The analytical characterization and an application example of a novel laboratory X-ray fluorescence (μXRF) microprobe is presented, which combines monochromatic, focused X-ray beam excitation with a high-performance silicon drift detector (SDD) and two-dimensional/three-dimensional (2D/3D) scanning capability. Because of the monochromatic excitation, below the (multiple) Compton/Rayleigh scattering peak region, the XRF spectra obtained by this laboratory spectrometer has similarly high peak-to-background ratios as those which can be obtained at synchrotron sources. However, the flux density difference between the proposed laboratory instrument and current synchrotron end stations is on the order of several orders of magnitude. As a result, sub-ppm minimum detection limits (MDL) for transition metals are obtained for a variety of sample matrices. The monochromatic excitation also allows for the efficient use of an iterative Monte Carlo simulation algorithm to obtain quantitative information on the analyzed samples. The analytical characteristics of this instrument and quantitative results, in combination with an iterative reverse Monte Carlo simulation algorithm, will be demonstrated using measurements conducted on an iron-containing meteorite.