One diamond drill rig commenced drilling on the Veladora North and South prospect areas in early July to test areas with a high frequency of REE-mineralized dykes and sills at the surface. In addition, 3D aeromagnetic highs at less than 300 m depth were targeted, interpreted to be the magmatic bodies that fed veins, dykes and sills observed at surface (see Company's news release dated
Of the 2000 m drilled, 186 m of core (124 samples) returned anomalous REE concentrations. These samples contained total rare earth oxides (TREO1) results greater than 500 parts per million (ppm), with a maximum of 2018 ppm, and a mean and standard deviation of 717 and 282 ppm (respectively). Heavy rare earth oxides (HREO2) are also highest in these samples with a maximum of 517 ppm, and a mean and standard deviation of 164 ppm and 98 ppm (respectively). Anomalous TREO1 and HREO2 values were observed in every drill hole except JV-23-08 and JV-23-10 (Figure 1, and Table 1).
Table 1.
Drill Hole ID | From | To | Interval* | TREO1 | HREO2 | LREO3 | Nd2O3 | Pr2O3 | Dy2O3 | Tb2O3 |
JV-23-01 (-45/114) | 81 | 81.45 | 0.45 | 0.12 | 152 | 1092 | 150 | 50 | 14 | 2 |
and | 123.72 | 125.17 | 1.45 | 0.12 | 263 | 888 | 175 | 48 | 27 | 4 |
and | 216.68 | 217.52 | 0.84 | 0.10 | 198 | 809 | 128 | 40 | 18 | 3 |
JV-23-02 (-50/116) | 9.3 | 9.59 | 0.29 | 0.20 | 495 | 1523 | 251 | 75 | 48 | 8 |
and | 16.2 | 16.4 | 0.20 | 0.18 | 822 | 935 | 220 | 53 | 83 | 12 |
JV-23-03 (-44/117) | 69.52 | 69.74 | 0.22 | 0.12 | 269 | 966 | 216 | 58 | 25 | 4 |
and | 72.92 | 73.16 | 0.24 | 0.10 | 209 | 793 | 163 | 45 | 19 | 3 |
JV-23-07 (-45/114) | 27.17 | 27.37 | 0.20 | 0.13 | 518 | 728 | 162 | 41 | 49 | 7 |
JV-23-09 | 31.6 | 32.48 | 0.88 | 0.17 | 489 | 1231 | 250 | 65 | 48 | 7 |
and | 41.22 | 41.84 | 0.62 | 0.11 | 235 | 888 | 166 | 46 | 25 | 4 |
JV-23-11 (-45/130) | 73.5 | 74 | 0.50 | 0.10 | 251 | 793 | 144 | 41 | 25 | 4 |
and | 73.5 | 74 | 0.50 | 0.10 | 251 | 793 | 144 | 41 | 25 | 4 |
JV-23-13 (-50/120) | 30.2 | 33.5 | 3.30 | 0.10 | 220 | 776 | 141 | 42 | 21 | 3 |
JV-23-14 (-50/120 | 10.5 | 12 | 1.50 | 0.11 | 312 | 780 | 151 | 42 | 30 | 5 |
* True widths of the mineralized intervals are interpreted to be between 80-100% of the reported lengths. |
Core logging confirmed anomalous REE assay values relate to the presence of the mineral eudialyte, consistent with surface mapping at the Jemi project (see Company's news release dated
At Veladora South, elevated REE values are regularly associated with massive pegmatitic syentite intrusions, especially within holes JV-23-11, JV-23-13, and JV-23-14. Eudialyte was commonly observed as intergrowth mineralization within these intrusions (Figure 3). Drill hole intersections with anomalous REEs were generally continuous and associated with aegirine as banded lithologies. The geochemistry at Veladora South indicates that the peralkaline rocks are highly fractionated, a characteristic shared with major REE deposits. Veladora South is also associated with intense pervasive fentinization (metasomatic alteration by nepheline syenite intrusive rocks) of host sedimentary rocks resulting in skarn minerals throughout boreholes, supporting the existence a buried nepheline syenite intrusion.
Dr.
"The
1 Total Rare Earth Oxides (TREO) includes: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3. | |
2 Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3, | |
3 Light Rare Earth Oxides (LREO) includes La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3. |
The company used artificial intelligence (AI) to interpret the geochemistry of drill core and determined that the Veladora South area is more prospective. These data, plus core mineralogy, fentinization alteration in conjunction with 3D aeromagnetic geophysical data (see Company's news release dated
The Jemi project is characterized by broad areas of peralkaline intrusion-related REE mineralized dykes and sills at the margins of the
The analytical work reported on herein was performed by
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle,
On behalf of the Board of Directors,
/s/ "Jamil Sader"
Contact Information:
Email: jsader@monumentalminerals.com
Or
Email: msali@monumentalminerals.com
Neither the
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company's projects, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological assumptions, failure to maintain all necessary government permits, approvals and authorizations, failure to obtain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of rare earth elements, lithium, cesium and other metals, loss of key employees, consultants, or directors, failure to maintain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
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