Meteoric Resources Adds More High-Grade Tonnes To Caldeira Rare Earth Project

Meteoric Resources NL (ASX:MEI) has reported a 147% increase in the resource at the Capão do Mel rare earth deposit.

This is Meteoric’s second resource update for 2024 from its Caldeira Rare Earth Element (REE) Project in Minas Gerais, Brazil.

Watch: Meteoric Resources Chairman Andrew Tunks Speaks With JustStocks Video As It Doubles Caldeira Measured and Indicated Resources

High-grade core

The upgraded measured and indicated resource of 85Mt at 3,034ppm TREO (total rare earth oxides) at Capão do Mel includes a high-grade core of 36Mt at 4,345ppm TREO.

This high-grade core supports Meteoric’s initial production strategy targeting feed grades greater than 4,000ppm TREO for the first five to 10 years.

Capão do Mel updated Mineral Resource Estimate at 1,000ppm TREO cut-of.

Globally significant resource

Notably, the Caldeira Project resource has increased to a globally significant 619Mt at 2,538ppm TREO (1,000ppm cut-off) with 23.6% MREO (magnetic rare earth oxides).

Caldeira REE Project Global Mineral Resource Estimate – by license at 1,000ppm TREO cut-off.

Near-term, low-cost potential

The updated Capão do Mel Mineral Resource follows the completion of an additional 12,775 metres of drilling on the deposit.

Rare earth mineralisation starts from surface and extends down through the clay zones resulting in easily accessible ore and low stripping ratios for surface mining.

The results continue to highlight that the Caldeira Project is one of the highest-grade Ionic Absorption Clay (IAC) REE deposits in the world, positioning Meteoric as a near-term, low-cost supplier of critical minerals.

“Stands above all of its peers”

Meteoric Executive Chairman Dr Andrew Tunks said: “Another outstanding result which reflects the Company’s rapid progress to be the next rare earth mine developed in Brazil.

 “Importantly, the high-grade core of the updated resource is located within close proximity to our proposed plant site at Capão do Mel and clearly supports our strategy to prioritise the development of this unique, very high-grade zone of approximately 36Mt for the best part of a decade.

 “With more significant resource updates and the Scoping Study to come, coupled with our extensive ground holdings all within the volcanic crater of Poços de Caldas, it is clear the Caldeira Project stands above all of its peers in the market.”

Graph of Tonnage (Mt) v TREO Grade (ppm) for Total Resources (M+I+I) of Brazilian IAC Deposits (MEI peers). The size of the sphere is related to TREO content i.e. tonnes x grade.

Next steps

Measured and indicated resources from the Soberbo and Capão do Mel licenses will be used as a base case scenario in a scoping study to be released imminently.

An updated resource estimate for Figueira is expected in late July 2024.

  

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