Libra Announces Rare Earths and Gallium Discovery at Penelope Project, Brazil
Libra Announces Rare Earths and Gallium
Discovery at Penelope Project, Brazil
Toronto, Ontario--(Newsfile Corp. - June 11, 2026) - Libra Energy Materials Inc. (CSE: LIBR) (OTCQB:
LIBRF) (FSE: W0R0) ("
Libra
" or the "
Company
") is pleased to report initial assays from its maiden
auger drill program at its 100%-owned Penelope Project ("
Penelope
" or the "
Project
") in Minas Gerais,
Brazil. The first six holes returned consistent grades near surface, including multiple intervals exceeding
1,000 ppm total rare earth oxides ("
TREO
") such as
2.0 metres
("
m
")
at 2,033 ppm TREO
,
underscoring the potential for robust rare earth elements ("
REE
") enrichment. The initial phase is
focused on the high-priority Elena, Gaia, and Nice targets, where previous sampling returned grades of
up to 3,103 ppm total REEs (
see Company press release dated February 26, 2026
). The auger
program has now been completed, with all 22 holes drilled. Assay results have been received for the first
seven holes, and results for Holes PLE-AD-008 through PLE-AD-022 remain pending.
"These initial results highlight the strength of the near-surface REE enrichment at Penelope,"
said
Koby Kushner, CEO of Libra.
"It is still early days, with an average hole depth of only 17 metres,
however, we are impressed with the high proportion of magnetic REEs in the system, the high-grade
gallium kickers, and the consistency across the initial holes. As we continue advancing the work
program, we are also assessing strategic options that can unlock value for shareholders while keeping
Libra focused on its core lithium strategy."
Penelope Exploration and Geology
The Penelope Project is located in the mining-friendly jurisdiction of Minas Gerais, Brazil. The Project
area hosts multiple NYF-type (Niobium-Yttrium-Fluorine) pegmatites and associated A-type granites
beneath a thick, REE-enriched regolith profile.
Previous prospecting programs have confirmed the presence of high-grade critical minerals in the
underlying pegmatites, with individual samples returning up to
8,780 ppm
Niobium
(Nb), 10,900 ppm
Tantalum (
Ta), and 3,103 ppm total REEs
(
see Company press release dated February 26, 2026
).
Following up on these results, Libra designed a detailed mechanical auger drilling program to develop a
three-dimensional understanding of potential high-grade, IAC style (Ionic Absorption Clay) REE
mineralization. Early results from the ongoing auger campaign reveal significant REE enrichment within
the regolith, consistent with weathering processes favourable for the development of ionic absorption
clay (IAC) style mineralization.
Figure 1: Map over the Elena target at Penelope, showing auger drill hole locations.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9331/300962_libra1.jpg
The first six holes returned a series of high-grade intercepts near the Elena target, providing initial
confirmation of local continuity and the robustness of REE mineralization in the near-surface
environment, while the seventh hole returned no significant assays. Highlight results include:
3.0 m of 854 ppm TREO
(PLE-AD-001)
4.0 m of 1,173 ppm TREO
(PLE-AD-002)
2.0 m of 43 grams per ton (g/t) Gallium (Ga)
at 5 m depth (PLE-AD-002)
9.0 m of 982 ppm TREO
, including
2.0 m of 2,033 ppm TREO
(PLE-AD-003)
1.0 m of 45 g/t Ga
at surface (PLE-AD-003)
3.0 m of 1,025 ppm TREO
(PLE-AD-004)
2.0 m of 1,021 ppm TREO
(PLE-AD-005)
7.0 m of 1,193 ppm TREO
, including
2.0 m of 1,953 ppm TREO
(PLE-AD-006)
Importantly, all these intercepts occur within 20 m of surface and contain a favourable proportion of
magnet rare earth oxides ("
MREO
"), as summarized in Table 1. Enrichment in the key magnet REEs
(Nd, Pr, Dy, Tb) represents a positive early indicator for potential value in an IAC-style development
scenario.
Hole
Easting
Northing
from
(m)
to
(m)
interval
(m)
TREO
(ppm)
MREO
(%)
Ga
(g/t)
55-PLE-AD-001
696701
7963757
9
12
3
854
24.1
28
55-PLE-AD-002
696667
7963864
13
17
4
1,173
20.4
30
55-PLE-AD-003
696654
7963887
2
11
9
982
20.3
30
including
2
4
2
2,033
24.4
34
55-PLE-AD-004
696686
7963908
16
19
3
1,025
20.4
26
55-PLE-AD-005
696753
7963836
0
2
2
1,021
22.0
33
55-PLE-AD-006
696835
7963906
2
9
7
1,193
21.5
29
including
3
5
2
1,953
23.2
32
Table 1: Summary of auger drill intervals and average grades from the Penelope program. Full
detailed results, including individual REE assays for these intervals, are provided in Appendix
A to this Press Release.
Notes:
Total Rare Earth Oxides ("
TREO
") is defined as the sum of the following oxides: CeO
₂
, Dy
₂
O
₃
, Er
₂
O
₃
, Eu
₂
O
₃
, Gd
₂
O
₃
, Ho
₂
O
₃
, La
₂
O
₃
, Lu
₂
O
₃
,
Nd
₂
O
₃
, Pr
₆
O
₁₁
, Sm
₂
O
₃
, Tb
₄
O
₇
, Tm
₂
O
₃
and Yb
₂
O
₃
.
Magnet Rare Earth Oxides ("
MREO
") are defined as the combined oxides of Nd
₂
O
₃
, Pr
₆
O
₁₁
, Dy
₂
O
₃
, and Tb
₄
O
₇
and are expressed as a
percentage of TREO.
TREO and MREO values were calculated using standard stoichiometric conversion factors from the analytical results.
Libra must complete additional testing (see Next Steps below) to determine the recovery rates for each component used to calculate the
MREO and TREO values.
The early auger results collectively point to a well-developed regolith profile enriched in both light and
magnet rare earth elements, consistent with weathering of the underlying NYF-type pegmatites. All holes
were shallow, generally less than 20 metres in depth, which means much of the saprolite horizon, where
REEs are typically concentrated, remains untested. The combination of near-surface grades, favourable
MREO proportions, and local continuity across multiple holes suggests a coherent mineralized horizon.
These characteristics align with the geological features observed in emerging IAC-style REE systems in
Brazil and globally, reinforcing the potential for Penelope to host a meaningful regolith-hosted REE
target.
Strategic Land Expansion
Libra has staked an additional 14,604 hectares of prospective ground in the vicinity of the original
Project. While the primary targets within the original claim block were regolith developed over strongly
enriched (up to 3,103 ppm total REEs) NYF-type pegmatites, the newly staked areas focus on regolith
overlying the much larger, volumetrically extensive parental A-type granite of the NYF pegmatite system.
This unit potentially represents a significantly greater source volume and is more consistent with the
geological settings that host many current IAC-style REE deposits globally.
Next Steps
A selection of representative high-grade samples from the auger program will be submitted for
ammonium sulfate leach testing to evaluate the exchangeable REE content. As an additional option,
Libra may also consider a shallow RC drilling program to test the saprolite horizon, where REEs are
typically concentrated. There can be no assurance that future exploration programs will confirm
mineralization and/or economically recoverable mineral resources.
In parallel, Libra intends to begin a strategic review process to identify a suitable partner or potential
acquirer for the Penelope Project, allowing the Company to focus on advancing its core lithium strategy
in Canada and Brazil.
Quality Assurance / Quality Control (QA/QC) Protocol
A total of 132 samples, including 121 regolith samples and 11 blanks and standards, were submitted to
SGS Geosol in Vespasiano, Minas Gerais, an ISO/IEC 17025 accredited laboratory independent of the
Company. Samples were crushed to 75% passing 3 millimetres (mm) and pulverized to 95% passing
150 micrometres (µm) prior to analysis. Total rare earth oxides (TREO) were determined by sodium
peroxide fusion followed by ICP-MS (method ICM90A). Certified reference materials (ITAK 713, 714),
blanks, and field duplicates were inserted into the sample stream at regular intervals and reviewed for
performance before the release of results.
The QA/QC program has been designed in accordance with the
Canadian Institute of Mining,
Metallurgy and Petroleum
(CIM) Exploration Best Practice Guidelines. The procedures implemented
are considered appropriate, accurate, and reliable for this style of mineralization, ensuring the integrity
and quality of the sample data.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Benjamin Kuzmich, P.Geo., VP Exploration of Libra. Ben Kuzmich is a "qualified person" as defined in
National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
.
About Libra Energy Materials Inc.
Libra (CSE: LIBR) (OTCQB: LIBRF) (FSE: W0R0) is a Canadian mineral exploration company focused
on the discovery and development of the critical minerals necessary for the green energy transition.
Libra's Flanders North, Flanders South, and SBC lithium projects in Ontario are being explored under a
CAD $33 million earn-in deal with KoBold Metals Company. In addition, Libra has 100% ownership of
another four critical mineral projects in Ontario and Quebec, Canada, as well as another thirty projects in
Brazil - an emerging critical minerals hub. The Libra team comprises a mix of seasoned executives,
engineers, and geoscientists, with extensive experience in mining and mineral exploration, capital
markets, asset management, energy, and First Nations engagement.
For more information, please contact Libra Energy Materials Inc.:
Koby Kushner, P.Eng., CFA
Chief Executive Officer and Director
Email:
Telephone: 416-846-6164
Website:
libraenergymaterials.com
LinkedIn:
linkedin.com/company/libra-energy-materials
Instagram:
@libraenergymaterials
X:
@LibraEnergyMats
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation, including, but not limited to, statements regarding: the Company's evaluation of
follow-up exploration programs, including auger drilling and/or RC drilling; the potential for continued
mineralisation; the potential for the prospective targets of the Project to be associated with
mineralization; and the potential for rare earth mineralisation to be present in untested areas of the
Project. Forward-looking information is based on assumptions that, while considered reasonable by the
Company, are inherently subject to significant business, economic, and competitive uncertainties and
contingencies. Such assumptions include, without limitation: that follow-up drilling programs can be
designed and executed on commercially reasonable terms; that the geological and geophysical,
interpretations of the Project are consistent with rare earth mineralisation; that exploration results will
continue to support the Company's assessment of the Project's potential; and that rare earth commodity
prices and market conditions remain sufficient to support continued exploration investment. Forward-
looking information is subject to known and unknown risks, uncertainties, and other factors that may
cause the Company's actual results, performance, or achievements to differ materially from those
expressed or implied by such forward-looking information. These risks include, but are not limited to: the
possibility that follow-up auger and/or drilling does not confirm the continuity or extent of mineralisation at
the Project; the possibility that mineralisation does not continue; the risk that geophysical similarities
between targets at the Project do not reflect equivalent or comparable mineralisation; the risk that
mineralisation at the Project is not amenable to economic extraction; uncertainty regarding the economic
significance of certain mineral values; volatility in rare earth and critical mineral commodity prices; and
general exploration risks inherent to the evaluation of mineral properties at an early stage. Readers are
referred to the risk factors described in the Company's most recent continuous disclosure filings
available on SEDAR+ at
www.sedarplus.ca
. Readers are cautioned not to place undue reliance on
forward-looking information. Except as required by applicable securities laws, the Company assumes no
obligation to update or revise any forward-looking information to reflect events or circumstances after the
date of this news release.
The forward-looking statements contained in this news release are made as of the date hereof, and the
Company undertakes no obligation to update or revise them, except as required by applicable securities
laws. Readers are cautioned that the foregoing list of factors is not exhaustive.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of
the CSE) accepts responsibility for the adequacy or accuracy of this release.
Appendix A - REE assays results and oxide composition tables for selected intervals
Hole Id
From
To
Ce
ppm
CeO2
Dy
ppm
Dy2O3
Er
ppm
Er2O3
Eu
ppm
Eu2O3
Gd
ppm
Gd2O3
Ho
ppm
Ho2O3
La
ppm
La2O3
Lu
ppm
PLE-AD-
001
9
10
239.3
293.96
4.25
4.88
1.30
1.49
4.12
4.77
9.37
10.80
0.54
0.62
256.6
300.94
0.2
PLE-AD-
001
10
11
275.4
338.30
6.47
7.43
1.71
1.96
4.66
5.40
13.24
15.26
0.82
0.94
289.1
339.06
0.15
PLE-AD-
001
11
12
252.8
310.54
2.45
2.81
0.72
0.82
2.10
2.43
4.88
5.62
0.3
0.34
174.9
205.12
0.1
PLE-AD-
002
13
14
391.3
480.67
5.54
6.36
2.02
2.31
3.32
3.84
10.52
12.13
0.82
0.94
291.9
342.34
0.25
PLE-AD-
002
14
15
529.8
650.81
4.67
5.36
1.55
1.77
3.23
3.74
9.12
10.51
0.66
0.76
375.5
440.39
0.17
PLE-AD-
002
15
16
497.1
610.64
6.09
6.99
2.20
2.52
3.82
4.42
11.14
12.84
0.85
0.97
339.4
398.05
0.22
PLE-AD-
002
16
17
289.9
356.11
3.81
4.37
1.48
1.69
2.47
2.86
7.25
8.36
0.6
0.69
186.3
218.49
0.17
PLE-AD-
003
2
3
443.3
544.55
14.23
16.33
4.43
5.07
8.38
9.70
26.36
30.38
2.05
2.35
328
384.68
0.4
PLE-AD-
003
3
4
1007.9
1238.10
12.78
14.67
3.48
3.98
9.43
10.92
27.61
31.82
1.66
1.90
563.5
660.87
0.31
PLE-AD-
003
4
5
253.9
311.89
3.01
3.45
0.93
1.06
2.03
2.35
5.62
6.48
0.4
0.46
145.2
170.29
0.1
PLE-AD-
003
5
6
148.8
182.79
2.35
2.70
1.03
1.18
1.17
1.35
3.29
3.79
0.37
0.42
88.2
103.44
0.17
PLE-AD-
003
6
7
266.8
327.74
2.62
3.01
1.13
1.29
1.38
1.60
4.18
4.82
0.44
0.50
131.4
154.11
0.16
PLE-AD-
003
7
8
372.6
457.70
5
5.74
1.86
2.13
2.45
2.84
8.48
9.77
0.84
0.96
225.2
264.11
0.21
PLE-AD-
003
8
9
226.3
277.99
4.51
5.18
1.93
2.21
1.81
2.10
7.04
8.11
0.77
0.88
129
151.29
0.22
PLE-AD-
003
9
10
208.2
255.75
3.42
3.93
1.39
1.59
1.71
1.98
6.11
7.04
0.53
0.61
126.3
148.12
0.16
PLE-AD-
003
10
11
382
469.25
6.77
7.77
2.61
2.98
4.19
4.85
13.09
15.09
1.07
1.23
214.3
251.33
0.3
PLE-AD-
004
16
17
378.4
464.83
5.26
6.04
1.78
2.04
3.49
4.04
10.42
12.01
0.79
0.90
248.5
291.44
0.13
PLE-AD-
004
17
18
441
541.72
3.3
3.79
0.91
1.04
2.92
3.38
7.85
9.05
0.41
0.47
322.7
378.46
0.13
PLE-AD-
004
18
19
324.8
398.98
5.39
6.19
1.6
1.83
3.49
4.04
9.83
11.33
0.7
0.80
182
213.45
0.2
PLE-AD-
005
0
1
286.9
352.43
5.46
6.27
1.84
2.10
2.81
3.25
9.58
11.04
0.85
0.97
126.6
148.48
0.13
PLE-AD-
005
1
2
482.1
592.21
13.8
15.84
4.35
4.97
6.29
7.28
23.82
27.45
2.03
2.33
250.2
293.43
0.32
PLE-AD-
006
2
3
224
275.16
4.49
5.15
1.59
1.82
2.55
2.95
7.79
8.98
0.68
0.78
119.1
139.68
0.12
PLE-AD-
006
3
4
556.6
683.73
15.15
17.39
4.39
5.02
8.9
10.31
26.88
30.98
2.12
2.43
323.8
379.75
0.25
PLE-AD-
006
4
5
891.2
1094.75
15.26
17.51
3.74
4.28
8.82
10.21
28.17
32.47
1.91
2.19
481.3
564.47
0.25
PLE-AD-
006
5
6
431.1
529.56
9.79
11.24
2.94
3.36
4.18
4.84
15.19
17.51
1.45
1.66
210.9
247.34
0.19
PLE-AD-
006
6
7
167.5
205.76
3.92
4.50
1.54
1.76
1.89
2.19
5.55
6.40
0.64
0.73
89.3
104.73
0.14
PLE-AD-
006
7
8
498.9
612.85
10.88
12.49
3.23
3.69
6.42
7.43
20.41
23.52
1.49
1.71
335.4
393.36
0.23
PLE-AD-
006
8
9
300.2
368.77
11.02
12.65
3.81
4.36
4.31
4.99
16.6
19.13
1.74
1.99
210.2
246.52
0.35
Hole Id
From
To
Nd
ppm
NdO3
Pr
ppm
Pr6O11
Sm
ppm
Sm2O3
Tb
ppm
Tb4O7
Tm
ppm
Tm2O3
Yb
ppm
Yb2O3
∑
REE
∑ TREO
MREO
%
MREO
PLE-
AD-001
9
10
144
167.96
44.4
53.64
19.5
22.61
1.04
1.22
0.18
0.21
1.3
1.48
734.82
875.88
227.71
26.00
PLE-
AD-001
10
11
160.5
187.21
49.96
60.36
22.1
25.63
1.47
1.73
0.21
0.24
1.1
1.25
839.21
1000.57
256.72
25.66
PLE-
AD-001
11
12
87.9
102.53
29.13
35.19
10.7
12.41
0.59
0.69
0.09
0.10
0.6
0.68
571.93
685.35
141.23
20.61
PLE-
AD-002
13
14
154.5
180.21
49.67
60.01
20.1
23.31
1.22
1.43
0.26
0.30
1.6
1.82
950.21
1137.79
248.01
21.80
PLE-
AD-002
14
15
162.5
189.54
56.64
68.43
19.1
22.15
1.01
1.19
0.2
0.23
1.3
1.48
1177.93
1412.39
264.52
18.73
PLE-
AD-002
15
16
167.3
195.14
55.44
66.98
21.4
24.82
1.33
1.56
0.25
0.29
1.6
1.82
1126.3
1350.35
270.68
20.04
PLE-
AD-002
16
17
104.5
121.89
33.11
40.00
13.3
15.42
0.83
0.98
0.2
0.23
1.1
1.25
660.85
792.64
167.24
21.10
PLE-
AD-003
2
3
265.7
309.91
67.33
81.35
39.6
45.92
3.02
3.55
0.54
0.62
3.3
3.76
1242.76
1484.49
411.14
27.70
PLE-
AD-003
3
4
342.1
399.03
103.29
124.79
49.4
57.28
3.02
3.55
0.42
0.48
2.6
2.96
2151.03
2580.60
542.04
21.00
PLE-
AD-003
4
5
80
93.31
24.66
29.79
9.9
11.48
0.65
0.76
0.12
0.14
0.8
0.91
534.32
641.39
127.33
19.85
PLE-
AD-003
5
6
38.7
45.14
12.86
15.54
5.2
6.03
0.45
0.53
0.15
0.17
1
1.14
310.14
372.54
63.90
17.15
PLE-
AD-003
6
7
53.5
62.40
18.39
22.22
7.1
8.23
0.55
0.65
0.15
0.17
1.1
1.25
496.36
597.64
88.28
14.77
PLE-
AD-003
7
8
107.9
125.85
34.58
41.78
13.5
15.65
1.01
1.19
0.24
0.27
1.5
1.71
792.58
951.81
174.56
18.34
PLE-
AD-003
8
9
73.5
85.73
22.39
27.05
10.2
11.83
0.87
1.02
0.26
0.30
1.6
1.82
500
600.65
118.98
19.81
PLE-
AD-003
9
10
74.7
87.13
22.37
27.03
10.4
12.06
0.7
0.82
0.17
0.19
1.1
1.25
468.83
562.38
118.91
21.14
PLE-
AD-003
10
11
156.8
182.89
43.14
52.12
20.9
24.24
1.45
1.71
0.33
0.38
2
2.28
876.04
1050.85
244.49
23.27
PLE-
AD-004
16
17
133.9
156.18
42.27
51.07
17.5
20.29
1.21
1.42
0.2
0.23
1.1
1.25
859.05
1029.80
214.71
20.85
PLE-
AD-004
17
18
143.5
167.38
50.15
60.59
17.5
20.29
0.75
0.88
0.12
0.14
0.7
0.80
999.75
1198.06
232.64
19.42
PLE-
AD-004
18
19
111.2
129.70
32.99
39.86
15.6
18.09
1.17
1.38
0.22
0.25
1.3
1.48
706.64
848.12
177.12
20.88
PLE-
AD-005
0
1
91.7
106.96
25.23
30.48
14
16.23
1.19
1.40
0.21
0.24
1.3
1.48
584.51
702.71
145.11
20.65
PLE-
AD-005
1
2
196.5
229.20
52.86
63.87
31.9
36.99
2.83
3.33
0.51
0.58
2.8
3.19
1116.55
1339.76
312.23
23.30
PLE-
AD-006
2
3
71.6
83.51
21.48
25.95
10.1
11.71
0.94
1.11
0.18
0.21
1.1
1.25
479.5
575.90
115.73
20.09
PLE-
AD-006
3
4
257
299.76
70.12
84.72
40.1
46.50
3.28
3.86
0.45
0.51
2.5
2.85
1347.27
1613.46
405.73
25.15
PLE-
AD-006
4
5
303.1
353.54
92.21
111.41
43.7
50.67
3.37
3.96
0.44
0.50
2.4
2.73
1910.88
2293.44
486.42
21.21
PLE-
AD-006
5
6
131.2
153.03
37.56
45.38
18.7
21.68
1.97
2.32
0.32
0.37
1.8
2.05
892.06
1072.01
211.96
19.77
PLE-
AD-006
6
7
50.6
59.02
15.32
18.51
7.1
8.23
0.75
0.88
0.2
0.23
1.2
1.37
359.09
431.53
82.91
19.21
PLE-
AD-006
7
8
203.9
237.83
59.88
72.35
28.6
33.16
2.38
2.80
0.39
0.45
2
2.28
1202.51
1440.24
325.46
22.60
PLE-
AD-006
8
9
125.2
146.03
37.1
44.82
17.7
20.52
2.13
2.51
0.44
0.50
2.7
3.07
769.59
922.10
206.01
22.34
Note: See Table 1 and Figure 1 for UTM coordinates.
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