Meteoric Resources Increases Soberbo Mining Licence Mineral Resource

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) released an substantial Mineral Resources Estimate (MRE) update for the company’s Caldeira rare earth element (REE) project in Minas Gerais Brazil.

Meteoric Resources provided a 150 per cent increase in the Resource estimate at the project’s Soberbo Mining Licence that has increased the company’ Global Mineral Resources to 545 million tonnes at 2,561 parts per million (ppm) total rare earth oxides (TREO).

The Soberbo ML total Indicated and Inferred Resources have come in at 229 million tonnes at 2,601ppm TREO (1,000ppm cut-off) with 645ppm (24.8%) magnetic rare earth oxides (MREO), including 158 million tonnes at 3,058ppm TREO (2,000 ppm cut-off).

The estimate includes the first Indicated Resources for the Caldeira project of 86 million tonnes at 2,730 ppm TREO (1,000ppm cut-off) defined at the Soberbo ML.

Meteoric’s updated Global Resource Estimate for Caldeira REE project has now increased 33 per cent to 545 million tonnes at 2,561ppm TREO (1,000ppm cut off) with 24.1 per cent MREO.

“Congratulations to the Brazil Exploration team on an outstanding result,” Meteoric Resources executive chairman Dr Andrew Tunks said in the company’s ASX announcement.

“Using Meteoric’s in-house drilling capacity we have quickly and efficiently tested the true depth extent of the clay hosted mineralisation at Soberbo with spectacular growth in the total resource and our first Indicated Resource which will feed directly into our Scoping Study.

“The staggering size of the project has again been illustrated and when combined with best in class grades and recoveries speaks to the potential of the Caldeira project to become a significant long life supplier of rare earths crucial to global electrification.”