Courtesy Stoc….d Bar…. Fitzgera.Garimpeiro spoke to Andrew Tunks...

Courtesy Stoc….d Bar…. Fitzgera.

Garimpeiro spoke to Andrew Tunks recently, exec chair of Meteoric Resources (ASX:MEI), a Brazilian rare earths high-flyer which has soared from 1.6c a share in December to 20c a share mid-week for a market cap of $388m on the strength of its Caldeira ionic clay-hosted rare earths (REE) discovery.

Tunks said that after such a spectacular run, investors could be thinking that they had missed the boat.

“It has been a life-changing event for me and our company. It is certainly the premier REE project on the planet (of those not currently operating), and possibly one of the most significant mineral projects in the world, in my opinion,” Tunks says.

Garimpeiro previously mentioned Meteoric on January 21 when it had already wriggled its way up to 6.5c a share. It has since gone to 20c a share for some very good reasons, most notably the recent declaration of a world-class maiden resource at Caldeira of 409Mt at 2,626ppm total rare earth oxides (TREO).

World class all right. Tunks said that to date, 32 holes have been drilled outside of the maiden resource estimate.

“Every single one has been well mineralised. It is going to double or triple . . our resource growth is potentially enormous.’’

SCP Capital set a price target on Meteoric of 50c in early August. It reckons first production could be possible in 2027.

Macquarie has a 12-month price target on the stock of 45c.
dyor .