Ottawa, Ontario – April 3, 2024 – NeoTerrex Minerals Inc. (TSXV: NTX) (“NeoTerrex” or the “Company“) is pleased to announce the expansion of its ongoing exploration program on the Mount Discovery rare earths property located in southwestern Quebec (the “Property“). This 100%-owned Property spans 11,187 hectares and represents a significant opportunity for rare earth element discovery and development.
The Company has decided to bolster its current exploration program by targeting several additional rare earth occurrences identified at the surface of the Property. To support these efforts effectively, NeoTerrex has deployed an excavator to establish access to new drilling locations.
NeoTerrex will conduct further excavation of newly discovered mineralized zones to determine their potential surface extent while drilling activities are ongoing. This strategic approach reflects the Company’s commitment to aggressive exploration methodologies while optimizing the utilization of existing on-site equipment, ultimately enhancing operational efficiency and cost-effectiveness.
Mathieu Stephens, President and CEO of NeoTerrex, expressed enthusiasm about the expanded exploration program, stating, “We are delighted to increase our exploration efforts on Mount Discovery and unlock further potential within this highly prospective rare earth element property. Our dedicated team has identified several promising targets, and we eagerly anticipate the outcomes of this extended program.”
The current drilling program is designed to validate both lateral and depth extensions of the mineralized zones, with a particular focus on the King showing. Notable results from this area include 3.25% Total Rare Earth Oxides (“TREO“) over 27 meters in a channel sample (the true width cannot yet be established), indicating potential extensions beneath the overburden. The Company plans to drill a minimum of nine holes within a 50-meter radius of the King showing, targeting both lateral and depth extensions of mineralization. Additionally, investigations will concentrate on a suspected major fault south of the occurrence, believed to have served as a conduit for rare earths mineralization.
Aside from the King showing, NeoTerrex will target other promising areas such as Sicilian, Blitz, and Knight, known for their favorable grab sample results ranging from 1% to 10% TREO. These locations, situated at the margins of a suspected fault and carbonatite unit, signify substantial mineralization potential similar to the King showing.
The geological composition of the Property includes a diverse range of formations, notably carbonatite, gabbro, pegmatitic syenite, pyroxenites, and occasional granites. Carbonatites, often rich in apatite and biotite phenocrysts, are typically found in valley bottoms near suspected major faults. Pyroxenites frequently occur adjacent to carbonatites, highlighting the region’s geological complexity. Notably, strong alteration zones are associated with areas of mineralization, with magnetite-bearing dykes or sills further enriching the geological context.
The Mount Discovery property benefits from robust infrastructure, including road access, power sources, and a local labor force, facilitating streamlined exploration operations, reduced costs, logistical efficiency, and accelerated project timelines. Leveraging the region’s established mining industry and supportive regulatory framework, NeoTerrex is well-positioned to navigate permitting processes effectively. These advantages position the project for sustainable growth and success in rare earths exploration.
Rare earth elements play a critical role in manufacturing high-tech products such as smartphones, electric vehicles, and wind turbines. Given China’s dominant position in the global rare earths supply chain, the exploration and development of new deposits have become strategic imperatives for numerous countries and companies worldwide.
Qualified Persons
Technical and scientific aspects of this news release have been reviewed, verified, and approved by Mathieu Stephens, P.Geo., President and CEO for NeoTerrex, the Qualified Person, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About NeoTerrex
The Company is currently advancing its prospective rare earths projects located in the province of Quebec, with most of its activities focused on its Mount Discovery property. The Company owns a 100-percent undivided interest in certain mineral claims located in southwestern Quebec constituting the Mount Discovery property. The Property was acquired due to its rare earth element potential.
For further information, please contact:
NeoTerrex Minerals Inc.
Mathieu Stephens, President & Chief Executive Officer
info@neoterrex.com
343-308-2648
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to NeoTerrex’s future plans, objectives or goals regarding the drill program of the Company. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR+ website at www.sedarplus.ca.