Mineral exploration company Monumental Minerals Corp. (TSXV: MNRL) (FSE: BE5) (OTCQB: MNMRF) has launched drilling operations at the Jemi rare earth element (REE) project in Coahuila, Mexico.
The project drill was announced on Wednesday and is located near the Texas border, aims to validate the presence of high-grade REE deposits, critical to the production of permanent magnets for electric vehicles and other technologies.
Monumental Minerals Corp., a mineral exploration company, has begun drilling at the Jemi rare earth element (REE) project in Coahuila, Mexico.
The project is located about 40 km south of the Texas, USA border. A diamond drill rig from Globexplore Drilling SA is now aligned on the first drill target on the Veladora North prospect area within Monumental’s claims.
The drilling will test areas with high concentrations of REE-mineralized dykes and sills at the surface and the company’s REE deposit model for Jemi. The model was developed based on detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling.
The model suggests a mineralized REE layered intrusion (source of the dykes and sills) exists at a depth of less than 300 meters. Monumental is planning to test a total of 6 drill targets to approximately 300 meters each during this maiden campaign.
The Jemi project is characterized by broad areas of peralkaline intrusion-related REE mineralized dykes and sills at the margins of the La Vasca igneous complex.
These intrusive bodies contain high grades of heavy rare earth elements (HREEs) dysprosium (Dy) and terbium (Tb), light rare earth elements (LREEs) neodymium (Nd) and Praseodymium (Pr), all critical to permanent magnets for EVs. Additionally, samples contain high concentrations of niobium (Nb) and tantalum (Ta).
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“Drilling at the Jemi REE project is underway, and we are optimistic that it will be able to validate the source of the mineralized dykes and sills, and the model we developed through extensive and pragmatic exploration activities in 2022 and 2023,” Monumental Minerals CEO Jamil Sader said.
“Jemi has similar characteristics to other well-defined hardrock peralkaline REE systems globally and has the added benefit of being on the doorstep of Texas, a fast-growing hub for REE processing, refinement, and consumer goods manufacturing.”
The importance of REEs is highlighted by their diverse energy, industrial, and military technology applications. It is projected that rare earth magnets will maintain dominant market share, powering EVs as well as other types of electric motors as there is minimal to no substitution risk.
Significant demand growth is therefore expected for key magnet rare earths (Nd, Pr, Dy, and Tb). The four key REEs (Nd, Pr, Dy, Tb) represent 94 per cent of the REE market by value, all of which are significantly elevated at Jemi. Concentrations of Nb and Ta are also present that are potentially economically significant.
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 acquire 100% of the 3,650-hectare project.
It also has an option to acquire a 75 per cent interest and title to the Laguna cesium-lithium brine project located in Chile and a 50 per cent interest in the Salar De Turi lithium project in Chile.
