VANCOUVER, BC, Feb. 17, 2022 /CNW/ - Monumental Minerals
Corp. ("Monumental" or the "Company") (TSXV: MNRL) is
pleased to report that it has completed the previously announced
airborne magnetic and radiometric geophysical survey over its Jemi
heavy rare earth element (HREE) Project located in Coahuila, Mexico, about 40 km south of the
Texas, USA border.
Flights for the high-resolution helicopter-borne magnetic and
radiometric survey commenced on February 1,
2022, following instrument setup, test flights, and QC
calibration. A total of approximately 1,121 line-km was completed
over 13 survey days. The Company expects preliminary magnetic and
radiometric products to be available for review within the coming
days, and delivery of final geophysical data and inversion products
in the coming weeks.
Magnetic and radiometric data represent a cost-effective method
to define areas of high REE potential within the Jemi Project. REE
targets can be associated with anomalous magnetic highs or lows,
and the anomalies can also be excellent indicators of structure.
Strong gamma-ray radiometric anomalies may be associated with
potassium (K) enrichment as a product of hydrothermal alteration
surrounding peralkaline intrusions. Anomalies of thorium (Th), and
to a lesser degree uranium (U), are useful for direct detection of
REE deposits, detection of other features associated with
mineralization, and parental granites. Geophysical anomalies will
be ground-truthed and prioritized for further exploration, which
may include detailed geologic mapping, geochemical surveys, and
ultimately trenching and/or diamond drill testing.
Maximilian Sali, founder,
director and interim CEO comments "As this survey is now
completed our technical team will be doing a site visit at the Jemi
Project to collect additional samples towards target definition for
an upcoming drill program, which we are fully permitted for. The
spot prices of rare earth elements currently present at Jemi have
increased up to more than 4 fold over the past 18 months, and they
have outperformed every other element except for lithium. We are
very excited about the potential value Jemi can bring to
shareholders in the coming months."
Rare Earth
Element
|
Price as of Aug,
20201
|
Price as of Feb 16,
20221
|
Percentage
Increase
|
Terbium
Oxide
|
USD $660/kg
|
US$ 2,374/kg
|
360%
|
Dysprosium
Oxide
|
USD $260/kg
|
US$ 493/kg
|
190%
|
Neodymium
Oxide
|
USD $47/kg
|
US$194/kg
|
410%
|
Praseodymium
Oxide
|
USD $44/kg
|
US$171/kg
|
390%
|
|
__________
|
1 Source: www.metal.com
|
The Jemi Project hosts numerous rare earth element (REE)
occurrences containing potentially economic concentrations of the
high value magnetic REEs including neodymium (Nd), praseodymium
(Pr), dysprosium (Dy) and terbium (Tb) with associated tantalum
(Ta), niobium (Nb), and zirconium (Zr). Jemi sits within the North
American Alkaline Igneous Belt, an under explored north-south trend
of alkaline igneous rocks and carbonatites over 3000 km long that
is host to numerous REE, gold and other critical element
deposits.
HREE Mineralization
The REE mineralization discovered
to date at Jemi exhibits characteristics and mineralogy consistent
with peralkaline intrusion related deposits, which represent an
important potentially economic style for the highest value
REEs. Dysprosium, and Tb are typically enriched in these
deposits and are essential for the performance of high strength and
temperature permanent magnets for electric vehicles and wind
turbines. Peralkaline deposits are being explored and prepared for
development in Australia,
Europe, and North America.
At present, ionic clay deposits in southern China and Myanmar are the primary source of the world's
HREEs, however limited resource size, high environmental legacy of
such deposits, and increasing export restrictions are driving the
discovery and development of other more sustainable sources. In
addition, with the recent merger of Chinese REE miners, one company
will now control 70% of China's
HREE production and global pricing power of key HREEs including Dy
and Tb.
Qualified Person
The scientific and technical
information contained in this news release has been reviewed and
approved by Kristopher J. Raffle, P.Geo. (BC) Principal and
Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of the Company and a
"Qualified Person" as defined in National Instrument 43-101
– Standards of Disclosure for Mineral
Projects.
About Monumental Minerals Corp.
Monumental Minerals
Corp. is a mineral exploration company focused on the acquisition,
exploration, and development of mineral resource properties in the
critical and electric metals sector. The Company's flagship asset
is the Jemi HREE project located in Coahuila, Mexico near the Texas, USA border which the Company has an
option to own 100% of the 3,650-hectare project. The Company
also has an option to acquire a 100% interest and title to the
Weyman property located in the Kamloops and Nicola Mining Divisions and in
the Thompson Nicola Regional District, British Columbia.
On behalf of the Board of Directors,
/s/ "Maximilian Sali"
Maximilian Sali, Interim Chief
Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Forward Looking Information
This news release
contains "forward–looking information or statements" within the
meaning of applicable securities laws, which may include, without
limitation, the commencement and completion of the geophysical
survey on the Jemi Project and the expected timelines, results and
outcomes, plans for the Jemi Project, 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.sedar.com. 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, 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 and
other metals, loss of key employees, consultants, or directors,
failure to maintain community acceptance, 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.
SOURCE Monumental Minerals Corp.