- Meteoric Resources (MEI) discovers “ultra” high-grade REEs through diamond drilling at its Caldeira project in Brazil
- The company received assays from 27 out of 41 diamond cores which revealed 31.2 metres of 3769ppm total rare earth oxides (TREO), including 16.4 metres of 5537 ppm TREO
- These latest results add to the company’s recently upgraded MRE for its Caldeira REE project
- Since July, the company has drilled a total of 41 diamond drill holes for 1313 metres across six known deposits
- MEI shares are up 7.45 per cent, trading at 25.3 cents at 1:16 pm AEST
Meteoric Resources (MEI) has discovered “ultra” high-grade rare earth elements (REE) mineralisation through diamond drilling at its Caldeira project in Brazil.
The company received assays from 27 out of 41 diamond cores which revealed 31.2 metres of 3769 parts per million (ppm) total rare earth oxides (TREO), including 16.4 metres of 5537 ppm TREO.
In one hole, MEI struck 31.8 metres at 3243ppm TREO which included four metres of 16,074ppm TREO.
Meteoric announced the results showed its previously identified clay zone and high-grade REE mineralisation has extended to depths of 36 metres at its Capão do Mel prospect and to depths of 56 metres at its Figueira prospect.
These latest results add to the company’s recently upgraded mineral resource estimate (MRE) for its Caldeira REE project.
“Equally significant has been the validation of the historic auger drilling results, with the company’s first diamond hole assays confirming the Caldeira project’s status as the World’s highest grade Ionic Clay REE,” MEI Executive Chairman Dr Andrew Tunks said.
“Assays also confirm that the high TREO grades reflect very high-grade magnetic rare earth oxide (MREO) results with several thick intersections well over 1500 ppm MREO.
“The Caldeira project is clearly significantly higher grade than any other IONIC clay REE yet documented, when coupled with the excellent metallurgical recoveries documented by previous explorers this is potentially a disruptive asset in the global rare earth market.”
Since July, the company has drilled a total of 41 diamond drillholes for 1313 metres across six known deposits, and due to early success, MEI plans to expand drilling to 17 priority regional targets outside of its existing REE resource areas.
Updates on these targets will be reported as results are received and interpreted, and upon completion of the drill program, the company intends to validate its historical auger drilling with geological logging and soil sampling.
MEI shares were up 7.45 per cent, trading at 25.3 cents at 1:16 pm AEST.