VANCOUVER, BC, Nov. 1, 2022
/CNW/ - Monumental Minerals Corp. ("Monumental" or the
"Company") (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) is pleased
to provide a corporate and operational update regarding business
initiatives and project development.
Corporate
As announced on September 15,
2022, Monumental Minerals has retained Ocean Wall Ltd
("Ocean Wall") to act as strategic and corporate advisor to the
company. Max Sali, Vice President of
Corporate Development recently presented at an event held at Ocean
Wall's corporate office in London
(UK). Investors included fund managers and ultra high net worth
(UHNW) individuals and family offices.
Max Sali, VP of Corporate
Development comments
"Retaining Ocean Wall to help Monumental with
strategic and corporate aspects is a great opportunity for us.
Their close relationships with high-quality investors in
Europe who are looking for
a pure critical metals play related to the automotive sector will
help open new doors for Monumental."
Turi and Laguna Blanca
Projects
As announced on October 3, 2022,
Monumental Minerals signed the Definitive Agreement to acquire a
50.01% interest in the Salar de Turi Project located in the lithium
triangle in the Antofagasta region
(Region II), Chile. The Turi
Project is accessible from the city of Calama (60 km to the
southwest) via the paved roads 21CH, and B-165 and is close to
infrastructure.
- Near surface brine sampling carried out by Lithium Chile in
2019 returned values of lithium to 590 mg/l (see Lithium Chile
Press Release January 16, 2019). The
samples also reveal favourable chemistry with ratios of lithium to
potassium of 0.06 and lithium to magnesium of 0.2, very similar to
brines from the Salar de Atacama1.
- Transient electromagnetic (TEM) geophysics survey conducted by
Lithium Chile delineated conductive anomalies that could
potentially represent lithium-bearing brines at depth. These
anomalies are shallow northeast-dipping, are 150 – 300 metres (m)
below surface, are at least 200 to 300
m thick and often open at depth (see Lithium Chile Press
Release April 30, 2019). The spatial
extent is at least an 18 square kilometre (km2)
area.
On September 1, 2022, Monumental
Minerals announced results from shallow hand-auger holes at Laguna
Blanca that included brine samples returning 405 mg/l lithium
despite recent precipitation interpreted to have diluted the near
surface brines. Samples returned a favourable lithium to magnesium
ratio to of 2.5:1 (Figure 1) as higher ratios of Li:Mg ratios are
more attractive for production of lithium from brine. The
geochemical behavior of high concentrations of Mg ions can
interfere with the Li production and purification process. The
Company anticipates a drill program will commence at Laguna Blanca
during Q1 2023.
Monumental's CEO, Dr. Jamil Sader
will be visiting both projects in early November 2022 to accompany local community
members and contractors on site visits to the increased land
package at Laguna Blanca (Monumental Press Release October 18, 2022) and at Turi. Dr. Sader will
also meet with contractors and consultants in Santiago and La Serena, Chile.
___________________________________
1 Not necessarily indicative of mineralization on
Monumental Minerals properties
|
Jemi
A field exploration program commenced at the Jemi Project in
Mexico in late August 2022 and is presently on-going. This
program aims to reduce the exploration search space from
approximately 800 hectares, as defined by an airborne radiometric
survey (see Monumental Minerals press release dated May 3, 2022), to discreet drill targets. The
program consists of detailed geological mapping, regional stream
sediment sampling, ground radiometric geophysical surveys, and
lithogeochemistry.
To date, the stream sediment program has been completed and
results received from a total of 47 samples. Stream sediments are
an effective exploration tool, defining the mineralization
fingerprint of each catchment area to prioritize follow-up
exploration. Of the 47 stream samples, a total of five (5) samples
returned values greater than 7.8 parts-per-million (ppm) dysprosium
(Dy), 65.3 ppm neodymium (Nd); and up to 14.1 ppm Dy and 160 ppm
Nd. These anomalous concentrations of rare earth elements (REE)
have defined four (4) general areas of interest along the west and
south portions of the Company's concessions (Figure 2). Only two of
the four areas are associated with known HREE mineralized
(eudialyte bearing) peralkaline rock (Jemi
Dyke Area and Veladora North) (Figure 2). The remaining two
areas with anomalous Dy and Nd concentrations were previously
unrecognized as being prospective (Zone 2 and Zone 4). Follow-up
exploration work to identify the source of the high REEs at these
two areas will be undertaken during the current field program for
quick delineation.
Dr. Jamil Sader, CEO and Director
comments:
"The definition of two additional areas of
prospectivity at the Jemi Project is a significant step forward in
defining additional drilling targets and expanding the potential
mineralized footprint. We plan to follow up on these two additional
areas in short order with mapping, and lithogeochemical sampling to
identify further mineralized peralkaline rocks. The Jemi
exploration program is rapidly providing the additional clarity
required to select the best drill hole locations."
Grant of Stock Options
The Company has granted incentive stock options to certain of
its directors and consultants to purchase up to an aggregate
337,875 common shares of the Company at a price of $0.25 per common share for a period of three
years, with the options vesting immediately.
Methodology and QQA/QC
The analytical work reported on herein was performed by ALS
Canada Ltd. (ALS) at Hermosillo,
Mexico (sample preparation) and Vancouver, B.C. (ICP-MS). ALS is an ISO-IEC
17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory
and is independent of Monumental Minerals and the QP. Stream
samples were subject to sieving at 180 micron (80 mesh). A
0.25-gram sample of the fine fraction was then subject to
multi-element ICP-AES/MS analysis via 4-acid digestion to determine
individual REE content (ME-MS61r). Four acid digestions can
dissolve most minerals, however REE values represent the acid
leachable portion of the REE minerals, which the Company deems
appropriate for early-stage stream basin target delineation.
Monumental Minerals and the QP detected no significant QA/QC issues
during review of the data, and is not aware of any sampling, or
other factors that could materially affect the accuracy of the
results.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Kristopher J.
Raffle, P.Geo. (BC) Principal and Consultant of APEX
Geoscience Ltd. of Edmonton, AB, a
Director of the Company and a "Qualified Person" as defined in
National Instrument 43-101 – Standards of
Disclosure for Mineral Projects. Mr. Raffle
verified the data disclosed which includes a review of the
sampling, analytical and test data underlying the information and
opinions contained therein.
About Monumental Minerals
Corp.
Monumental Minerals Corp. is a mineral exploration company
focused on the acquisition, exploration, and development of mineral
resource properties in the critical and electric metals sector. The
Company's flagship asset is the Jemi HREE project located in
Coahuila, Mexico near the
Texas, USA border which the
Company has an option to acquire 100% of the 3,650-hectare
project. The Company has an option to acquire a 75% interest
and title to the Laguna cesium-lithium brine project located in
Chile and a 50.01% interest in the
Salar De Turi lithium project in Chile.
On behalf of the Board of Directors,
/s/ "Jamil Sader"
Jamil
Sader, Chief Executive Officer and Director
Cabout:blankontact Information:
Email: jsader@monumentalminerals.com
Or
Max Sali, VP Corporate
Development and Director
Email: msali@monumentalminerals.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Forward Looking
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, the potential plans for the
Company's projects, completion of exploration work on Jemi, the
expected timing and completion of these work programs and potential
drilling, potential developments from Ocean Wall, completing
project site visits,, other statements relating to the technical,
financial and business prospects of the Company, its projects and
other matters. All statements in this news release, other than
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking statements.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Such statements are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals,
that general business and economic conditions will not change in a
material adverse manner and that financing will be available if and
when needed and on reasonable terms. Such forward-looking
information reflects the Company's views with respect to future
events and is subject to risks, uncertainties and assumptions,
including the risks and uncertainties relating to the
interpretation of exploration results, risks related to the
inherent uncertainty of exploration and cost estimates and the
potential for unexpected costs and expenses and those other risks
filed under the Company's profile on SEDAR at www.sedar.com. While
such estimates and assumptions are considered reasonable by the
management of the Company, they are inherently subject to
significant business, economic, competitive and regulatory
uncertainties and risks. Factors that could cause actual results to
differ materially from those in forward looking statements include,
but are not limited to, continued availability of capital and
financing and general economic, market or business conditions,
failure to secure personnel and equipment for work programs,
adverse weather and climate conditions, risks relating to
unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters), risks relating to inaccurate geological assumptions,
failure to maintain all necessary government permits, approvals and
authorizations, failure to obtain surface access agreements or
understandings from local communities, land owners or Indigenous
groups, fluctuation in exchange rates, the impact of Covid-19 or
other viruses and diseases on the Company's ability to operate, an
inability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to, the effects
of COVID-19 on the price of commodities, capital market conditions,
restriction on labour and international travel and supply chains,
decrease in the price of rare earth elements, lithium, cesium and
other metals, loss of key employees, consultants, or directors,
failure to maintain community acceptance (including from the
Indigenous communities), increase in costs, litigation, and failure
of counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or
forward–looking information, except as required by law.
SOURCE Monumental Minerals Corp.