Eminence Minerals Commences Maiden Rare Earth Drilling at Campo Grande

Eminence Minerals Puts the Drill in the Ground at Campo Grande as Maiden Rare Earth Program Begins in Brazil

Eminence Minerals (ASX: EMA) has commenced drilling at its 100% owned Campo Grande Rare Earth Project in Bahia, Brazil, with up to 72 auger drill holes planned for up to 2,000 metres across three priority target corridors. According to the ASX announcement, this marks the first subsurface test of rare earth targets defined from previous exploration and recent geological review, shifting the project from surface sampling to direct drilling assessment.

The drilling update matters because Campo Grande has, until now, been supported by surface data rather than drilling results. Eminence has reported reconnaissance surface sampling of up to 17,346 ppm TREO with 20% MREO, and the current campaign is intended to test whether those rare earth signatures continue below surface and across a broader footprint.

What is Happening on the Ground at Campo Grande?

According to the ASX release dated 17 June 2026, drilling is now underway with Brazilian contractor Eco Sondagem, which the company described as an experienced local group with a strong track record in mineral exploration programs across Brazil. The program follows geological assessment and operational planning previously referenced by the company.

The maiden campaign is structured around three workstreams:

1. Priority corridor drilling
2. Regional scout drilling
3. Concurrent surface sampling

The main drilling component includes up to 72 auger holes for up to 2,000 metres across three priority target corridors. These corridors were selected from earlier exploration work and a recent desktop review, with the objective of systematically testing high-priority rare earth targets at depth.

Outside those main corridors, the company has identified six additional regional scout drilling targets. These are intended to test newly interpreted clay alteration zones and rare earth element anomalies beyond the primary focus areas, giving the program broader project-scale coverage.

Furthermore, Eminence said it will run additional surface sampling to expand geochemical coverage and support future target generation and ranking across the wider Campo Grande tenure package.

Planned Campo Grande Exploration Program

For investors, this structure is relevant because it is designed to generate both focused and regional data in one campaign. If assays support continuity in the priority corridors and identify new areas of interest outside them, the project's follow-up pathway could become considerably clearer.

Campo Grande's Position in an Emerging Bahia Rare Earth District

The ASX announcement places strong emphasis on Campo Grande's location within an emerging rare earth district in Bahia. Eminence's tenements directly adjoin ground held by Brazilian Rare Earths (ASX: BRE), which the announcement notes has an approximate $1 billion market capitalisation and has reported drilling results in the region of up to 45.7% TREO.

That regional comparison is part of the reason Campo Grande has drawn market attention. Nearby activity can help establish geological context, especially in district-scale rare earth exploration where weathering profiles, clay development, and geochemical signatures may be regionally significant.

However, the company also included a clear cautionary statement. Results on adjacent tenements are not necessarily indicative of mineralisation within Eminence's own ground, and proximity does not guarantee comparable grades, geometry, or scale.

Regional Comparison Points from the ASX Announcement

This distinction is important for investors. Regional success can support geological interest, but Campo Grande still needs its own drilling data to establish whether the surface results translate into a coherent subsurface mineralised system.

"The commencement of drilling at Campo Grande is a significant milestone for Eminence and represents the beginning of an exciting new phase of exploration for the Company. Through extensive geological interpretation, we have defined multiple high priority rare earth targets that warrant drill testing. This maiden drilling program will provide the first opportunity to assess these targets at depth and evaluate their potential scale and continuity," said Anthony Hills, CEO of Eminence Minerals.

Understanding Auger Drilling and Why it Matters in Rare Earth Exploration

For readers less familiar with exploration methods, the drilling technique itself is worth understanding. Auger drilling is a shallow drilling method that uses a rotating screw-like tool to collect material from soil and weathered rock near surface.

In rare earth exploration, this approach is often used in projects targeting ionic adsorption clay style mineralisation. These deposits occur in weathered profiles where rare earth elements are associated with clays near the surface rather than locked within hard fresh rock at depth.

That matters because a shallow, lower-cost method such as auger drilling can quickly test whether elevated surface geochemistry continues vertically into the weathered zone. It can also help define the thickness, distribution, and continuity of mineralised clay horizons before a company considers more intensive drilling.

Key Terms Explained

TREO — Total Rare Earth Oxides. This is the combined concentration of rare earth elements, expressed as oxides. It is a standard way of reporting total rare earth content.

MREO — Magnet Rare Earth Oxides. This subset includes the rare earths most commonly used in permanent magnets, which are important in electric vehicles, wind turbines, and electronics.

ppm — Parts per million. A concentration unit. For reference, 10,000 ppm equals 1%.

REE anomaly — An area where rare earth element values are above normal background levels in sampling, suggesting a target may warrant further testing.

Clay alteration — A geological process where original rocks have been chemically changed into clay-rich material, sometimes concentrating certain elements in the weathered zone.

In essence, auger drilling is not designed to prove a mineral resource on its own, but it is a practical early-stage tool for deciding whether a surface anomaly has enough continuity and scale to justify more advanced work.

Why This Maiden Drilling Program is an Inflection Point for Eminence

Before this program, the Campo Grande investment case was largely built on surface sampling and geological interpretation. According to the announcement, this drilling campaign will provide the first subsurface assessment of prospective rare earth mineralisation at the project.

That shift is material because surface geochemistry alone cannot resolve several important questions:

• Does mineralisation continue below surface?
• How consistent is the grade across the target corridors?
• What is the lateral footprint of the mineralised zones?
• Are there additional target areas outside the initial corridor focus?

The current program is designed to start answering those questions. A broad footprint of 72 planned holes, plus six regional scout targets and more surface sampling, gives the company an opportunity to build an initial geological framework relatively quickly.

For investors, the next stage is likely to hinge on assays and interpretation rather than target generation alone. If the drilling confirms continuity of rare earth enrichment in the weathered profile, Campo Grande may progress into more detailed follow-up work.

What Investors Should Watch Next

According to the drilling update, several milestones could shape near-term market interest in Campo Grande.

1. Completion of the Auger Program

The first marker will be whether the planned 72-hole campaign across the three priority corridors is completed as scheduled and whether coverage remains broad enough to test the main target concepts.

2. Assay Results from Maiden Subsurface Samples

These results are likely to be the most important near-term catalyst because they will provide the first indication of grade and continuity below surface.

3. Scout Drilling Outcomes

The six regional scout targets may identify additional areas for follow-up outside the initial corridor areas, which could expand the project's exploration footprint considerably.

4. Surface Geochemistry Expansion

Concurrent sampling may improve target ranking and help define future drill campaigns across the wider tenure package.

5. Geological Interpretation

Once drilling and geochemical data are integrated, the company should have a stronger basis for refining targets and deciding the scale and direction of the next phase.

A straightforward way to view the current program is that it is intended to reduce uncertainty. Early-stage exploration projects often carry wide geological ranges, and a first-pass drilling campaign can either strengthen the case for systematic follow-up or narrow the focus to fewer, higher-priority areas.

The Investment Case at This Stage of Exploration

Campo Grande remains an early-stage rare earth exploration story; however, the commencement of drilling introduces a clearer near-term data pathway. Several features from the ASX announcement help explain why the market may continue to watch the project closely.

First, Eminence holds 100% ownership of Campo Grande. If exploration success is achieved, the company would retain full exposure to the project's value without reference to a joint venture structure.

Second, the project sits in an active district where rare earth exploration is already attracting market attention. Regional context does not determine outcomes, but it can support the rationale for systematic work.

Third, the company has already reported surface assays up to 17,346 ppm TREO, which provide a technical basis for the maiden drill program. The principal question now is whether those results are isolated surface responses or part of a more continuous rare earth system.

Fourth, the use of Eco Sondagem gives the company an established in-country contractor to execute the campaign. In practical terms, local operational capability can matter in early-stage exploration where field logistics and programme delivery influence the pace of news flow.

Why Campo Grande Now Moves into a More Evidence-Based Phase

The Campo Grande Rare Earth Project has entered a more testable stage. According to the ASX update, auger drilling has started across three priority corridors, six scout targets have been identified, and additional surface sampling is running in parallel.

That combination means upcoming results should provide a more direct measure of the project's geological potential than surface sampling alone. Investors interested in Brazil rare earth exploration, Bahia rare earth projects, and ASX-listed rare earth stocks are likely to focus on whether Eminence can convert encouraging early geochemistry into subsurface continuity.

At this point, the key development is straightforward: drilling is underway, and Campo Grande is beginning to produce the kind of data that can materially shape exploration strategy. The next major catalyst is expected to come from assays and the geological interpretation that follows.

Key takeaway: Eminence Minerals has started its maiden drilling program at the Campo Grande Rare Earth Project in Bahia, Brazil, with up to 72 auger holes for 2,000 metres planned across three priority corridors. The program, alongside six regional scout targets and concurrent surface sampling, is set to deliver the first subsurface test of rare earth mineralisation at the project. For investors, the upcoming assay results are likely to be the critical indicator of whether strong surface sampling can be translated into a broader rare earth exploration opportunity.

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