Announcement PDF ASX:MRZ ASX ANNOUNCEMENT – 22 AUGUST 2024 OPERATIONAL UPDATE - RECENTLY COMPLETED DRILLING PROGRAM AT BOHIER LITHIUM PROJECT HIGHLIGHTS - 2024 summer drilling program completed at the Bohier Lithium Project in Canada, with a total of eight (8) holes drilled for 744 metres. - Drilling program completed safely and within budget. - Drill core has been dispatched to IOS Geosciences facilities in Chicoutimi for cutting and sampling before being sent to the laboratory for assaying. - Assay results are expected in early October 2024. - Follow-up exploration to be considered following receipt of assay results and compilation of the data in a 3D geological model. - Encouraging results received from field work at the Léran Lithium Project also which has delivered new targets for future exploration. Mont Royal Resources Limited (“Mont Royal”, the “Company”) (ASX: MRZ) is pleased to advise that it has successfully completed its 2024 summer drilling program at the Bohier Lithium Project, located in the world-class James Bay region of Quebec, Canada (see Figure 1). The program was completed safely and within budget, with a total of eight (8) holes drilled for 744 metres. Bohier Project – 2024 Drilling Program A total of 111 samples were taken, with core samples transported to the IOS Geosciences facilities in Chicoutimi (near Québec City) for sampling. The core will be sent from there to the assay laboratory, with assays expected to be returned in early October 2024. The drilling mostly targeted the main BHP-2 pegmatite, near the previously identified surface exposure and its western extension. One hole (BOH-24-05) targeted the BHP-3 gravity anomaly and the BHP-2 gravity anomaly at depth. Mont Royal Resources Ltd Level 8, 2 Bligh Street info@montroyalrres.com ACN 625 237 658 Sydney NSW 2000 www.montroyalres.com ASX:MRZ Figure 1: Bohier Lithium Project – Overview, Geology and Location of 2024 Drill-Holes. . Bohier Project – Next Steps Assay results from the drilling are expected to be received in early October 2024. In the meantime, the dyke geometry will be interpreted using 3D geological software, with a final report (including results from the 2024 prospecting program) expected in November. With preliminary analysis of the drill core suggesting rapid undulations in the dyke’s dip, future drill holes may be located on both sides of the targeted anomalies to increase the chances of success. ASX:MRZ Figure 3: Bohier Lithium Project – Drill-Hole Locations Relative to Geophysical Targets.* Figure 3: Bohier Lithium Project – Drill-Hole Locations Relative to Surface Lithium Occurrences. ASX:MRZ Léran Project – 2024 Fieldwork Program Recently completed reconnaissance fieldwork at the Léran Project has delivered a number of new targets for follow-up exploration at the Petit Léran prospect. Petit Léran is the westernmost prospect on the property and was targeted based on the discovery of a spodumene-bearing boulder in 2023. No outcrops were observed due to the significant layer of glacial cover; however, several additional spodumene-mineralised blocks were found in the central part of the area, up-ice of the 2023 discovery. The size and shape of these blocks (see Figure 4) suggest a nearby source of spodumene mineralisation. Follow-up exploration work will be undertaken at Petit Léran to determine the source of the spodumene blocks. Figure 2: One of the spodumene-bearing pegmatite boulders found at Petit-Léran. Several of these boulders were found in an area with a 50m radius up-ice of the 2023 discovery.* Mont Royal Executive Director, Peter Ruse, commented: “We are very pleased to have completed the Bohier lithium drilling program on time and within budget. Our preliminary analysis also indicates a potential new structural model for the pegmatites at Bohier, with assay results pending, to put the company in a strong position to plan future drill targeting. In addition, fieldwork has identified several new spodumene boulders at Léran, with follow-up exploration planned.” ASX:MRZ This announcement was approved for release by the Board. ENDS For and on Behalf of the Board Shaun Menezes | Company Secretary For Further Information: Peter Ruse Nicholas Read Executive Director Investor and Media Relations info@montroyalres.com +61 419 929 046 nicholas@readcorporate.com.au About Mont Royal Resources Mont Royal Resources Limited (ASX: MRZ) is an Australian company that owns 75% of Northern Lights Minerals 536 km2 tenement package located in the Upper Eastmain Greenstone belt. The projects are located in the emerging James Bay area, a Tier-1 mining jurisdiction of Quebec, Canada, and are prospective for lithium, precious (Gold, Silver) and base metals mineralisation (Copper, Nickel). The Company has a JV option agreement with Azimut Exploration Inc. (TSXV: AZM), to earn-in up to 70% of the Wapatik Gold-Copper Nickel Project. For further information regarding Mont Royal Resources Limited, please visit the ASX platform (ASX: MRZ) or the Company’s website www.montroyalres.com ASX:MRZ @MontRoyalRes Linkedin.com/Company/mont-royal-resources Subscribe for Investor Updates Competent Person’s Statement The information in this report that relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Mr Hugues Longuépée, who is a Member of the Ordre des Géologues du Québec. Mr Longuépée is a consultant to the Company. Mr Longuépée has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Longuépée does not hold securities in Mont Royal Resources Limited and consents to the inclusion in the report of the matters based on the information in the form and context in which they appear. Forward-Looking Statement This announcement may contain certain forward-looking statements and projections. Such forward looking statements/projections are estimates for discussion purposes only and should ASX:MRZ not be relied upon. Forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. Mont Royal Resources Limited does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this report has been prepared in good faith, neither Mont Royal Resources Limited or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. Drillhole_id BOH-24-00 BOH-24-01 BOH-24-02 BOH-24-03 BOH-24-04 BOH-24-05 BOH-24-06 BOH-24-07 BOH-24-08 Azimuth 145 145 145 145 145 145 325 325 145 Dip -45 -50 -45 -45 -45 -45 -45 -85 -45 Length 9 150 57 63 66 201 45 87 75 Table 1. Drillhole collar location. UTM NAD83 (zone 18). X 683051 683037 682906 682905 683060 682813 683083 683084 682727 Y 5807231 5807256 5807113 5807114 5807215 5807165 5807187 5807186 5806983 ASX:MRZ APPENDIX A - JORC CODE, 2012 EDITION Table 1 – JORC Code 2012 Edition Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Sampling techniques • • • • Drilling techniques • Drill sample recovery • • • Logging • • • Subsampling techniques and sample preparation • • • • • • Quality of assay data and laboratory tests • • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Commentary • • Sampling to start in the upcoming days Intervals to be sampled were determined by the visual identification of pegmatite and limit of recognizable geological units. • • • • Core drilling NQ size Standard tube Non-oriented core Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. • • Core recovery is 99.4%. Core recovery was calculated by measuring recovered core length over 3m intervals (tube length). Only one interval has a recovery below 80%. If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the • Core was entirely logged on site. Logging includes geological description of both mineralization and barren intervals, RQD determination and recovery calculation. Logging is considered as quantitative as geological contacts are considered to have <10cm of accuracy. All core was photographed (dry and wet) on site. N/A • N/A • • • • • ASX:MRZ Criteria JORC Code explanation analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. • Verification of sampling and assaying Location of data points • • • • • • • Commentary • N/A • Drill collars were surveyed after holes completion using a handheld Garmin GPS and a Geode antenna, which gives a 1m accuracy. Downhole surveys were done every 30m using a Reflex EZ-Trac. Hole location was done using the UTM NAD83 (zone 18) geographic reference system. • • Data spacing and distribution Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. • • • Spacing between drilling sections was planned at 200m as it was an exploration program along a prospective km-long gravimetry anomaly. Final spacing was adjusted to minimize environmental impact. The spacing is considered adequate for the type of deposit and because the data are not used for resources estimation. • • • Orientation of data in relation to geological structure • Sample security Audits or reviews • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The measures taken to ensure sample security. • The results of any audits or reviews of sampling techniques and data. • • Drill holes were oriented perpendicular to the targeted geological unit. Drill hole dip was set to reach targeted depth and to hit the pegmatite at the highest angle possible. N/A • N/A • • Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section) Criteria Mineral tenement and land tenure status JORC Code explanation Commentary • • • Exploration done by other parties • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. Acknowledgment and appraisal of exploration by other parties. • • • The claims on which the drilling was done are owned by Mont-Royal Resources. The claims are in good standing. There are no impediments in regard to environment or first nations rights This was the first drill program for lithium on the property. ASX:MRZ Criteria JORC Code explanation Commentary Drilling and trenching was done in the 1990’s for gold, in an area more than 5km away from the drilling presented herein. • The property is generally underexplored. • The Upper Eastmain Greenstone belt is an Archean Greenstone Belt part of the Opatica Subprovince. • The Bohier occurrence is spodumene-rich LCT pegmatite hosted by basalt. • The information is provided in tables and figures in the press release. • Elevation is defined by the collar position on 1:50,000 topographic map. Its accuracy is therefore in the 2 meters range. • Geology • Deposit type, geological setting and style of mineralisation. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. • Data aggregation methods • • • Relationship between mineralisation widths and intercept lengths • • • These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • N/A • • Angle to core axis in BOH-24-02 is 60 degrees, which suggest a true with of 9.5m. Angle to core axis in BH-24-03 is 70 degrees, which suggest a true width of 11m. Width and angle to core axis from hole BOH-24-06 and BOH-24-07 suggest folding. A true width of 10m is estimated from surface exposure and preliminary interpretation. True width will be measured after 3D modelling of the data in the upcoming weeks. Provided in the text. • N/A • • • Diagrams • Balanced reporting • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ASX:MRZ Criteria JORC Code explanation Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • N/A Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • More drilling is required to validate extensions and will be planned according to the 3D model. Three (3) gravimetric lows are still untested. • Commentary •