Six targets selected for drilling in Q2
2023
VANCOUVER, BC, April 4,
2023 /CNW/ - Monumental Minerals Corp.
("Monumental" or the "Company") (TSXV: MNRL) (FSE:
BE5) (OTCQB: MNMRF) is pleased to report all assay
results and proposed drill targets from the Jemi rare earth element
(REE) project (the "Project") in Coahuila, Mexico, about 40 km south of the
Texas, USA border. Rock sampling
across a broad area discovered high grades of the critical magnet
metals dysprosium (Dy) and terbium (Tb) resulting in the definition
of 6 high priority drill targets.
Four months of exploration has been completed at Jemi, with the
aim of defining discreet drill targets. This work consisted of
detailed geological mapping, regional stream sediment sampling,
ground radiometric geophysical surveys, and lithogeochemical
sampling. Exploration focused on the Jemi Dykes and Veladora North
prospect areas, which host peralkaline intrusion related REE
mineralization.
A total of 296 assays have been received for surface rock chip
samples from Jemi Dykes and Veladora North. Samples that are both
peralkaline and anomalous in REEs, Ta, and Nb (116 samples) define
four discreet priority areas within Monumental's mineral
concessions (Figure 1 A&B). The priority areas each
exhibit high densities of mineralized (eudialyte +/- aegirine rich)
intrusive dykes, which have intruded into limestone or marble and
range in thickness from 2 to 0.1 m
(average of 0.7 m thickness).
Three-dimensional modeling of airborne magnetic data (see Company's
news release dated May 3, 2022)
indicates that a larger intrusive body and potential source for the
mineralized dykes may lie at a shallow depth (less than
300 m) beneath the dykes. Based on
these results, six preliminary drill targets have been chosen
(Figure 1 A&B) and a drilling program is anticipated to
commence in June 2023.
Dr. Jamil Sader, CEO and Director
comments:
"Our technical team has succeeded in defining
6 highly prospective drill targets based on mapping, rock chip
sampling and geophysics. These targets have similar characteristics
to other well defined hardrock peralkaline REE systems globally and
we are optimistic that drilling will further define a REE
mineralized system below the surface at Jemi. We are planning
towards a drilling program at both Jemi Dykes and Veladora North to
commence in Q2 2023."
Of the 116 samples within the priority areas, 74 samples
returned values greater than 0.15% total rare earth oxide
(TREO1), including 6 samples that returned values
greater than 1.0% TREO1 to a maximum value of 2.4%
TREO1. The average TREO1 samples within the
AOIs is 0.24%, and a minimum value of 12 parts per million
(ppm).
Dysprosium oxide (Dy2O3) and terbium oxide
(Tb2O3) in samples within the priority areas
and classified as peralkaline (92 samples) range between 959 ppm
and 4 ppm; and 147 ppm and 0.7 ppm, respectively. The average
concentration for Dy2O3 is 110 ppm; and the
average for Tb2O3 is 17 ppm. The magnetic
light rare earth oxides, namely neodymium oxide
(Nd2O3) and praseodymium oxide
(Pr2O3), ranged between 3173 ppm and 30 ppm;
and 824 ppm and 8 ppm, respectively. The average concentration for
Nd2O3 is 467 ppm; and for
Pr2O3 it is 132 ppm. These values are in
trend with HREO2 concentrations and the ratio of
HREO2 to LREO3 is consistently on average
1:2, suggesting similar REE-hosting phases in the peralkaline rock
samples.
In addition to being REE-mineralized, samples are also enriched
with respect to tantalum (Ta) and niobium (Nb). Assays for these
critical elements in all samples from the Jemi project returned
values to 976 ppm Ta2O5 and greater than
(>) 3576 ppm Nb2O5, with an average
concentration of Ta2O5 of 114 ppm and
Nb2O5 of 1114 ppm.
Rock grab samples are selective samples by nature and as such
are not necessarily representative of the mineralization hosted
across the Jemi Project.
Rare Earth Element Value and the
Global Energy Transition
Because of their unusual physical and chemical properties, the
REEs have diverse defense, energy, industrial, and military
technology applications. It is projected that rare earth
magnets will maintain dominant market share, powering EVs as well
as other types of electric motors (e.g., wind turbines, water
pumps) this decade, as there is minimal to no substitution risk.
Significant demand growth is therefore expected, and the already
tight market and elevated price levels for key magnet rare earths
(Nd, Pr, Dy, and Tb) is likely to continue4. The
strongest magnets are neodymium-iron-boron (NdFeB) are and are used
when space and weight are restrictions are present. The addition of
terbium and dysprosium to NdFeB magnets can double their optimal
operating temperature from 80°C to 160°C. In addition, dysprosium
with praseodymium increases a magnet's coercivity (the resistance
of a magnetic material to change in magnetisation).
The four key REEs represent 94% of the REE market by value (Nd,
Pr, Dy, and Tb), all of which are enriched at Jemi. Concentrations
of Nb and Ta are also enriched and could be economically
significant. (Table 1).
Oxide Metal
|
Nd2O3
|
Pr2O3
|
Tb2O3
|
Dy2O3
|
Nb2O3
|
Ta2O3
|
Current Spot Price
(USD/kg)
|
$81.53
|
$76.88
|
$1,497.10
|
$298.96
|
$45.05
|
$297.94
|
Spot Price
Source
|
Ginger International
Trade & Investment PT.
|
SMM
|
Table 1. Current spot
prices for oxide Nd/Pr/Dy/Tb, Nb, and Ta.
|
_________________________________
|
1 Total Rare
Earth Oxides (TREO) includes: La2O3,
Ce2O3, Pr2O3,
Nd2O3, Sm2O3,
Eu2O3, Gd2O3,
Tb2O3, Dy2O3,
Ho2O3, Er2O3,
Tm2O3, Yb2O3,
Lu2O3, Y2O3.
|
2 Heavy Rare
Earth Oxides (HREO) includes: Eu2O3,
Gd2O3, Tb2O3,
Dy2O3, Ho2O3,
Er2O3, Tm2O3,
Yb2O3, Lu2O3,
Y2O3,
|
3 Light Rare
Earth Oxides (LREO) includes La2O3,
Ce2O3, Pr2O3,
Nd2O3,
Sm2O3.
|
4 BMO
Capital Markets, Into the Abyss: A Supply-Chain Deep Dive from Rare
Earth to Permanent Magnets, May 31, 2022.
|
Methodology and QA/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 fusion). ALS is an
ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical
laboratory and is independent of Monumental Minerals and the QP.
Rock samples were subject to crushing at a minimum of 70% passing 2
mm, followed by pulverizing of a 250-gram split to 85% passing 75
microns. A 0.1-gram sample pulp was then subject to multi-element
ICP-MS analysis via lithium-borate fusion to determine individual
REE content (ME-MS81). Monumental Minerals quality
assurance/quality control (QA/QC) program for field rock samples
includes the insertion of certified reference standards into the
sample sequence to confirm the accuracy of the reported results.
Monumental Minerals 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
Contact Information:
Email: jsader@monumentalminerals.com
Or
Max Sali, VP Corporate
Development and Director
Email: msali@monumentalminerals.com
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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, the expected timing and completion of potential
drilling at Jemi, 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.