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- Mt Monger Resources (MTM) signs a $3 million option deal with Geomega Resources to buy up the Pomme rare earth elements (REE) and niobium project in Québec
- The company says limited drilling at the 2400-hectare project, which neighbours the “world-class” Montviel REE-niobium deposit, has returned “exceptional” results
- Mt Monger will pay $1.05 million in cash and scrip to exercise its option, from which point it will have three years to spend $2 million on exploration to lock in ownership
- Under the purchase deal, Geomega will continue to provide technical exploration services to Mt Monger on a contractual basis
- Mt Monger Shares are up at 40 per cent and trading at 10.5 cents at market close
Mt Monger Resources (MTM) has signed a $3 million option deal with Geomega Resources to buy up the Pomme rare earth elements (REE) and niobium project in Québec
The project comprises 43 mineral claims covering roughly 2400 hectares, and Mt Monger says limited drilling in the area returned “exceptional” results, showing enrichment in rare earth elements (REE) and niobium.
MTM said considered the project an “extremely prospective” exploration target due to its location adjacent to the “world-class” Montviel REE-niobium deposit, owned by Geomega.
Under the option deal, Mt Monger will pay $1.05 million in cash and scrip to exercise its option, from which point it will have three years to spend $2 million on exploration to lock in its ownership.
Geomega will provide technical exploration services to Mt Monger on a contractual basis.
Mt Monger Managing Director Lachlan Reynolds said it was rare to secure a project with such significant geological potential at the pre-resource exploration stage.
“This is a further strategic investment by the company into the rare earth element sector, which we believe has very positive long-term demand outlook due to the importance of rare earth elements and niobium to the global clean energy transition and the push by governments worldwide to expand and diversify their supplies,” Mr Reynolds said.
“Pomme is a known carbonatite intrusion, and the limited diamond drilling completed more than a decade ago has confirmed the presence of extensive rare earth element and
niobium mineralisation with globally significant intercept widths.”
The Pomme project lies in the Abitibi region of the Province of Québec, 500 kilometres northwest of Montreal, Canada.
Mt Monger Shares were up at 40 per cent and trading at 10.5 cents at market close
