Monumental Minerals Begins Drilling at the Jemi Heavy Rare Earth Element Project, Mexico
MONUMENTAL MINERALS BEGINS DRILLING
AT THE JEMI HEAVY RARE EARTH ELEMENT
PROJECT, MEXICO
VANCOUVER, BC
,
July 12, 2023
/CNW/ - Monumental Minerals Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) is pleased to announce the
commencement of drilling at the Jemi rare earth element (REE) project (the "
Project
") in
Coahuila,
Mexico
, about 40 km south of the
Texas, USA
border.
A diamond drill rig from Globexplore Drilling SA is now aligned on the first drill target (Figure 1), on
the Veladora North prospect area within Monumental's claims. The drilling will test areas with high
concentrations of REE-mineralized dykes and sills at the surface, and the Company's REE deposit
model for Jemi. The model was developed based on detailed geological mapping, regional stream
sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling (see
Company's news release dated
April 4, 2023
) and suggests a mineralized REE layered intrusion
(source of the dykes and sills) exists at a depth of less than
300 m
. Monumental is planning to test a
total of 6 drill targets to approximately
300 m
each during this maiden campaign.
The Jemi project is characterized by broad areas of peralkaline intrusion-related REE mineralized
dykes and sills at the margins of the
La Vasca
igneous complex. These intrusive bodies contain high
grades of heavy rare earth elements (HREEs) dysprosium (Dy) and terbium (Tb), 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).
Dr.
Jamil Sader
, CEO and Director comments:
"Drilling at the Jemi REE project is underway, and we are optimistic that it will be able to
validate the source of the mineralized dykes and sills, and the model we developed through
extensive and pragmatic exploration activities in 2022 and 2023. Jemi has similar
characteristics to other well defined hardrock peralkaline REE systems globally and has the
added benefit of being on the doorstep of
Texas
, a fast-growing hub for REE processing,
refinement, and consumer goods manufacturing."
Figure 1. Globexplore Drilling SA at the Jemi REE Project, Coahuila Mexico. (CNW
Group/Monumental Minerals Corp.)
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 for key magnet rare earths (Nd, Pr, Dy, and Tb) is likely to continue
1
. The
strongest magnets are neodymium-iron-boron (NdFeB) and are used when space and weight
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
significantly elevated at Jemi. Concentrations of Nb and Ta are also present that are potentially
economically significant.
______________________________
1
BMO Capital Markets, Into the Abyss: A Supply-Chain Deep Dive from Rare Earth to Permanent Magnets, May 31, 2022.
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:
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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CNW 08:00e 12-JUL-23