Magnum Mining and Exploration (ASX:MGU) has completed integrated geophysical reprocessing at its Wet Mountain Rare Earth Elements (REE) Project in Fremont County, Colorado, US.
The work has defined an approximately 3.3km² cumulative equivalent thorium radiometric pathfinder footprint within the claim area. This has identified priority drill targets around historical samples with up to 7.99% total REE, including a principal connected lobe of approximately 2.6km².
Previously reported historical surface rock chip samples include results up to 79,900 parts per million (ppm) total REE, with four samples above 28,000ppm.
The highest-grade historical samples occur on or close to elevated equivalent thorium trends and interpreted magnetic and structural features, providing a coherent framework for priority drill targeting.
Managing Director Antonio Vitor Junior says the work has transformed Wet Mountain from scattered ‘high‑grade’ historical surface samples into a unified, target‑generation framework.
“The attraction is the combination of historical carbonatite samples grading up to 7.99% TREE at surface, a multi-square-kilometre [equivalent thorium] radiometric footprint, and magnetic–structural features that may reflect the intrusive architecture of the system,” Vitor Junior adds.
“The significance of Wet Mountain is that it provides Magnum with a clear opportunity to drill test the potential for a high-grade, large-scale carbonatite-related REE discovery in the United States.”
Magnum has selected priority drill-target areas to support a potential first-pass diamond drilling program, with final target selection subject to access checks, permitting, field validation and contractor discussions.
Wet Mountain is a carbonatite-related REE target, within a recognised alkaline igneous province, complementing Magnum’s Azimuth ionic adsorption clay REE Project in Brazil, where a 10,000m auger drilling program remains underway.
The historical rock‑chip samples from the US Geological Survey records have not yet been verified by modern methods. These results should be treated with caution until the area is resampled using industry‑standard procedures and QAQC protocols.
Write to JC Villarba at Mining.com.au
Images: Magnum Mining and Exploration
