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Meteoric Resources NL (ASX:MEI) has found exceptional grades of total rare earth oxides (TREO) and magnetic rare earth oxides (MREO) at its Caldeira project in Brazil, with an aircore (AC) drilling program picking up grades of 19,183ppm (parts per million) of the former, and 6,691ppm of the latter.
The MREOs were particularly impressive, not only because they were enriched, but also due to the presence of peak zones grading up to 38% – with an average grade of 30.4%, which is 7.4% higher than the global resource average.
Meteoric also found elevated heavy magnetic rare earths comprising up to 2% of TREO.
The drilling work – focused on Agostinho – included 116 holes for 3,301 metres.
“These remarkable results confirm the extensive nature of mineralisation outside the current resource base,” Meteoric chairman Andrew Tunks said.
The work, he added, helped build confidence in high-grade areas across Caldeira.
“It highlights,” he continued, “there is considerable opportunity for Meteoric to target enriched zones of magnetic rare earths and heavy rare earths using our extensive database of project-wide sampling; unmatched inside the Caldera.
“It’s important to remember we have still only infill drilled eight of the 69 licenses available at the Project and continued identification of high-grade mineralisation creates greater optionality for the potential expansion of the Project, at the right time, to support the sustainable supply of rare earth materials to the western world.”
At 12:45 AEDT, Meteoric shares were trading at 8.4 cents – a rise of 4.32% since the market opened.
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