Magnum Mining and Exploration (ASX:MGU) said it is conducting a review of the rare earth element and critical minerals prospectivity of its US assets, according to a Tuesday Australian bourse filing.

Possible rare earth element prospectivity at the Parker gold project in Arizona was identified and will be field assessed. The project is recognized as being on the margins of the Walker Lane trend, a

significant zone including gold deposits.

Satellite multispectral data analysis confirmed the Buena Vista project in Nevada is prospective for rare earth element mineralization.

Company shares fell 17% on market close.