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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has intercepted further significant TREO mineralisation up to 3.34% TREO in diamond drilling at its Pomme REE-Nb Project in Québec.
Highlights:
- New diamond drilling returns up to 3.34% (33,400ppm) total rare earth oxides (TREO) at the Pomme Project in Québec, Canada.
- Rare earth element (REE) and niobium (Nb) mineralisation again confirmed over broad intervals in previously untested parts of the carbonatite complex.
- Hole POM-23-07 intersected 20.3m @ 0.79% TREO & 0.03% Nb2O5 (from 170.5m) including a number of zones greater than 1% TREO.
- Assays confirm that a significant proportion of the TREO grade is high value magnet REE mineralisation - neodymium (Nd) and praseodymium (Pr).
MTM Managing Director, Mr Lachlan Reynolds said the latest hole was completed in a new area not previously tested with any drilling and results continue to expand the mineralised zone.
“The most recently reported assay results confirm significant rare earth element and niobium mineralisation along the central traverse through the Pomme carbonatite complex. Importantly, this hole also contains higher-grade zones that are the focus of our exploration drilling program.
As has been observed in other areas at Pomme, mineralisation was intersected continuously in the bedrock, from immediately beneath the transported glacial cover to the end of hole.
Our confidence in the extent of the mineralised system at the Pomme Project increases as each new set of drill hole assays is received and we anticipate obtaining the results for the remaining six holes from the drilling campaign within the next month.”
The Pomme Project 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.
Drilling highlights
POM-23-07:
- 20.3m @ 0.79% TREO & 0.03% Nb2O5 from 225m, including:
- 1.6m @ 1.25% TREO & 0.06% Nb2O5 (from 170.5m) and
- 4.95m @1.26% TREO & 0.02% Nb2O5 (from 181.85m)
- 47.8m @ 0.30% TREO & 0.07% Nb2O5 (from 190.8m)
- 106.5m @ 0.27% TREO & 0.04% Nb2O5 (from 249.0m)
- 47.5m @ 0.42% TREO & 0.05% Nb2O5 (from 378.0m0, including
- 6.0m @ 0.60% TREO & 0.06% Nb2O5 (from 387.0m) and
- 1.0m @ 1.80% TREO & 0.04% Nb2O5 (from 401.9m) and
- 1.25m @ 3.34% TREO & 0.03% Nb2O5 (from 419.5m)
Figure 1: Drill status map of the Pomme project, showing current and historical drill hole locations overlain on simplified interpreted basement geology diagram.
Pomme is a carbonatite intrusion with exceptional mineralised drilling intersection results from recent drilling, showing enrichment in REE and niobium mineralisation over a broad area.
MTM has entered into a binding option agreement with Geomega Resources to acquire a 100% interest in the Pomme claims.
Assay Results
Drill hole POM-23-07
Drill hole POM-23-07 featured near continuous mineralisation over almost the entire length of the drill core from near surface to the end of hole at 444 metres depth (see Appendix II). The hole intersected mixed carbonatite which hosts rare earth and niobium mineralisation to approximately 217 metres downhole. Ultramafic silicocarbonatite in the central core of the carbonatite complex was then drilled, however this zone continued to contain significant mineralisation, including some higher-grade zones (Table 1).
Table 1: Selected significant intersections from drill hole POM-23-07
* Downhole intervals shown, true width not known. Appropriate rounding of grade values has been applied.
TREO (Total Rare Earth Oxide) grade includes CeO2, Dy2O3, Er2O3, Eu2O3, Gd2O3, Ho2O3, La2O3, Lu2O3, Nd2O3, Pr6O11, Sm2O3, Tb4O7, Tm2O3, Yb2O3 and Y2O3 and is calculated using standard oxide conversion factors for each element (see Appendix III).
Nd+Pr (Neodymium-Praseodymium or NdPr) includes Nd2O3 and Pr6O11. Shown as a percentage of TREO.
Significant intersections are based on a 1,000ppm, 2,000ppm, 5,000ppm and 10,000ppm TREO cut-off grade with up to 2 consecutive samples of internal dilution.
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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