MONUMENTAL MINERALS ANNOUNCES MAIDEN DRILLING PROGRAM AT THE JEMI HEAVY RARE EARTH ELEMENT PROJECT, MEXICO Core drilling to commence the first week of July 2023
MONUMENTAL MINERALS ANNOUNCES
MAIDEN DRILLING PROGRAM AT THE JEMI
HEAVY RARE EARTH ELEMENT PROJECT,
MEXICO
Core drilling to commence the first week of
July 2023
VANCOUVER, BC
,
June 20, 2023
/CNW/ - Monumental Minerals Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) is pleased to announce a maiden
drilling program project at 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 heavy rare earth elements (HREEs) dysprosium (Dy) and terbium (Tb),
and light rare earth elements (LREEs) neodymium (Nd) and Praseodymium (Pr), all critical to
permanent magnets for EVs. Additionally, samples contain high concentrations of niobium (Nb) and
tantalum (Ta). The exploration work resulted in the definition of 6 high priority drill targets.
An extensive surficial exploration program was completed at Jemi, with the aim of defining discreet
drill targets. Exploration focused on the Jemi Dykes and Veladora North prospect areas within
Monumental's claims, which host peralkaline intrusion-related REE mineralization. The work
consisted of detailed geological mapping, regional stream sediment sampling, ground radiometric
geophysical surveys, and lithogeochemical sampling (see Company's news release dated
April 4,
2023
). Based on that exploration work, Monumental has planned an initial drill program consisting of
1800 m
over 6 drill holes, targeting high priority targets. All permits, land access agreements and
drilling contracts have been obtained and the drilling program will commence the first week of July,
2023. It is expected to take approximately 60 to 90 days to complete, and assay results are
expected within 6 weeks of sample submission to a commercial laboratory.
Dr.
Jamil Sader
, CEO and Director comments:
"We are excited to initiate our maiden drill program at our Jemi Project. We have de-risked
this Project from both ESG and technical aspects, and our next step is to confirm our
geological models through drilling. The 6 high-value targets selected have minerals and
geochemistry with 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. With two recent strategic financings, we are fully funded
to complete this program."
The goal of the drill program is to define and delineate the source of REE-mineralized (eudialyte +/-
aegirine rich) intrusive dykes and sills. Dysprosium oxide (Dy
2
O
3
) and terbium oxide (Tb
2
O
3
) in
surface samples within the priority areas that are classified as peralkaline (92 samples) range
between 959 ppm and 4 ppm; and 147 ppm and 0.7 ppm, respectively. The average concentration
for Dy
2
O
3
is 110 ppm; and the average for Tb
2
O
3
is 17 ppm. The magnetic light rare earth oxides,
namely neodymium oxide (Nd
2
O
3
) and praseodymium oxide (Pr
2
O
3
), ranged between 3173 ppm
and 30 ppm; and 824 ppm and 8 ppm, respectively. The average concentration for Nd
2
O
3
is 467
ppm; and for Pr
2
O
3
it is 132 ppm. These values are in trend with HREO
2
concentrations and the
ratio of HREO
2
to LREO
3
is consistently on average 1:2, suggesting similar REE-hosting phases
across the project.
In addition to being REE-mineralized, the surface 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 Ta
2
O
5
and greater than (>) 3576 ppm Nb
2
O
5
, with an average
concentration of Ta
2
O
5
of 114 ppm and Nb
2
O
5
of 1114 ppm.
Upcoming Conferences
Monumental Minerals will be attending the "Lithium Supply and Raw Battery Materials" conference in
Las Vegas
from
June 19-22, 2023
and the "Lithium Latin America" conference in
Buenos Aires
on
July 5-6, 2023
. We will be meeting with a number of direct lithium extraction (DLE) technology
companies as well as producers, investment funds and suppliers in order to bring more awareness
and potential future partnerships on our projects.
Rare Earth Element Value and the Global Energy Transition
Because of their unusual physical and chemical properties, REEs have diverse 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 continue
4
. 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 (Nd, Pr, Dy, Tb) represent 94% of the REE market by value, all of which are
enriched at Jemi. Concentrations of Nb and Ta are also enriched and could potentially be
economically significant.
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
1
Total Rare Earth Oxides (TREO) includes: La
2
O
3
, Ce
2
O
3
, Pr
2
O
3
, Nd
2
O
3
, Sm
2
O
3
, Eu
2
O
3
, Gd
2
O
3
, Tb
2
O
3
, Dy
2
O
3
, Ho
2
O
3
, Er
2
O
3
, Tm
2
O
3
, Yb
2
O
3
, Lu
2
O
3
, Y
2
O
3
.
2
Heavy Rare Earth Oxides (HREO) includes: Eu
2
O
3
, Gd
2
O
3
, Tb
2
O
3
, Dy
2
O
3
, Ho
2
O
3
, Er
2
O
3
, Tm
2
O
3
, Yb
2
O
3
, Lu
2
O
3
, Y
2
O
3
,
3
Light Rare Earth Oxides (LREO) includes La
2
O
3
, Ce
2
O
3
, Pr
2
O
3
, Nd
2
O
3
, Sm
2
O
3
.
4
BMO Capital Markets, Into the Abyss: A Supply-Chain Deep Dive from Rare Earth to Permanent Magnets, May 31, 2022.
Contact Information:
Email:
Or
Max Sali
,
VP Corporate Development and Director
Email:
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, the expected timing and completion of potential drilling at Jemi and the receipt
of assays, potential outcomes and results of the drill program, 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.
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