Meteoric finds rare earths outside Caldeira resource

Exploration and drilling within the Caldeira landholding has shown there is considerable opportunity for growth with the delivery of high-grade ionic clay intercepts.

Drilling results at Meteoric’s Caldeira continue to unearth high-grade magnetic rare earth mineralisation. Pic: Getty Images

• Ionic clay intercepts up to 19,183ppm TREO have been returned at Caldeira

• MREO peak zones up to 38% have been identified

• Resource estimations are expected in the June quarter

Special Report: Brazil-based rare earths explorer Meteoric Resources is even more hopeful it can move the Caldeira asset into development when the market rebounds, with latest drilling results identifying more high-grade areas outside the 619Mt resource boundary.

A 3,301m aircore drilling campaign for 116 holes was carried out at the Agostinho prospect in September last year to follow up on impressive results in discovery holes including 18m at 3,628ppm total rare earth oxide (TREO) and 37m at 3,143ppm TREO.

All holes intersected mineralisation >1,000ppm TREO with an average grade and thicknesses across the deposit of 28.4m at 2,771ppm TREO but stand-out results include hits such as:

• 24m at 6,918ppm TREO with 27% magnetic rare earth oxide (MREO) including 6m at 9,183ppm TREO with 34.9% MREO;
• 22m at 4,422ppm TREO with 27.7% MREO, including 10m at 7,831ppm TREO with 35.6% MREO; and
• 28m at 3,183ppm TREO with 26.9% MREO, including 8m at 7,462ppm TREO with 37.6% MREO

The Caldeira project. Pic: MEI

High-value MREO grades climb

Meteoric Resources (ASX:MEI) chairman Andrew Tunks said MREO peak zones of up to 38% were uncovered with an average grade of 30.4%, an increase of 7.4% compared to the global resource average.

Caldeira underwent two resource upgrades in rapid succession last year and now has a global resource of 619Mt at 2538ppm TREO.

High value magnet rare earths – which are used to manufacture rare earth magnets in electric vehicle motors and wind turbines – make up 23% of the in-ground REE mix.

And higher confidence measured and indicated resources which hold enough certainty for mine planning, make up a quarter of the resource at 171Mt at 2880ppm TREO.

‘Greater optionality for potential expansion’

“These remarkable results confirm the extensive nature of mineralisation outside the current resource base,” Tunks said.

“They highlight the considerable opportunity for Meteoric to target enriched zones of magnetic rare earths and heavy rare earths using our extensive database of project wide sampling which is unmatched inside the Caldera.

“It’s important to remember that we have still only infill drilled eight of the 69 licenses available at the project.

“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.”

Data validation and geologic modelling for the Agostinho and Barra do Pacu deposits have begun with resource estimations expected in the June quarter.

This article was developed in collaboration with Meteoric Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.