Mt Monger To Acquire Advanced Carbonatite REE-Nb Project In Canada

Mt Monger Resources Limited (ASX:MTM, Mt Monger or the Company) is pleased to announce that it has entered into a binding option agreement to acquire a 100% interest in the Pomme REE-Nb project (the Project) located in Québec, Canada from TSX.V listed Geomega Resources Inc. (Geomega). 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.

Highlights:

• Option to acquire 100% interest in Pomme REE-Nb project claims located in Québec, Canada
  
• Confirmed carbonatite-hosted rare earth element (REE) and niobium (Nb) mineralisation
• Only two reconnaissance diamond drill holes completed in 2012 contain highly significant, exceptionally thick mineralised intersections, including:
  • MVX-12-01 – 508.3m @ 0.43% TREO, 413ppm Nb2O5 and 1.48% P2O5, from 73.7m depth
    • Incl.: 7.5m @ 1.28% TREO, 499ppm Nb2O5 and 1.43% P2O5 from 319.5m
    • 16.5m @ 1.44% TREO, 92ppm Nb2O5 and 0.46% P2O5 from 403.5m
    • 7.5m @ 1.77% TREO, 183ppm Nb2O5 and 0.59% P2O5 from 483m
  • MVP-12-02B – 478.1m @ 0.12% TREO, 340 ppm Nb2O5 and 2.14% P2O5, from 25.9m to EOH
• Located only seven kilometres from the world-class Montviel carbonatite REE-Nb deposit owned by Geomega Resources Inc:
  • Total Resource of 266 Mt @ 1.46% TREO & 0.14% Nb2O5
    
  • Similar geology and mineralisation to Pomme project
  • Extensive metallurgical test work completed and being optimised
• Mineralisation contains elevated NdPr and significant proportions of both magnet REE and critical REE
• Mineralisation has low average uranium and thorium content
• Excellent infrastructure – existing road access, local services and proximity to hydro-electric grid
• Access to an existing geological team with history of work at the Montviel deposit and expertise in managing exploration in the area
• Existing arrangements with local First Nations community
• Fieldwork program, including diamond drilling expected to commence after spring thaw (May 2023)

Regarding the option agreement, Managing Director Lachlan Reynolds commented:

“We are very excited to have executed this option agreement to acquire the Pomme project in the Province of Québec. This is a further strategic investment by the Company into the rare earth element sector, which we believe has very positive long-term demand outlook due to the importance of rare earth elements and niobium to the global clean energy transition and the push by governments worldwide to expand and diversify their supplies.

The Project has excellent geological potential for the discovery of a resource and is a perfect fit with the Company’s strategy to explore and develop high-quality rare earth element projects that can ultimately supply critical metals to the rapidly growing global EV market and other decarbonisation technologies.

Pommeis a known carbonatite intrusion and the limited diamond drilling completed more than a decade ago has confirmed the presence of extensive rare earth element and niobium mineralisation with globally significant intercept widths. The Project is located only seven kilometres from the world-class Montviel rare earth and niobium deposit which is similarly associated with a carbonatite intrusion. The proximity of Pomme to Montviel gives us confidence about both the potential for discovery of a resource and a huge strategic advantage with respect to operational logistics and the opportunity to be part of a much larger future mining development.

Québec is a well-known and consistently highly rated operating jurisdiction for exploration and mining. The Project is easily accessible by road and work there can be supported year-round from local towns. Excellent relationships have been established with the local Cree First Nations community by previous explorers in the area.

It is rare that a project with the outstanding early drill results and this type of significant geological potential can be secured at the pre-resource exploration stage. This is a highly positive outcome for Mt Monger and we look forward to commencing an exploration program, with the objective of defining a new rare earth element resource in Québec.”

POMME REE-Nb PROJECT

Location and Access

The Pomme project is located in in the Abitibi region of the Province of Québec, 500km northwest of Montreal, Canada. The Project comprises 43 mineral claims (Appendix I), covering approximately 2,400 ha area within the Eeyou Istchee James Bay Territory. The claims are located approximately 100 km north of the town of Lebel-sur-Quévillon (pop. 2,800) and 45 km west of the Cree First Nation of Waswanipi (pop. 1,800) in the urbanised southerly part of northern Québec (Figure 1). Services, accommodation and labour are available locally.

The Project area has permanent access via Highway 113, which connects the major mining towns of Val d’Or and Chibougamau. A network of logging roads provides access to and within the claims. Heavy equipment can be mobilised by truck directly to the project site without the need for any aerial assisted access.

The property has flat topography and is covered by a mixture of forest and swamp (Figure 2). There are active forestry operations in the area and there are no local conservation reserves or protected areas. Some of the claims are located within restricted areas associated with government hydro-electric schemes (dating back to evaluation in the 1970’s) but this is not considered to be an impediment to exploration or future development.

Figure 1: Location map of the Pomme Project in Québec, Canada.

The project lies at the limit between the subarctic and continental climatic zones. Consequently, the local climate is characterised by long, cold winters and short, cool summers. Such conditions are typical in Québec and exploration can be conducted year- round with suitable winter preparation.

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