Monumental Minerals Corp. provide an update on exploration at the Jemi rare earth element (REE) project (the "Project") located in Coahuila, Mexico, about 40 km south of the Texas, USA border. Rock sampling across a broad area has discovered high grades of the critical magnet metals dysprosium (Dy) and terbium (Tb) and defined a series of high priority drill targets.

Four months of exploration has been completed at Jemi, with the objective to delineate discreet drill targets. Recent work consisted of detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling. Exploration focused on the Jemi Dykes and Veladora North areas, which host peralkaline intrusion related REE mineralization.

To date, 188 assays from rocks collected at Jemi Dykes and Veladora North have been received while results for 177 samples from Veladora North are pending. Of the 188 samples with assay results, over one third (76 samples) returned values greater than 0.15% total rare earth oxide (TREO1), including 5 samples that returned values greater than 1.0% TREO1 to a maximum value of 2.4% TREO1 (sample number 22309). The average TREO for all samples is 0.21%, and a minimum value of 9 parts per million (ppm), which was returned in an iron-oxide/calcite vein.

Dysprosium oxide (Dy2O3) and terbium oxide (Tb2O3) in samples classified as peralkaline range between 959 ppm and 3 ppm; and 147 ppm and 0.6 ppm, respectively. The average concentration for Dy2O3 is 83 ppm; and the average for Tb2O3 is 13 ppm. Light rare earth oxides, namely neodymium oxide (Nd2O3) and praseodymium oxide (Pr2O3), return values that range between 3173 ppm and 19 ppm; and 824 ppm and 5.5 ppm, respectively.

The average concentration for Nd2O3 is 359 ppm; and for Pr2O3 it is 103 ppm. Heavy rare earth oxide (HREO2) concentration greater than the 75th percentile is 1062 ppm in peralkaline-classified rocks (31 samples), including ten that exceed 2500 ppm. These values are in trend with LREO3 concentrations and the ratio of HREO2 to LREO3 is consistently on average 1:2, suggesting similar REE-hosting phases in the peralkaline rock samples.

Rock samples with the highest REE content are those that are classified as peralkaline (sodium plus potassium concentrations are greater than aluminum concentrations). In most hard rock HREE ore deposits, rocks must be peralkaline in order for HREE bearing silicate minerals such as eudialyte to crystalize. Eudialyte is the dominant REE host mineral at Jemi, that can contain up to 10% RE2O3 (enriched in HREEs), and 12% ZrO2.

In addition to being REE-mineralized, samples are also mineralized with respect to tantalum (Ta) and niobium (Nb). Laboratory determination of these critical elements in all samples from the Jemi project return values to 975 ppm Ta2O5 and greater than (>) 3576 ppm Nb2O5, with an average concentration of Ta2O5 of 60 ppm and Nb2O5 of 665 ppm. At the Jemi Dykes area, the highest REE concentrations are from eudialyte +/- aegirine rich dykes that are clustered in an approximately 150 m wide; 1,600 m long zone oriented parallel to the La Vasca intrusive complex.

These mineralized dykes are commonly between 0.5 to 2 m in width, with the higher grade ones situated in the southern part of the survey area. Three-dimensional airborne magnetics modeling suggests that magma sources for the mineralized dykes are at a shallow depth (less than 300 m), and that they are spatially associated with the 150 m wide zone of mineralized dykes observed at the surface. These zones of favourable dyke geology, lithogeochemistry, and geophysics will be the focus of drilling.