Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to provide an update on recent drilling completed at the Agostinho Prospect, 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 o including 6m @ 19,183ppm TREO [2m] with 34.9% MREO AGOAC0110 - 22m @ 4,422ppm TREO [0m] with 27.7% MREO o including 10m @ 7,831ppm TREO [0m] with 35.6% MREO AGOAC0079 - 28m @ 3,183ppm TREO [0m] with 26.9% MREO o 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 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.'
Agostinho Aircore follow-up drilling program
An Aircore (AC) drilling campaign of 3,301m (116 holes) was completed over Agostinho Prospect (AGO) in September of 2024. The program was designed to follow up excellent results in discovery holes: AGDD0001 - 18m @ 3,628ppm TREO [0m] and AGDD0002 - 37m @ 3,143ppm TREO [0m] (ASX Release: 30 January 2024)
The 100m x 100m drill mesh in the central north and central northeastern areas of AGO confirms highgrade mineralisation intersected in AGODD001 and AGODD002. The mineralised Clay Zone averages 27m depth and is mineralised from the surface. All holes intersected mineralisation >1,000ppm TREO with an average grade and thicknesses across the deposit of 28.4m @ 2,771ppm TREO.
Significantly, AGO contains enriched zones of MREO averaging up to 30.4%, with peak zones up to 38% compared to an average MREO content of 23.1% for the existing Caldeira Global Resource Estimate. There exists a large area of enriched MREO content in the central northern and eastern area of the prospect.
Future work programs
Data validation and geologic modelling for the Agostinho and Barra do Pacu deposits (ASX Release 12 December 2024) has commenced and Resource Estimations are expected in the June quarter of 2025.
Contact:
Stuart Gale
Tel: +61 437 900 175
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