Meteoric Resources will develop high-grade ionic rare earth across 21 mining Licenses with pending applications for up to 9 additional areas following the acquisition of its exciting new Tier 1 Caldeira Project in the Minas Gerais State of Brazil.
The area boasts historic ‘ultra-high’ TREO grades as high as 5829ppm over 12 meters with a large majority of holes above 1,000ppm.
Excitingly early metallurgical bulk sampling testwork has confirmed a desirable magnet REE components of more than 25 per cent as part of the 4,917ppm TREO result.
The low-temperature magnet REE NdPr showed 58 per cent recovery of high-temperature magnet REE, while TbDy came in at 43 per cent.
Today marks the commencement of real work on the Caldeira REE Project,” Meteoric Executive Chairman, Dr Andrew Tunks said.
“Over the last few months, we have come to fully appreciate that this is truly a remarkable project and a potential Tier 1 asset,” he said.
“The mineralisation is remarkably high grade and consistent across the drilled areas, and we are seeing this validated in the ongoing resource estimation work we are doing that remains on track for release by the end of this month.
“Additionally, a review of the metallurgical results shows the project is undeniably an Ionic Adsorption Clay REE deposit with the key metallurgical criteria for this classification being shown in historical studies.”
Dr Tunks said the finalisation of the acquisition would shift Meteoric’s focus to building its executive and management team.
“The first important addition has already occurred with the new CEO Nick Holthouse now on board and raring to be unleashed,” he said.
“Onsite we are continuing with our diamond drilling program to better understand the depth to basement and investigate the extensions of mineralisation below the current shallow auger drilling.
“We are planning an extensive aircore and diamond drilling program that will result in more than 100,000m of drilling completed over the next year to eighteen months,” he added.
“The new drilling will close drill spacing across several high-priority targets to provide data an updated resource estimation.”