Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to provide an update on recent drilling completed at the Agostinho Prospect (Figure 1), located in the north of its 100%-owned Caldeira Rare Earth Ionic Clay Project (Caldeira Project or Project), in the state of Minas Gerais, Brazil.
Highlights
- Exceptional ionic clay intercepts up to 19,183ppm Total Rare Earth Oxides (TREO)
- Enriched Magnetic Rare Earth Oxide (MREO) up to 6,691ppm
- MREO peak zones up to 38% with an average of 30.4%, an increase of 7.4% compared to the Global Resource average.
- Elevated Heavy Magnetic Rare Earths (HREO) up to 2% of TREO
- Drilled 3,301m for 116 holes with outstanding intercepts:
- AGOAC0107 – 24m @ 6,918ppm TREO [0m] with 27% MREO
- including 6m @ 19,183ppm TREO [2m] with 34.9% MREO
- AGOAC0110 – 22m @ 4,422ppm TREO [0m] with 27.7% MREO
- including 10m @ 7,831ppm TREO [0m] with 35.6% MREO
- AGOAC0079 – 28m @ 3,183ppm TREO [0m] with 26.9% MREO
- including 8m @ 7,462ppm TREO [0m] with 37.6% MREO
- AGOAC0098 – 28m @ 5,315ppm TREO [0m] with 27.4% MREO
- AGOAC0070 – 22m @ 4,890ppm TREO [0m] with 27% MREO
- AGOAC0092 – 22m @ 4,323ppm TREO [0m] with 27.2% MREO
- including 6m @ 19,183ppm TREO [2m] with 34.9% MREO
- Mineralisation averages 28.4m thickness from surface over of the entire License
Meteoric’s Chairman, Andrew Tunks said:“The exploration and drilling teams continue to identify additional high-grade areas across the Caldeira Project. These remarkable results confirm the extensive nature of mineralisation outside the current resource base. Further it highlights that 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 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 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.”
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