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Meteoric Resources NL (ASX:MEI) has released a maiden mineral resource estimate at its Barra do Pacu licence, part of the wider Caldeira rare earth element ionic clay project in Brazil, with high-grade rare earths forming an important component.
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The MRE added 389 million tonnes at 2,204 parts per million total rare earth oxides, at a cut-off grade of 1,000ppm.
Within that was 77Mt of indicated resource at a grade of 2,917ppm TREO – with the same 1,000 ppm cut-off grade – plus a high-grade indicated resource area of 32Mt at 4,130ppm TREO (when 3,000ppm is the cut-off grade).
This is significant, the company explained, as it now shows an increase in the volumes of critical rare earths recently subject to Chinese Export Control.
Critical rare earth oxides are also an important part of Caldeira’s global resource, which is now set at 1.5 million tonnes (Bt) at 2,359ppm TREO.
Key components include 195,000 tonnes of Yttrium oxide, 195,000t of Praseodymium oxide, 554,000t of Neodymium oxide (light Magnetic), 65,000t of Samarium oxide, 28,000t of Gadolinium oxide, 6,000t of Terbium oxide and 32,000t of Dysprosium oxide (heavy Magnetic), and 2,000t of Lutetium oxide.
Overall, the measured and indicated part of the global resource has grown to 666Mt at 2,685 ppm TREO including 22.5% MREO (magnetic rare earth oxides).
“Barra do Pacu is immediately south of the Capão do Mel resource and with this update, we can now include it in the upcoming pre-feasibility study,” Stuart Gale, the company’s managing director, said.
“Geologically it represents the southern extension of the high-grade Capão do Mel orebody across a licence boundary into the Barra do Pacu licence.
“This resource estimate effectively doubles the Indicated Resource located within 1,000m of the proposed processing plant site. The combined Measured and Indicated Resource for Capão do Mel and Barra do Pacu is in excess of 150Mt at greater than 3,000ppm TREO including greater than 20% MREO.”
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Mr Gale then added that the latter indicates the possibility of a starter area for future mining at the Caldeira Project.
MEI has been trading at 6.9 cents heading into Tuesday.
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