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Mt Monger Resources Limited (ASX:MTM) (Mt Monger or the Company) is pleased to provide shareholders with an update on the exploration program at the Pomme REE-Nb project in Quebec, Canada (Pomme or the Project). A diamond drilling program is expected to commence at the Project in May 2023 and the Company is rapidly advancing all activities to support the program.
Highlights:
- Drone magnetic survey of Pomme carbonatite intrusion commissioned
- Diamond drilling program to test REE-Nb mineralisation expected to commence in late May 2023
- Permit application for drilling finalised and lodged with Quebec MRNF
- Work approved by Cree First Nation of Waswanipi and Mineral Exploration Agreement in preparation
- Services Agreement completed with Kintavar Exploration Inc for management of exploration program
Managing Director Lachlan Reynolds commented:
“During a recent trip to Canada I was able to attend the Prospectors and Developers Association of Canada (PDAC) convention and to meet with a number of groups who will be important counterparties that can assist us as exploration at Pomme advances. I was also able to introduce the Company and our plans to the Mining Coordinator for the Cree First Nation of Waswanipi.
Detailed planning for the Pomme work program was completed with the Exploration Manager and Project Geologist from Kintavar Exploration, with whom we have entered into a Service Agreement and who will be managing the exploration activities on behalf of Mt Monger. We are very confident that together with Kintavar the Company can successfully get the work at Pomme underway effectively and as planned.”
POMME REE-Nb PROJECT
As recently announced, Mt Monger has entered into a binding option agreement to acquire a 100% interest in the Pomme REE-Nb project (the Project) located in Québec, Canada (Figure 1) from TSX.V listed Geomega Resources Inc. (Geomega) (see Mt Monger ASX announcement dated 23 February 2023).
The Project is a known carbonatite intrusion with exceptional results from limited drilling, showing enrichment in rare earth elements (REE) and niobium (Nb) and is considered to be an extremely prospective exploration target. The Project is located adjacent to the world-class Montviel REE-Nb deposit (owned by Geomega), that has a defined total indicated and inferred resource of 266 Mt @ 1.45% TREO & 0.14% Nb2O5.
The Company is now advancing exploration at Pomme to discover a REE-Nb resource and is well funded to undertake a comprehensive program of work following a $3 million share placement (see Mt Monger ASX announcement dated 28 February).
Figure 1: Location map of the Pomme Project in Québec, Canada.
DIAMOND DRILLING PROGRAM
A program of diamond drilling to provide a first-pass evaluation of the Pomme carbonatite complex has been planned. The program will involve approximately 10 diamond drill holes on a broadly-spaced (500m x 500m) grid (Figure 2) to evaluate the overall geology of the carbonatite intrusion and the grade and continuity of the REE-Nb mineralisation that it contains.
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MTM Critical Metals
Overview
MTM Critical Metals Limited (ASX:MTM) is an Australian mineral exploration and development company focusing on rare earth elements (REE) and niobium projects to meet the growing demand for these critical minerals.
Initially incorporated to consolidate several gold exploration projects in the Goldfields region in Western Australia, the company’s recent discovery of REE at the East Laverton project has prompted a pivot to the critical metals from gold.
The company has taken a further strategic investment into the REE sector, exercising its option to acquire the Pomme REE-Niobium Project located in Quebec, Canada.
The Pomme project is an advanced carbonatite-hosted rare earth and niobium project with historical drilling that has confirmed the presence of significant REE and niobium mineralisation. Furthermore, the project is in close proximity to the Montviel REE-niobium deposit which is the largest undeveloped carbonatite-hosted REE deposit in North America, with a total resource of 266 million tonnes at a grade of 1.46 percent total rare earth elements and 0.14 percent niobium. This highly prospective asset in a mining-friendly jurisdiction allows MTM Critical Metals to further enhance its portfolio of critical mineral assets.
REEs and niobium are on both the Australian and Canadian governments’ critical minerals list for their value for the aerospace industry, electric vehicles, renewable energy and as a valuable export. Known for its mining-friendly regulations, Canada is the world’s second-largest niobium producer.
While often overlooked, niobium is a high-value critical mineral with prices exceeding US$40,000 per metric tonne and a market size that is expected to grow from US$2.38 million in 2022 to US$2.98 million by 2028, at a compounded annual growth rate of 3.78 percent.
Other assets in MTM Critical Metals’ portfolio also focus on critical minerals to support the energy transition.
A team with experience in the energy sector, geology, international finance, and throughout the mining industry leads MTM Critical Metals towards its goal of fully exploring its portfolio.
Company Highlights
- MTM Critical Metals Limited is an Australian mineral exploration and development company focusing on critical mineral assets in Canada and Western Australia.
- Rare earth elements (REEs) and niobium are on the Australian and Canadian governments’ critical minerals list for their value for the aerospace industry, electric vehicles, renewable energy and as a valuable export.
- The company has exercised its exclusive and binding option agreement to acquire the Pomme project, an advanced carbonatite-hosted rare earth and niobium asset in Quebec.
- The company recently completed its maiden diamond drilling program at the Pomme REE-Niobium Project with 13 holes drilled for a total of 5,718 metres. REE mineralisation was visually identified in all drill holes, indicating a very large mineralised system.
- The flagship Pomme project is near the Montviel Deposit, one of the largest undeveloped carbonatite-hosted REE and niobium deposits in North America.
- The company’s Western Australian assets focus on critical minerals to support decarbonization goals.
- The East Laverton asset is prospective for clay-hosted REE mineralisation and the company has also recently identified a nickel laterite deposit.
- The company’s underexplored Ravensthorpe project is prospective for critical minerals including REE, nickel, lithium and graphite.
- An experienced management team leads the company towards meeting the growing demand for critical minerals.
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Exploring Highly Prospective REE and Niobium Projects in Quebec and Western Australia