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GeoMegA posts final drill results including 2.15% TREO at Montviel

|Includes: GMAC LLC (GMA)

GeoMegA Resources (CVE:GMA) announced Tuesday it received final assay results from its phase one drill program at its wholly owned Montviel property in the Abitibi region of Quebec.

The phase one program totaled 10,065 metres over 20 drill holes, all but two of which were drilled in the Core zone. 

The company has now confirmed the rare earth mineralization over a strike length of 700 metres, a horizontal width of up to 420 metres, and a vertical depth of up to 550 metres.

The average grade of the mineralization increases to the west, and the mineralization remains open to the northeast, southwest, and at depth.

"These last set of results confirm Montviel's world class content in neodymium," said president and CEO, Simon Britt.

"Our focus has shifted towards project economics while we pursue the definition of the deposit."

GeoMegA said neodymium oxide, which is often used for cryocoolers, as fertilizer and in magnets, made up about 18% of the total rare earth oxides (TREO) found in the core zone.

Highlights from the program include 355.65 metres grading 1.92% TREO and 0.299% neodymium oxide, out of hole MVL-11-18, including 250.65 metres grading 2.15% TREO and 0.32% neodymium oxide.

Assays from hole MVL-11-15, which ended in mineralization, found 520.65 metres grading 1.51% TREO and 0.278% neodymium oxide, including 26.4 metres grading 2.16% TREO and 0.404% neodymium oxide.

Hole MVL-11-16 returned 593.5 metres grading 1.31% TREO and 0.241% neodymium oxide, including 2.19% TREO and 0.369% neodymium oxide over 14.9 metres.

"Neodymium demand is fundamentally solid, combined with praseodymium and potential niobium and phosphate by-products," Britt added.

"Montviel should compete with the more advanced rare earth projects in the near future."

Other notable results include 400.8 metres grading 1.13% TREO and 0.194% neodymium oxide, including 9.9 metres grading 2.16% TREO and 0.413% neodymium oxide in hole MVL-11-12.

Hole MVL-11-14, which also ended in mineralization, found 423.5 metres grading 1.28% TREO and 0.206% neodymium oxide, including 48.4 metres grading 2.08% TREO and 0.337% neodymium oxide.

Based in Quebec, GeoMegA said it plans to submit an NI 43-101 technical report based on the 18 holes in the core zone. An initial resource estimate is expected to be completed around September.