Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to provide an update to the existing Mineral Resources Estimate (MRE) for the Figueira Mining Licences (Figueira) at its 100%- owned Caldeira Rare Earth Element Ionic Clay Project (Caldeira Project).
This significantly boosts the size and geological confidence in the overall Caldeira Project MRE, last updated on 13 June 2024.
size and geological confidence in the overall Caldeira Project MRE, last updated on 13 June 2024. Highlights ? Figueira MRE grows to 170Mt at 2,766ppm TREO1 at a 1,000ppm cut-off grade. - Includes 138Mt at 2,844ppm TREO in the Indicated category (>80% of the Figueira MRE) ? High-Grade Figueira Domain to drive upside to the early Caldeira Project production outlook. - Total MRE of 47Mt at 4,763ppm TREO at a 3,000ppm cut-off grade. - Includes 1,093ppm valuable MREO2 for a MREO/TREO ratio of 22.9% - With 40Mt at 4,691ppm TREO residing in the Indicated category (85% Indicated) ? Significantly increases the overall Caldeira Project MRE to 740Mt at 2,572ppm TREO with 595ppm MREO for a MREO/TREO ratio of 23.1% MREO (at a 1,000ppm cut off). - 308Mt at 2,864ppm TREO resides in the Measured and Indicated categories, representing 42% of the overall Caldeira Project MRE. ? Caldeira Project MRE increased by more than 80% since declaration of the maiden MRE in April 2023 at an equivalent TREO grade and MREO content. ? Measured and Indicated Resources from Soberbo, Capao do Mel, and Figueira licence areas are to be the subject of a Pre-Feasibility Study for a future project development, which is currently scheduled for completion December 2024
Chief Executive Officer, Nick Holthouse added: 'Today's announcement of the update to the existing Mineral Resources Estimate for the Figueira Mining Licences results in a significant upgrade in the size and geological confidence of our overall Caldeira Project Resource and serves to further validate the projects position as the world's premier ionic clayhosted rare earth element development. We expect the additional 47Mt at greater than 4,000ppm TREO included in this update to drive further upside into our future early-stage, high-grade production profile. We remain committed to our goal of being the lowest-cost, scalable supplier of rare earth elements to the growing western supply chain and remain on track to deliver a Pre-Feasibility Study for the Caldeira Project
Drilling Techniques and Hole
Spacing A total of 393 drill holes were used to define the updated Figueira MRE, which included diamond core, AC and powered Auger drilling. Given the substantial geographic extent and generally shallow, flat lying geometry of the mineralisation, the chosen spacing and orientation is considered to be sufficient to establish geology and grade continuity. Most drill sites required minimal to no site preparation. On particularly steep sites, the area was levelled with a backhoe loader. Holes generally stopped at 'blade refusal' when the rotating bit was unable to cut the ground any deeper. This generally occurred in the transition zones (below clay zone and above fresh rock). On occasions a face sampling hammer was used to penetrate through the remaining transition zone and into fresh rock.
Geology and Geological Interpretation
The Cretaceous (80 Ma) Alkaline Complex of Pocos de Caldas in Brazil hosts deposits of REE, bauxite, white clay for ceramics, uranium, zirconium and leucite. The Pocos de Caldas Intrusive Complex covers an area of approximately 800km2 . The main rock types found are intrusive and volcanic alkaline rocks of the nepheline syenite system, comprising phonolites and foidolites (syenites). Primary mineralisation includes uranium, zirconium and REE that are confined to the intrusives emplaced during the magmatic event. Post intrusion intense weathering of the region has resulted in an extensive clay regolith developed above the syenites. The dominant REE mineral in the source rock (syenite) beneath the clay zone is Bastnaesite, a major source of REE worldwide. Bastnaesite is a REE carbonate-fluoride mineral (REE)CO3F and has very low levels of uranium and thorium in its structure. Due to the chemistry of the underling intrusives and the intense weathering of the region, a thick profile comprising soil, clay and saprolite (regolith) has formed. This thick profile hosts the ionic clay REE mineralisation.
Contact:
Mr Nick Holthouse
Tel: +61 428 964 276
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