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MTM inks second agreement with Geomega Resources, owner of the largest carbonatite REE-niobium resource in Canada
Special Report: MTM Critical Metals has boosted its portfolio of critical mineral projects in southern Quebec, Canada after entering into … Read More
The…
- MTM has signed a binding option agreement to acquire the Montviel South REE-niobium project in Quebec from Geomega Resources
- Montviel South is adjacent to the world-class 266Mt Montviel carbonatite REE-niobium deposit
- A fieldwork program is already in progress
MTM Critical Metals has boosted its portfolio of critical mineral projects in southern Quebec, Canada after entering into a second binding option agreement with TSX-V listed Geomega Resources to acquire the Montviel South project.
MTM Critical Metals (ASX:MTM) acquired the Pomme hard rock rare earths project in Quebec, Canada from Geomega Resources earlier this year for ~$1m in cash and shares, plus $2m in exploration expenditure commitments.
Boasting similar geology to Geomega’s advanced 266Mt Montivel carbonatite REE-niobium deposit, the largest in Canada and only 7km away, Pomme is already shaping up to be “a very large” +2km2 rare earths-niobium system.
Recent assays from the first three of 13 diamond holes have validated the company’s belief in the Pomme project’s prospectivity with the intersection of REEs and niobium over broad intervals with numerous higher-grade zones of >1% TREO.
These included a top interval of 26.5m at 1.45% TREO and 0.02% niobium within an extremely broad intercept of 398m at 0.54% TREO and 0.05% niobium from a down-hole depth of 16m.
Fieldwork already underway
MTM has now secured an option to acquire 100% of Geomega’s Montviel South Project, 10km from the Pomme Project and adjacent to Geomega’s 266Mt Montviel REE-niobium deposit.
In fact, the Montviel South claims are part of the Montviel claim block held by Geomega in southern Québec.
The area is easily and directly accessible via national highways and well-maintained logging roads while exploration services are readily available from established mining towns about 200km to the south in the Abitibi gold belt.
With the project containing highly anomalous REEs in rock outcrops and glacial boulders identified from previous exploration activities, MTM already has an established field camp to support the work program at the nearby Pomme REE-Nb project.
‘Building a highly strategic land package’
“Like our Pomme Project, the Montviel South Project area contains a number of mineralised occurrences that have not been followed-up or tested with drilling and shares the great advantage of being adjacent to the significant Montviel deposit,” MTM managing director Lachlan Reynolds says.
“We’re building a considerable land package in what we’re confident is a highly prospective area for high value light rare earths and niobium.
“The combined Pomme/Montviel South acreage has the potential for a globally significant REE carbonatite project with carbonatites being the major source of high grade hard rock REE’s globally.
“This project has both the scale potential and location to be highly strategic and sought after.”
This article was developed in collaboration with MTM Critical Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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