Mt Monger (ASX:MTM) complete REE-Gold at East Laverton

Mt Monger Resources has completed highly anticipated rare earth and gold drilling at its East Laverton project in the north-eastern Goldfields of Western Australia.

The aircore and RC drilling bore 235 holes for just under 8600 metres to evaluate desirable REE potential recently uncovered at the Pt Kidman prospect while also making an initial pass at the Pt Kidman and Seahorse sites.

At the same time, MTM is optioning to acquire 100% interest in the late-stage Pomme rare earth and niobium project in Canada’s emerging Quebec province, presenting a golden opportunity for the company to explore a high-calibre REE project at the pre-resource exploration stage.

The global rare earth elements market is expected to grow at a CAGR of 4% during the forecast period 2018-2022. It is fuelled by increasing demand for rare earth materials in renewable energy, electronics, and other high-tech areas.

Source: Business Fortune Insights

Powerful magnets used in solar, wind, and electric vehicles remain unknown in the still nascent development of renewables, with environmental and cost challenges the only foreseeable barrier to sustained market growth.

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“Our exploration team have done a terrific job managing this large drilling program without any significant safety incidents and in the heat of the summer season in the northern Goldfields,” Mt Monger Managing Director Lachlan Reynolds said.

“The program involved testing of a number of different geological targets, including the known rare earth element mineralisation anomalies at the Pt Kidman prospect; a number of areas where possible nickel gossans had been identified by rock chip sampling; and some gold targets generated by surface sampling at the Seahorse prospect.”

Mt Monger will release assays once available, anticipating results will significantly increase its understanding of mineralisation, particularly the distribution and grade variation of the shallow, clay-hosted rare earth mineralisation at Pt Kidman.

Location map of prospects

MTM CRITIC FPO [MTM]

Sector: Basic Materials

Industry: Other Precious Metals & Mining

Employees:

MTM Critical Metals Limited, through its subsidiaries, explores for mineral tenements in Western Australia. The company explores for gold, base metals, lithium, nickel, cobalt, graphite, and rare earth elements. It holds an option to acquire in the Pomme project comprising of 50 mineral claims covering an area of 2,400 hectares located in Quebec, Canada; and the East Laverton project consisting of nine exploration licenses covering an area of 1,900 square kilometers located in Western Australia. In addition, the company owns interest in the Mt Monger project comprising of seven granted exploration licenses covering an area of 82 square kilometers located in Kalgoorlie, Western Australia. MTM Critical Metals Limited was formerly known as Mt Monger Resources Limited and changed its name to MTM Critical Metals Limited in May 2023. The company was incorporated in 2020 and is based in West Perth, Australia.

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