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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) advises shareholders that the current diamond drilling program at the Pomme REE-Nb project in Québec, Canada (Pomme or the Project) has been temporarily suspended for safety reasons due to forest fires that are active in the vicinity of the project area.
Commenting on the situation, MTM Managing Director Lachlan Reynolds said:
“Unusually hot and dry conditions have been affecting Québec in recent weeks. This has culminated in an unprecedented outbreak of severe forest fires throughout the Province.
Société de protection des forêts contre le feu (SOPFEU), the government authority that manage activity in the forests, initially ordered all commercial activities to cease. Unfortunately, fire conditions continued to deteriorate and our team, like many others, was subsequently requested to evacuate from the area.
Our field team and drillers have all safely withdrawn from the Project area and are now awaiting approval to return to site. There is no imminent danger to the field camp, drilling rig or associated equipment.
Cooler conditions and rain are forecast for the project area in coming days and we anticipate that drilling operations will recommence soon.”
DIAMOND DRILLING PROGRAM
The first drill hole of the Pomme diamond drilling program, POM-23-01 (Figure 1) was recently completed at a depth of 558 metres downhole and intersected in excess of 500 metres of carbonatite containing visible rare earth element (REE) mineralisation (see MTM ASX announcement dated 6 June 2023). This hole is currently being geologically logged and sampled for assay.
The drilling rig has been mobilised to the next drill hole location approximately 500 metres to the north of POM-23-01. The rig is ready to commence drilling once access to the area has been re-established. Hole POM-23-02 is also expected to be drilled to approximately 500 metres depth.
A total of 10 holes for approximately 5,000 metres of drilling are planned as a first-pass test of the Pomme carbonatite complex and the REE-Nb mineralisation (see MTM ASX announcement dated 26 May 2023). The program is expected to require a further two months to complete.
The Company will provide shareholders with assay results from the drilling program as they progressively become available.
Figure 1: Diamond drilling status at the Pomme project showing historical and current diamond drill hole collar locations.
POMME REE-Nb PROJECT
Pomme is a known carbonatite intrusion with exceptional results from limited historical drilling, showing enrichment in rare earth elements (REE) and niobium (Nb) and is considered to be an extremely prospective exploration target. Pomme is located adjacent to the world-class Montviel REE-Nb deposit (owned by Geomega Resources Inc), that has a defined total indicated and inferred resource of 266 Mt @ 1.45% TREO & 0.14% Nb2O5.
MTM has entered into a binding option agreement with Geomega Resources to acquire a 100% interest in the Pomme claims and is now advancing exploration at Pomme to discover a REE-Nb resource (see MTM ASX announcement dated 23 February 2023).
Click here for the full ASX Release
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MTM:AU
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