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Meteoric Resources Increases Soberbo Mining Licence Mineral Resource

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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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Meteoric Resources Strikes Offtake MoU with Neo Performance Materials

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THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) announced the inking of a non-binding Memorandum of Understanding (MoU) with TSX-listed Neo Performance Materials Inc.

Meteoric Resources struck the MoU for offtake of 3,000 metric tonnes of total rare earth oxide (TREO) per year from the company’s Caldeira project in Minas Gerais, Brazil, to supply Neo’s magnet manufacturing plant.

The MoU provides the framework for the parties to negotiate a binding commercial offtake agreement for the supply of mixed rare earth carbonate (MREC) from the Caldeira project.

Under the terms of the MoU Neo will ultimately be expected to enter into a binding offtake agreement for annual purchases of MREC containing 3,000 million tonnes TREO from Caldeira.

The length of the offtake agreement is expected to extend until Neo has purchased a total of 30,000 million tonnes TREO, with a customary renewal provision for subsequent terms.

“We are very pleased to be bringing this important agreement with Neo to market,” Meteoric Resources CEO Nick Holthouse said in the company’s ASX announcement.

“This represents Meteoric’s first step in our staged offtake strategy, and are delighted to support Neo in their aim to provide high-performance magnetics for automotive, factory automation, high-efficiency motors, residential appliances, and many other industries.

“Connecting and integrating into the developing alternate rare earth materials supply chain signals strong external market confidence in the Caldeira project’s ability to progress to an FID and into production.

“We look forward to working with NEO and having the benefit of their technical support as we continue to pursue and develop our own downstream capabilities and progress to a binding commercial arrangement.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Meteoric Resources Extends High-Grade Caldeira REE Mineralisation

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THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) reported diamond drilling results from the company’s Caldeira rare earth elements (REE) project in Brazil.

Meteoric Resources said recent diamond drilling at the project and demonstrated clay zone and high-grade REE mineralisation extends much deeper than previously encountered.

Mineralised trends identified include to 36 metres at the Capão do Mel prospect and 56 metres at the Figueir prospect.

Meteoric recently published a maiden Mineral Resource Estimate (MRE) for the Caldeira project of 409 million tonnes at 2,626 total rare earth oxide (TREO) at a 1,000ppm cut off.

The company believes the new diamond drilling, which extended the Figueira and Capão do Mel mineralisation, has positive implications for any future resource estimate should the trend continue.

“The new assays clearly show there is significant extensions at depth at all prospects and indeed this is particularly clear at Capão do Mel, where the diamond drilling has extended the mineralisation to a depth of thirty-six (36) metres and at Figueira where we see REE mineralised zones down to sixty-seven (67) metres,” Meteoric Resources executive chairman Dr Andrew Tunks said in the company’s ASX announcement.

“In fact, the diamond drilling at all six resource areas has extended the maximum depths of mineralisation significantly.

“The Caldeira project is clearly significantly higher grade than any other IONIC clay REE yet documented.

“The coming months will see an exciting time for the company with considerable activity following on from these diamond results.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Meteoric Resources Expands Caldeira REE Project

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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

 

Meteoric Resources Releases Caldeira REE Project Maiden Mineral Resource

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THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) reported its maiden Mineral Resource Estimate (MRE) for the company’s Caldeira REE project in Minas Gerais Brazil.

Meteoric Resources delivered the MRE at a 1000ppm TREO cut-off at 409 million tonnes at 2,626ppm total rare earth oxide (TREO) and contains Magnet REO grades of 631ppm comprising 24 per cent of TREO.

The company explained the MRE comes from just 24 per cent of the Caldeira REE project area, and only 20 per cent of the combined area in the company’s proposed acquisition it announced in late April.

An expanded diamond drilling program is currently testing depth extensions of the clay zone below the maiden resource model.

“What a beautiful set of numbers, this is indeed a world class, Tier 1 project,” Meteoric Resources executive chairman Dr Andrew Tunks said in the company’s ASX announcement.

“Since first encountering the Caldeira REE project in October 2022, we have come a long way in our understanding of the geology and the distribution of rare earth mineralisation within the clay zone of the regolith profile.

“Our maiden Mineral Resource Estimate marks another major milestone for Meteoric Resources and a crucial component of our plans to develop this project.

“There are several key take aways from today’s MRE announcement: First is the enormous size of the resource.

“Over four hundred million tonnes have been defined in our maiden resource, yet less than twenty percent of the holding has been drilled with an average hole depth of 6.9 metres and 85 per cent of holes terminating in grades above 1,000ppm TREO.

“The second key point to note is the remarkable grade, for a true IONIC Clay Rare Earth project, the high-grade resource above a cut off 3,000ppm equates to 115 million tonnes at a grade of 4,072ppm TRE.

“This is literally off the charts and makes this the highest-grade deposit yet discovered globally.

“A quick analysis of the grade tonnage curve and block-model maps and sections will show that within drilled areas there are several large ultra high-grade zones.

“These zones of exceptional TREO grades are the immediate focus of our exploration and development teams.

“We will soon commence a 100,000 metres drilling program, designed to convert portions of todays inferred resource into higher confidence categories of Measured and Indicated Resources.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Who’s Who in the Roundup Zoo

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THE CONFERENCE CALLER: With the RIU Sydney Resources Roundup fast approaching, we thought it would be the ideal time to check in an a few of the companies that will be presenting to see what they’re up to.

 

FYI Resources (ASX: FYI)

FYI Resources has developed an innovative process design for the integrated production of high quality, high purity alumina (HPA) predominantly for electric vehicles (lithium-ion batteries), sapphire glass, LEDs / micro-LEDs and other broader tech applications.

FYI is positioning itself to be recognised by the marketplace as a producer of 4N and 5N HPA in the rapidly developing high-tech product markets.

With this in mind, the company recently commenced an extended HPA production run tailored to meet customer specifications through the company’s wholly owned pilot plant located in Perth, Western Australia.

FYI is undertaking a long duration market sample production run of high quality HPA to supply to potential customers following requests for follow up samples produced to meet the specifications of certain end users.

The HPA will be generated via FYI’s innovative process flowsheet, which it has optimised through development work modifications and pilot plant testwork carried out over the past 12 months.

A portion of the generated HPA will be directed to specialised finishing (to be completed by the end user) for use as a separator ceramic coating in the electric vehicle battery market.

FYI is committed to progressing the HPA project strategy through to commercial production via a defined project engineering pathway.

This pathway will be laid once FYI receives all project data from Alcoa following the termination of a joint development agreement between the two companies.

FYI will establish a revised development schedule for the completion of both the small-scale production and commercial facilities, which it anticipates being released a soon as possible.

“With FYI now back in control of our HPA development, we are undertaking these HPA pilot plant production runs in response to end user requests that demonstrates the demand for our high quality HPA,” FYI Resources Managing Director Roland Hill commented:

“We see this production run as being a critical piece in addressing potential customer product assessment needs as the results may lead to further development commitments.

“As a company, we are committed to the development of the HPA project and will continue to address potential customer product specifications as a fundamental function of our project development and project value growth.”

 

Meteoric Resources (ASX: MEI)

Meteoric Resources went from chocolates to more chocolates with its purchase of the Caldeira project, a Tier 1 ionic clay rare earths project located in Minas Gerais State, Brazil.

The Caldeira project came with 30 licenses (21 Mining Licenses and 9 Mining Licence Applications) and a swathe of previous exploration, including 1,311 shallow auger drill holes for 13,037 metres across six of the licenses that had returned ultra-high-grade total rare earth oxide (TREO) intersections, all of which were reported from surface.

“The distribution of the rare earth elements at Caldeira is enriched in heavy rare earth elements (HREE),” Meteoric Resources director Dr Andrew Tunks enthused at the time.

“Additionally, the sample results to date are strongly enriched in the magnet rare earths of terbium, dysprosium, praesidium and neodymium, which make up more than 22 per cent of the total rare earth elemental composition.”

Meteoric wasted little time in carrying out a review of previous metallurgical testwork that had been performed on the project’s Capo do Mel prospect in 2019.

“The average recovery of the low temperature magnet REE, praesidium and neodymium, was 58 per cent and the average recovery of the more valuable high temperature magnet REE, terbium and dysprosium, was 43 per cent,” Tunks explained.

“These results were achieved by leaching with an ammonium sulphate solution [(NH4)2SO4)] in weakly acidic conditions [pH4] and atmospheric conditions.

“The excellent recoveries in this simple process is a crucial observation and shows that for the Capo do Mel prospect, a considerable portion of the target REE are adsorbed onto the clays.

“In layman’s terms, this means the REEs are bonded onto the outside of the clay minerals (adsorbed) and can be recovered by washing the clay in a weak ammonium sulphate solution at room temperature and pressure.

“This is not the case for many rare earth element projects, where the REEs are tightly bound within the mineral lattice or are even in colloidal suspension and require a much more intensive treatment process.”

In April, Meteoric announced a $25 million raising to fund its 2023 work program at Caldeira, that will include drilling, metallurgical testwork and commencing a Preliminary Economic Assessment.

 

Talga Resources (ASX: TLG)

Talga Resources recently increased graphite mineral Resources at the company’s Vittangi graphite project in Sweden.

The project already boasted the largest graphite Resource in Europe, the update for which will underpin potential expansion pathways to anode production beyond 100,000 tonnes per annum, which the company had earlier outlined for the project and expansion of the Niska deposit.

The update was based on Talga’s 2022 Niska drilling campaign and increased the Vittangi Global Mineral Resource estimate by 23 per cent to 36.9 million tonnes of graphite (Cg) ore at 23.1 per cent Cg using an 11 per cent Cg cut-off grade, containing 8.5 million tonnes of Cg.

This includes Indicated Resources estimated to total 27.8 million tonnes averaging 23.8 per cent Cg and Inferred Resources estimated to total nine million tonnes averaging 21.2 per cent Cg.

The estimate included a maiden Mineral Resource for new extensions to graphite mineralisation at the Niska deposit – now named the Niska Link – the delineation of which continues to support the continuity of graphite grade between known deposits.

The total Niska Mineral Resource was increased to an estimated total of 14.9 million tonnes averaging 21.8 per cent Cg, containing 3.3 million tonnes of graphite, including Indicated Resources estimated to total 12 million tonnes averaging 22 per cent Cg and Inferred Resources estimated to total 2.9 million tonnes at 21 per cent Cg.

A new Exploration Target is anticipated across the project area that will entail drilling of deeper potential extensions of the existing Mineral Resources, as well as infill drilling.

Talga is in talks with European battery maker Automotive Cells Company SE looking to complete a binding offtake agreement for supply of Talga’s trademarked active anode material for Li-ion batteries, Talnode-C.

Talga and French battery manufacturer Verkor finalised a non-binding Letter of Intent to supply Talnode-C.

Talga has long been ahead of the graphite game and is well placed as the European lithium-ion battery market continues to grow.

Demand for coated graphite anode in Europe is tipped to reach over 1.3 million tonnes per year.

This, along with Talga’s increasing number of customers, underscores the company’s ambitions to further increase the Vittangi resource.