. The company also considered the 75 holes sufficient to test the priority areas identified for the current phase of exploration.
After adjusting for the reduction in planned holes and metres, the program was completed approximately 30% under budget.
All samples have been sent to ALS laboratory in Brazil for assaying. Magnum expects the results to be reviewed, interpreted, and reported following quality assurance and quality control procedures, with the process anticipated to take one week.
Previous trench sampling at Feirinha returned up to 1.69% total rare earth oxides (TREO), while rock samples from mapped pegmatite swarms returned up to 1.31% TREO.
The drilling was designed to assess the lateral continuity and depth extent of rare earth element mineralisation identified through previous surface and trench sampling.
Meanwhile, the company notes a 10,000m auger drilling program continues at the Piracanjuba prospect within Magnum’s wholly owned Azimuth project in Goiás, Brazil. Approximately 4,400m has been completed to date.
The company says drilling remains on track to support an exploration target by early August, brought forward from September, and a mineral resource estimate compliant with the JORC Code by November. The latter remains subject to exploration results.
Magnum expects to report batches of assay results as drilling at Azimuth advances.
Write to France Pinzon at Mining.com.au
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