Meteoric Resources Expands Caldeira REE Project

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) has entered into a Binding Option Agreement to increase its Ionic Clay REE Rights real estate holdings on licences in the Minas Gerais State of Brazil.

Under the Option Agreement, Meteoric Resources will gain the right to acquire the REE Rights to 18 Licences comprising five Mining Licenses, six Mining Licence Applications, six Exploration Licences and one Exploration Licence Application.

The licences have not been subject to previous exploration for REE and there is no technical data to report.

This has not fazed Meteoric, which said historic drilling of the Figueira Licence, that is adjacent to the main area of the proposed Option, demonstrates strong mineralisation which extends to the Licence boundary.

Meteoric believes it is highly likely REE mineralisation will continue into the new areas.

“This is another exciting potential addition to our Caldeira project in Brazil which will further consolidate our ground position in the southern portion of the Caldera,” Meteoric Resources executive chairman Dr Andrew Tunks said in the company’s ASX announcement.

“Following the release of our recent MRE which now stands at 409 million tonnes at 2,626ppm total rare earth oxide (TREO) at a 1,000ppm cut off, we have sought to further increase our landholding in this highly prospective region.

“The area that is the subject of the Option Agreement is of great importance as it will secure the western boundary of the Figueira Licence, which has an inferred MRE of 50 million tonnes at 2,811ppm TREO.

“Our resource work clearly demonstrates that high-grade mineralisation is present right up to the western boundary of the Figueira Licence and likely continues into key Licences now under Option.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE