News Release – Vancouver, British Columbia – June 29, 2022: Monumental Minerals Corp. (“Monumental” or the “Company”) (TSX-V: MNRL; FSE: BE5; OTC: MNMRF) is pleased to announce plans for a follow-up exploration work program at the Laguna Blanca lithium (Li) brine and cesium (Cs) sediment project (the “Project”), located within the Lithium Triangle, northern Chile.
The Laguna Blanca Project is within the eastern Andean Geomorphic Belt of Chile’s Central Andean Altiplano and is located 120 km from the Salar de Atacama, the largest producing salar in the world. The felsic volcanic rocks of the Central Andean Altiplano are enriched in Li and Cs. Seasonal rain and snow melt leaches and transports Li, Cs, Ca, Na, Mg, K, and B from rock units into the enclosed Laguna Blanca salar. With no outlets, evaporation concentrates these elements within mineral-rich salar brines.
On June 18 and 19, 2022, Monumental hosted a site visit to the Laguna Blanca Project (Photo 1) for the Company’s Chilean team, in order to formulate an exploration work program. The objective of the program is to develop drilling targets by confirming existing areas of interest and by establishing additional targets within the concessions that fall under the Company’s option agreement with Lithium Chile Inc.
The Company’s Chilean team includes:
- Caracle Creek Chile SpA: Monumental’s local Chilean exploration consulting and project management group.
- Atacama Water SpA: Hydrogeological site characterization and brine resource evaluation.
- Satelite SpA: Specialized in sustainable advancement of the Project including social, community, and environmental terms to build solid links and relationships with our stakeholders.
Dr. Jamil Sader, CEO and Director of Monumental, comments:
“We look forward to advancing our Laguna Blanca Project utilizing TEM geophysics and near-surface brine and sediment geochemistry. The results from this exploration work program will be quickly translated into the delineation of multiple drilling targets. Monumental’s high-performance Chilean team have been instrumental in the planning of our field work program, and they are a key part of our success in Chile to date and will be in the future.”
The work program is set to commence immediately with the objective to collect additional near-surface brine and sediment samples for geochemical analysis. The sample locations will be strategically selected to build on the previous sampling conducted by Lithium Chile Inc., within the 9 square km highly prospective area (see Monumental Minerals press release dated June 7, 2022). Samples will also be collected based on assessments of the basin and on a transient electromagnetic (TEM) geophysical survey previously carried out by Lithium Chile Inc. in 2019 (Figure 1). Conductive anomalies from that survey occur from less than 100 to 150 m below ground surface and have strike lengths of several kilometres (Figure 1).
Transient Electromagnetics (TEM), also referred to as Time Domain EM (TDEM), is an electromagnetic geophysical method which utilizes a controlled inductive source to generate diffusion and/or eddy currents in the subsurface whose secondary magnetic field response is then measured. The electromagnetic responses from TEM surveys and subsequent modelling are highly effective in delineating the locality and thickness of brine aquifers. Brine fluids contain high concentrations of elements including lithium, cesium, and boron, which conduct electrical currents more efficiently than fresh water or silicate rocks. Thus, highly conductive zones in the subsurface, in conjunction with high lithium contents from surface sampling, present compelling targets for drilling and follow-up exploration.
Monumental Minerals Corp. has granted incentive stock options to certain of its directors and consultants to purchase up to an aggregate 35,000 common shares of the Company at a price of 45 cents per common share for a period of three years, with the options vesting immediately.
Methodology and QA/QC
At Laguna Blanca, Transient Electromagnetic (TEM) surveys were conducted in 2019 using a 200-metre coincident square moving loop configuration with contiguous (back-back) moving loops, acquiring the vertical component of dB/dt data at frequencies of 1 and 4Hz, using a Zonge, GDP-32II 16-bit receiver, and Zonge, ZT-30 transmitter. A series of 3 northeast-southwest oriented lines comprising 67 TEM stations over 13 line-km were completed. 1D smooth-model inversion (STEMINV v3.00, Scott MacInes, Zonge) was used for converting TEM measurements into resistivity versus depth information within Geosoft Oasis Montaj software.
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of the Company and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein. Monumental cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Laguna Blanca Project.
About Monumental Minerals Corp.
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. The Company has an option to acquire a 75% interest and title to the Laguna Blanca project located in Chile.
On behalf of the Board of Directors,
/s/ “Jamil Sader”
Jamil Sader, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, the timing, completion and expected outcomes of the next phase of exploration work on the Laguna Project, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological assumptions, failure to maintain all necessary government permits, approvals and authorizations, failure to obtain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of rare earth elements, lithium, cesium and other metals, loss of key employees, consultants, or directors, failure to maintain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.