NeoTerrex to Undertake Maiden Drill Program on its Mount Discovery Rare Earths Property

Ottawa, Ontario--(Newsfile Corp. - March 14, 2024) - NeoTerrex Minerals Inc. (TSXV: NTX) ("NeoTerrex" or the "Company") is pleased to announce that it has selected Downing Drilling Ltd. to undertake its upcoming drill program on its 100%-owned, 11,187-hectare, Mount Discovery property located in southwestern Quebec (the "Property"). This 2,000-metre drill campaign marks a crucial step in unlocking the potential of NeoTerrex's rare earths flagship project located within minutes of critical infrastructure. The drill program is scheduled to begin within the next two weeks.

The drill program's primary focus is to delineate areas exhibiting promising mineralization continuity and substantial widths. This strategic approach aims to ascertain both lateral and depth extensions of mineralized zones. The Company is poised to undertake further extensive drilling later in the summer, building upon the insights garnered from this initial endeavor.

At the forefront of exploration efforts lies the King showing, which has already showcased significant potential, boasting results of 3.25% Total Rare Earth Oxides (TREO) over 27 metres in a channel sample (the true width cannot yet be established) and demonstrates that the mineralization could potentially extend further under the overburden. This discovery, and its geological context, underscores the prospectivity of the region for rare earths mineralization. NeoTerrex plans to undertake nine drill holes within a 50-metre radius of the King showing, aiming to delineate lateral and depth extensions of the mineralization. Additionally, attention will be directed towards investigating a suspected major fault south of the occurrence, hypothesized to have played a pivotal role as a conduit for rare earths mineralization.

Furthermore, the program will include three additional drill holes targeting the Sicilian-Blitz areas. These zones have exhibited promising signs, with grab samples returning values ranging from 1% to 10% TREO. These samples were collected at the margins of a suspected fault and carbonatite unit, a similar context to the King showing, indicating the potential for significant mineralization.

As part of a comprehensive exploration strategy, NeoTerrex plans to identify and drill numerous other targets during the summer months, following additional surface work and establishing further trail access. This multifaceted approach underscores the Company's commitment to methodical and systematic exploration, aimed at unlocking the full potential of the Property.

The geological landscape of the Property is characterized by a diverse array of formations, including carbonatite, gabbro, pegmatitic syenite, pyroxenites, and occasional granites. Of particular interest are the carbonatites, often rich in apatite and biotite phenocrysts, typically located in valley bottoms where major faults are suspected of being present. Pyroxenites frequently occur near carbonatites, further highlighting the geological complexity of the region. Noteworthy is the presence of strong alteration, resembling a "unakite" appearance, often associated with areas of mineralization. Additionally, magnetite-bearing dykes or sills have been observed in mineralized zones, further enriching the geological context of the Property.

The Mount Discovery property boasts robust infrastructure, including road access, power sources, and water supply. This infrastructure streamlines exploration operations and significantly reduces their costs and logistical challenges and accelerates project timelines. Leveraging the region's well-established mining industry and supportive regulatory framework, NeoTerrex can navigate permitting processes efficiently. These advantages position the project for sustainable growth and success in rare earths exploration.

Qualified Persons

Technical and scientific aspects of this news release have been reviewed, verified and approved by Mathieu Stephens, P.Geo., President and CEO for NeoTerrex, the Qualified Person, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About NeoTerrex

The Company is currently advancing its prospective rare earths projects located in the province of Quebec, with most of its activities focused on its Mount Discovery property. The Company owns a 100-percent undivided interest in certain mineral claims located in southwestern Quebec constituting the Mount Discovery property. The Property was acquired due to its rare earth element potential.

For further information, please contact:

NeoTerrex Minerals Inc.
Mathieu Stephens, President & Chief Executive Officer
info@neoterrex.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to NeoTerrex's future plans, objectives or goals regarding the drill program of the Company. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca.

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