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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) is very pleased to report that over 500 metres of visible REE mineralisation has been intersected in the first diamond drill hole completed at the Pomme REE-Nb project in Québec, Canada (Pomme or the Project). Assay results are pending and expected within approximately 4 to 6 weeks.
Highlights:
- Visible rare earth element (REE) mineralisation identified in drill core
- Mineralisation verified using handheld XRF
- 500+ metre intersection of variably mineralised carbonatite, open at depth
- Sampling for detailed assays in progress, with results expected within 4 to 6 weeks
- First of a 10 hole, 5,000 metres first-pass program to test the Pomme carbonatite complex and the known REE-niobium mineralisation.
Commenting on the completion of the first drill hole, MTM Managing Director Lachlan Reynolds said:
“We are extremely excited by the results of this first diamond drill hole. Not only has it intersected prospective carbonatite rocks but it also appears to be continuously mineralised over a 500+ metre interval and based on the visual estimates may contain a number of zones containing significant REE grade.
This hole is a vindication of our confidence that this drilling campaign at the Pomme project could have potential for making a major new rare earth element and niobium deposit discovery. We are now eagerly waiting in the results of assays and getting samples to the laboratory in Canada is a high priority. Drilling is ongoing and the second hole is underway.
The Kintavar Exploration team managing the exploration program on-site are congratulated for delivering this excellent result, which comes only 3 months after signing the option agreement over the project.”
DIAMOND DRILLING PROGRAM
A program of diamond drilling was recently commenced at Pomme (see MTM ASX announcement dated 26 May 2023). The first drill hole of that program, POM-23-01 (Figure 2), was subsequently completed at a depth of 558 metres downhole (Appendix I). This hole was collared approximately 100 metres to the north of a historical drill hole MVX-12-01 that also intersected in excess of 500 metres of REE-Nb mineralisation.
Figure 1: Diamond drill rig operational on hole POM-23-001 at the Pomme project, May 2023.
Figure 2: Diamond drilling status at the Pomme project showing historical and current diamond drill hole collar locations.
POM-23-01 intersected 31.75 metres of unconsolidated glacial sediments (till) at the top of the hole and then cored carbonatite rocks to the end of hole (EOH). The carbonatites show significant variation in lithology, including calciocarbonatite, ferrocarbonatite and silicocarbonatite (Appendix II). The carbonatites are open to depth beyond the EOH.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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