Lion Rock Minerals Reports 1.94% TREO in Heavy Mineral Concentrate at Minta Est
Key Takeaways
- Minta Est's first two assay batches returned up to 1.94% TREO and 3.62% calculated monazite in heavy-mineral concentrate, with 28 of 69 holes (~40%) above 0.5% TREO and 1% monazite.
- Only 13 of those 28 holes ended in mineralisation, with auger depth limits suggesting the system stays open below the reach of the drill.
- Magnetic separation concentrated 75.6% and 84.1% of TREO into middlings making up just 15.38% and 26.61% of HMC mass, with NdPr steady at about 24% of TREO.
- These results cover only 69 of 761 holes and rely on XRF-derived estimates, so 692 remaining results and in-situ ICP-MS/OES assays are the real tests.
- Lion Rock is expediting rigs for next year's depth drilling through the saprolite, with further multi-element assays promised over the coming weeks.
Minta Est drilling returns monazite intercepts up to 1.94% TREO
Lion Rock Minerals has released the first two batches (Batches 31 and 32) of assay results from its Minta Est drilling, covering 69 of the 761 holes (including 34 twin holes) in a recently completed alluvial campaign. The company describes the 3,666-sample programme as the largest systematic assay programme conducted on Minta Est to date, and the early results point to monazite, a rare earth mineral, sitting within shallow heavy-mineral zones.
The headline figures are 1.94% total rare earth oxides (TREO) and 3.62% calculated monazite within recovered heavy-mineral concentrate (HMC). 28 of the 69 holes (~40%) had intervals above 0.5% TREO and 1% calculated monazite.
One caution matters here. Only 13 of those 28 holes ended in mineralisation, because hand and dormer auger drilling has depth limits. That tells you the mineralisation may continue below where the drill could reach.
TREO and calculated monazite are XRF-derived estimates, not direct measurements of monazite. These are also first results, covering only about 9% of the holes drilled.
The company says the results are likely conservative, because only the >45μm and <1mm fraction was tested, with slimes and oversize excluded. Awaited in-situ assaying will help determine the extent of the under-reporting.
Theuns de Bruyn, Chief Executive Officer
“Minta is a multi-generational opportunity: few undeveloped districts anywhere combine premium titanium ores and rare earths at this scale…”
“Importantly, today’s HMC results are conservative as they only relate to the >45μm and <1mm fraction (slimes and oversize are excluded) which is therefore likely to under-report the in-situ monazite content."
Best monazite intervals
The table below shows the highest-grade monazite intervals from Table 1 of the announcement. Intervals are down-hole lengths, and all end at end of hole (EOH).
| Hole | Interval | THM | TREO in HMC | Calculated monazite in HMC |
|---|---|---|---|---|
| ME0099 | 2.0m (6m to 8m EOH) | **5.08%** | **1.03%** | **1.92%** |
| ME0120 | 3.0m (5m to 8m EOH) | **3.87%** | **1.2%** | **2.26%** |
| ME0111 | 2.0m (5m to 7m EOH) | **4.51%** | **0.74%** | **1.41%** |
| ME0119 | 2.0m (4m to 6m EOH) | **8.06%** | **0.72%** | **1.33%** |
| ME0117 | 1.0m (7m to 8m EOH) | **1.93%** | **0.93%** | **1.73%** |
The company’s highlights list ME0120 differently, as 8m @ 2.37% THM with 0.66% TREO (1.25% calculated monazite) from surface to EOH. That is a longer composite and should not be read against the 3m interval above. ME0120 also ended at 8m in saprolite (weathered granite) with a peak TREO of 1.94% and calculated monazite of 3.62%.
Note the reporting bases. THM is a percentage of the original sample, while TREO and calculated monazite are percentages within the HMC. The company says they should not be directly compared.
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Shallow high-grade THM zones repeated across the program
Of the 69 holes, 50 returned at least 3% total heavy mineral (THM) and 30 returned at least 5% THM. Several high-grade intersections begin at surface or within the first few metres.
Standout intercepts include:
- 5m @ 5.52% THM from surface (ME0075)
- 5m @ 5.71% THM from 2m to EOH (ME0092), including 12.36% over 2m from 5m
- 4m @ 7.07% THM from 3m (ME0123)
- 3m @ 6.01% THM from 5m to EOH (ME0124)
The recovered HMC also returned elevated titanium, zirconium and niobium oxide values. Which minerals host these elements is unconfirmed, and further mineralogical work will determine that.
How the results fit the geological model
The highest-grade and most consistently elevated results came from Batch 32, with most of those holes clustered beside a north-south drainage channel. That area is close to in-situ results announced on 2 September 2026, including 2.3m @ 4.54% TREO and 2.0m @ 3.49% TREO.
Together, these results provide further support for a monazite-enriched granite underlying the drilling area, a model previously identified on 12 November 2025. For you as an investor, the repeated pattern across several holes is what the company points to as evidence of a larger mineral system, though this remains exploration-stage data.
What is monazite and why magnetic separation matters
Monazite is an important source of the magnet rare earths neodymium (Nd) and praseodymium (Pr). It is one of only a handful of rare earth minerals with a proven commercial processing pathway.
Three terms appear throughout the results:
- THM (total heavy mineral): the heavy-mineral mass yield from the original bulk sample.
- HMC (heavy-mineral concentrate): the concentrate recovered by heavy-liquid separation.
- TREO (total rare earth oxides): the combined rare earth oxide content, estimated here from XRF analysis.
Concentrating rare earths into a smaller mass matters because the company says it can enable downstream separation with higher yield and reduced environmental impact. Preliminary tests suggest this is possible with magnetic separation.
Magnetic separation test results
Composite samples from both batches were separated into magnetic, middlings and non-magnetic fractions. The middlings captured most of the rare earth content.
| Batch | Middlings mass of HMC | Middlings TREO grade | TREO distribution | NdPr of TREO |
|---|---|---|---|---|
| 31 | **15.38%** | **0.781%** | **75.6%** | **24.0%** |
| 32 | **26.61%** | **1.437%** | **84.1%** | **24.1%** |
The middlings graded approximately 4.9 and 3.2 times their respective calculated HMC head grades. The TREO assays also show NdPr consistently around 24% of TREO and dysprosium-terbium (DyTb) around 1%, which the company says compares favourably with other monazite-dominant rare earth deposits.
These are batch composites prepared to screen separation behaviour. They are not in-situ, whole-hole or individual-sample grades, and the company describes the outcome as an encouraging first indication only.
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Next steps for Minta Est
The company has outlined five steps:
- Report the remaining 692 drill-hole results from the campaign completed in Q3 2026.
- Establish representative in-situ grades through direct ICP-MS/OES analysis of original drill samples.
- Confirm the mineral assemblage using XRD, QEMSCAN or equivalent work.
- Test residual mineralisation at depth through the saprolite, with the company expediting mobilisation of drill rigs for next year’s drilling campaign.
- Integrate geology and results from the remaining drilling to identify and rank follow-up drilling targets.
The CEO said the company looks forward to publishing further multi-element assays over the coming weeks, so a steady flow of results is expected. Because auger depth is limited, he said it is clear the high-grade resource remains open at depth at least down to bedrock.
Lion Rock is advancing the Minta Rare Earth and Monazite Project, an 8,800 km² province in Cameroon with potential exposure to titanium minerals, zirconium and rare earth elements. According to Mr de Bruyn, prior-year drilling at Minta Est indicated monazite in general exceeding 30% of the heavy-mineral assemblage.
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