Moon River Reports Significant Rare Earth Elements, Tungsten and Gallium in Davidson Deposit
Moon River Reports Significant Rare Earth
Elements, Tungsten and Gallium in Davidson
Deposit
Toronto, Ontario--(Newsfile Corp. - January 29, 2024) - Moon River Capital Ltd. (TSXV: MOO) ("Moon
River" or the "Company") is pleased to announce that assays from 41 samples of mineralization from the
Davidson Molybdenum Deposit ("Davidson Project"), near Smithers, B.C., contain significant amounts
of Rare Earth Elements ("REEs"), tungsten and gallium.
To the Company's knowledge, assays for REEs
and gallium have not been previously undertaken on this deposit, and tungsten was not included in the
National Instrument 43-101 Technical Report for the Davidson Project Resources Update released on
September 13, 2023. The samples were chosen to represent a composite cross-section of the deposit
and were taken from drill core and pulps produced by past operators of the Davidson Project.
All 17 REEs were present in all 41 samples, with the following average grades:
Light Rare Earth Oxides: 93.57 grams/tonne
Heavy Rare Earth Oxides: 89.77 grams/tonne
Total Rare Earth Oxides: 183.34 grams/tonne
Tungsten: 0.084% WO3
Gallium: 19.7 grams/tonne
Light Rare Earth Oxides include Scandium, Yttrium, Europium, Gadolinium, Terbium, Dysprosium,
Holmium, Erbium, Thulium, Ytterbium and Lutetium. Heavy Rare Earth Oxides include Lanthanum,
Cerium, Praseodymium, Neodymium, Promethium and Samarium.
The Company plans to undertake preliminary metallurgical studies and obtain fresh samples from drill
core to begin detailed metallurgical testing when applicable First Nations consultations are undertaken
and drill permits obtained. It is uncertain at this time whether the REEs, tungsten and gallium contained in
the Davidson Project are economically recoverable.
Rare Earth Elements comprise 17 nearly indistinguishable silvery-white soft heavy metals. Compounds
containing rare earths have diverse applications in electrical and electronic components, lasers, glass,
magnetic materials, and industrial processes. They are deemed important for the world energy
transition, being used in wind turbines, electric vehicles, photovoltaic cells and fluorescent lighting. They
are also used in LED lights, colour monitors and medical equipment. REEs were included on the
Government of Canada's Critical Mineral List released in 2021, and more recently were listed along with
five other metals as potentially qualifying for the draft Critical Minerals Tax Credit for new mine
construction. Several of the REEs are on the U.S. Department of Energy's and European Union's critical
mineral lists. Most of the world's REEs are produced in China, with the United States and Australia each
supplying smaller amounts.
Tungsten has a wide variety of uses, mainly in the production of hard materials – namely tungsten
carbide, in steel alloys and as a lubricant. Gallium is a key component of semi-conductors and LED
lights. Both metals are on the critical mineral lists in the United States, Canada and the European Union.
As previously announced, Moon River has commenced a Preliminary Economic Analysis on the
Davidson Molybdenum Deposit, undertaken by A-Z Mining Professionals Ltd. The study is expected to
be completed in the current quarter and will not include estimates of REEs or tungsten grades.
About Moon River
Moon River is a Canadian-based resource company focused on the acquisition, exploration and
development of mineral projects. Moon River is focused on the development of the Davidson Property
which hosts a large molybdenum-tungsten deposit and is located near Smithers, British Columbia.
QUALIFIED PERSON
The news release has been reviewed and approved by Finley Bakker, P.Geo of A-Z Mining
Professionals Ltd., a Qualified Person as defined by Canadian Securities Administrators National
Instrument 43-101
Standards of Disclosure for Mineral Projects.
For further information please contact:
Paul Parisotto, President, Chief Executive Officer and Director, at (416) 800-1753 or
.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements:
This press release contains forward-looking statements and forward-looking information (collectively,
"
forward-looking statements
") within the meaning of applicable securities laws. Any statements that
are contained in this press release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often identified by terms such as "may",
"should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions, which
are intended to identify forward-looking statements. More particularly and without limitation, this press
release contains forward-looking statements regarding obtaining the consent of First Nations and
permits to conduct drilling on the Davidson Project, of which there can be no assurances that these will
be obtained. Furthermore, there can be no assurance that REEs, gallium and tungsten will be
economically recoverable.
These forward-looking statements reflect the current views of the Company, represent the expectations
of the Company as of the date of this news release, and are based on certain assumptions that the
Company has made in respect thereof as at the date of this press release.
Although the Company believes the expectations and material factors and assumptions reflected in
these forward-looking statements are reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be correct. These forward-looking statements
are not guarantees of future performance and are subject to a number of known and unknown risks and
uncertainties including the ability of the Company to obtain all applicable regulatory approvals and risks
detailed in the Company's Filing Statement and continuous disclosure, which are available on SEDAR+
at
www.sedarplus.ca
.
Accordingly, readers should not place undue reliance on the forward-looking
statements contained in this press release.
These risk factors should not be construed as exhaustive. Readers are cautioned that events or
circumstances could cause results to differ materially from those predicted, forecasted or projected. The
forward-looking statements contained in this document speak only as of the date of this document. The
Company does not undertake any obligation to publicly update or revise any forward-looking statements
or information contained herein, except as required by applicable laws. The forward-looking statements
contained in this document are expressly qualified by this cautionary statement.
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https://www.newsfilecorp.com/release/196066