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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has received assay results from a recent program of aircore drilling completed to test rare earth element (REE) anomalies at the Pt Kidman prospect, part of the East Laverton Project in the north Eastern Goldfields of Western Australia (Figure 1).
Highlights:
- Drilling results confirm that the broad REE mineralisation at the Pt Kidman prospect extends far beyond previously known zones.
- Higher grade drilling intersections include:
- 29m @ 1,667ppm TREO
- 29m @ 2,116ppm TREO
- 12m @ 2,564ppm TREO
- 11m @ 2,753ppm TREO
- 4m @ 3,400ppm TREO inc. 1m @ 8,752ppm TREO
- Mineralised envelopes with drill intercepts exceeding 1,000ppm TREO now identified over approximately 12km2
- Mineralisation contains a significant proportion of valuable heavy, magnet and critical rare earth oxides over thick intervals up to 29m, including:
- High value Nd+Pr oxides represent an average of 19.5% of TREO grade
- High value magnet rare earth oxides represent an average 24.4% of TREO grade
- Critical rare earth oxides (CREO) average 21.7% of TREO grade
- Heavy rare earth oxides represent an average of 11.4% of TREO grade
- Drilling confirms continuity of clay-hosted mineralisation over large areas
- Large areas still remain untested and are interpreted to be prospective for similar mineralisation occurrences
- Preliminary metallurgical testwork and mineralisation characterisation to be undertaken
Results have greatly increased the known extent of shallow clay-hosted REE mineralisation and confirm that the mineralisation contains a significant proportion of valuable heavy, magnet and critical rare earth oxides.
Figure 1: Location Map of Prospects at the East Laverton Project
The Company has previously reported assay results for drilling at Pt Kidman (see MTM ASX announcement dated 18 August 2022 and 17 November 2022) which highlighted broad zones of shallow, flat-laying clay-hosted REE mineralisation.
Regarding the latest results from the Pt Kidman prospect, Managing Director Lachlan Reynolds commented:
“These latest drilling results have greatly extended the known zone of clay-hosted rare earth element mineralisation in the northern part of the East Laverton project. The drilling intersections validate the positive soil geochemical anomalies we had already defined and confirm that we are dealing with a highly prospective area.
As we had previously seen in aircore drilling, the rare earth elements occur in a very broad, shallow and continuous zone of shallow mineralisation, in some cases from surface. The presence of thick zones of higher-grade mineralisation, up to 30 metres, gives us great encouragement that the Pt Kidman prospect area has the potential to contain a resource with a significant proportion of high value NdPr and critical rare earth oxides.
Our exploration team is keen to extend the soil sampling coverage within our tenements and we fully expect to define further areas for drill testing. We are also planning to complete preliminary metallurgical test work on the drilling samples to understand the nature and potential processing options for the mineralisation.
More drilling is also required to home-in on the best parts of the system and our objective is to make a new rare earth deposit discovery.”
The Pt Kidman area has been confirmed as a large-scale, rare earth element opportunity at East Laverton. The current drilling program extends the known part of the prospective terrane and has shown significant continuity and grade within the mineralised zone within the regolith.
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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