# Ashram Project Geological Data Review Highlights Growth Opportunity at the BD-Zone Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ashram-project-geological-data-review-highlights-growth-opportunity-at-the-bd-zo--4173fb15-1413-4d9e-93ff-14c636bee51f Original source: https://money.tmx.com/en/quote/MRZL/news/8247156176811627/ashram-project-geological-data-review-highlights-growth-opportunity-at-the-bd-zo Publisher: tmx Original announcement: 2026-02-17T06:51:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Mont Royal Resources Ltd - Ticker: MRZL - Exchange: TSX - Region: Quebec, Canada - Primary commodity: Rare earth elements - Secondary commodities: Fluorspar - Document categories: Resource update, Metallurgy - Extracted: 2026-09-18 11:03:40 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Mont Royal Resources has completed a geological review of the BD-Zone at its Ashram REE and Fluorspar Project in Quebec, identifying it as a significant growth opportunity. The zone contains favourable REE-fluorocarbonate mineralogy with high NdPr and TbDy distributions and is situated within the current pit design. The company is now planning scoping-level metallurgical test work to quantify this potential. Reasoning: The geological review identifies a substantial, high-value sub-domain \(BD-Zone\) that is currently excluded from the MRE but sits within the existing pit design, offering significant tonnage and grade upside. - Positive factor: Identification of BD-Zone as a significant resource growth opportunity - Positive factor: Favourable mineralogy \(REE-fluorocarbonates\) and coarse grain size - Positive factor: High NdPr and TbDy distributions within the BD-Zone - Positive factor: Mineralisation sits within current pit design but is currently non-resource - Negative factor: Metallurgical potential is still unquantified \(scoping work planned\) - Negative factor: BD-Zone grades are lower than the main A and B zones Facts used in scoring: 3 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document discusses a geological review identifying growth potential for the existing Ashram Mineral Resource. Evidence · text > Review Indicates Strong Potential for the BD-Zone to Contribute to Growth in the Overall Ashram Mineral Resource **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The BD-Zone is currently designated as non-resource material and is being evaluated for future inclusion. Evidence · text > is currently designated as non-resource material, representing a significant opportunity for resource growth. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Marie-Pier Boivin, P.Geo, is named as the Qualified Person reviewing the technical information. Evidence · text > The technical and scientific information in this news release has been reviewed by Marie-Pier Boivin, M.Sc, P.Geo... and Qualified Person as defined by National Instrument 43-101. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### BD-Zone [Link to this fact](https://atlas-extractions.minestarters.com/news/ashram-project-geological-data-review-highlights-growth-opportunity-at-the-bd-zo--4173fb15-1413-4d9e-93ff-14c636bee51f#fact-resource-facts-0) Ashram Project · rare earth elements #### Identity - Project: Ashram Project - Commodity: rare earth elements - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:e5a82ffaaba201f00c88 - Deposit or zone: BD-Zone - Ownership percent: 100 % #### Resource Data - Grade: 0.78 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-17T00:00:00.000Z Reasoning: The average TREO grade is moderate but bolstered by high value NdPr and TbDy distributions. - Positive factor: High NdPr and TbDy distributions - Negative factor: Lower grades than A and B zones Evidence · text > TREO 2 grades in the BD-Zone average 0.78% #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### BD-Zone [Link to this fact](https://atlas-extractions.minestarters.com/news/ashram-project-geological-data-review-highlights-growth-opportunity-at-the-bd-zo--4173fb15-1413-4d9e-93ff-14c636bee51f#fact-resource-facts-1) Ashram Project · rare earth elements #### Identity - Project: Ashram Project - Commodity: rare earth elements - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:e5a82ffaaba201f00c88 - Deposit or zone: BD-Zone - Ownership percent: 100 % #### Resource Data - Grade: 26.81 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-17T00:00:00.000Z Reasoning: High NdPr content is a key value driver for the BD-Zone. - Positive factor: High NdPr distribution relative to TREO Evidence · text > average NdPr \(26.81%\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### BD-Zone [Link to this fact](https://atlas-extractions.minestarters.com/news/ashram-project-geological-data-review-highlights-growth-opportunity-at-the-bd-zo--4173fb15-1413-4d9e-93ff-14c636bee51f#fact-resource-facts-2) Ashram Project · rare earth elements #### Identity - Project: Ashram Project - Commodity: rare earth elements - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:e5a82ffaaba201f00c88 - Deposit or zone: BD-Zone - Ownership percent: 100 % #### Resource Data - Grade: 10.43 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-17T00:00:00.000Z Reasoning: High TbDy content is a key value driver for the BD-Zone. - Positive factor: High TbDy distribution relative to TREO Evidence · text > TbDy \(10.43%\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.