Libra Energy samples 8,780 ppm Nb at Penelope

Executive Summary

• Libra Energy Materials Inc. is pivoting its exploration strategy at the 100%-owned Penelope project in Brazil, shifting focus from lithium to Rare Earth Elements (REEs), Niobium, Tantalum, and Gallium based on new geochemical data.
• The company intends to monetize or option out the Penelope project to a party with a dedicated focus on REEs, as the geological signature is inconsistent with its primary lithium exploration model.
• Next steps include a targeted auger drilling program to assay for REEs and identify potential partners or buyers for the asset.

Key Details

• Strategic Shift: The company is downgrading Penelope's priority as a primary lithium target and upgrading its prospectivity for REEs, Niobium, Tantalum, and Gallium (Ga).
• Geochemical Results:
  • Gaia Pegmatite: Returned anomalous high-grade samples of 8,780 ppm Niobium (Nb) and 10,900 ppm Tantalum (Ta).
  • Elena Target Pegmatites: High-grade rock panel chips averaged 1,555 ppm and 844 ppm Total REEs.
  • Soil Sampling: Consistent anomalies averaging 230 ppm Total REEs, indicative of regolith enrichment favorable for Ionic Adsorption Clay (IAC) style mineralization.
  • Gallium Values: Up to 65.2 ppm Ga in rock chip samples (Selene target), 62 ppm Ga in chip panel samples (Elena target), and 43 ppm Ga in soil samples (Nice target).
• Geological Interpretation: The signature is characteristic of NYF-type (niobium-yttrium-fluorine) pegmatites or similar REE-enriched systems, rather than the LCT-type (lithium-cesium-tantalum) systems typically associated with bulk spodumene mineralization.
• Future Plans:
  • Initiate a process to identify a logical partner or buyer for Penelope.
  • Conduct a targeted auger drilling program to assay for the full suite of rare-earth elements, which were not consistently tested in historical work.
• Qualified Person: Benjamin Kuzmich, PGeo, Vice-President of Exploration, reviewed and approved the scientific and technical information.

Notable Quotes

• "Exploration is about listening to what the rocks are telling you, not forcing a model that doesn't fit... The ratios we are seeing suggest we are looking at a highly fractionated system with significant REE potential, rather than a lithium-bearing pegmatite. Given our focus as a primary lithium explorer, we intend to monetize or option out Penelope to another party with a dedicated focus on REEs." — Koby Kushner, Chief Executive Officer