What Drives the Remarkable Success of Meteoric Resources' Exploration?

Meteoric Resources NL: Revolutionizing Rare Earth Exploration at Caldeira Project

Meteoric Resources NL, a prominent player in the mining industry, has been making significant strides in rare earth exploration. With Executive Chairman Dr. Andrew Tunks at the helm, the company has been successfully expanding its reach at the Caldeira Project, with each drill hole intercepting considerable clay-hosted rare earth mineralization.

Exploration Breakthroughs at Caldeira Project: Unprecedented Resource Growth

The exploration drilling at the Caldeira Project has been exceptional, consistently intercepting significant rare earth mineralization. The 409Mt @ 2600ppm TREO Inferred Mineral Resource has been substantially exceeded by recent findings. This indicates a potential for continued resource growth in the foreseeable future.

High-Grade Rare Earth Discovery

The focus of recent exploration has been on discovering new high-grade areas, especially in heavy magnetic rare earth oxides like Terbium and Dysprosium.

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The project has yielded promising results, particularly with drill hole PIADD001 intersecting almost 150m of mineralization at grades exceeding 6,000ppm TREO. This includes high-grade magnetic rare earth mineralization, notably 8m @ over 4,900 ppm of Nd & Pr oxides and over 1400ppm of Terbium & Dysprosium oxides.

Metallurgical Testwork and Future Drilling

The mineralization, primarily located within the clay zone, has shown high recoveries in metallurgical testwork. This significant discovery has led to a new focus for further drilling to define the geometry and spacing of the enriched zones.

Developments in Project Development: CEO Nick Holthouse's Insights

CEO Nick Holthouse highlighted the success of the exploration team, noting the project's potential for near-term value-add opportunities, especially adjacent to and south of the Capão de Mel licence. With enhanced near-mine HMREO grades, the company is prioritizing extensions of the current infill resource drilling into this zone.

Parallel Project Development Packages

Meteoric Resources is progressing with multiple project development packages simultaneously. This includes resource estimation for the Soberbo licence, engineering studies with Ausenco, and ongoing metallurgical testwork delivering excellent results. Additionally, the company is making steady progress with permitting, aiming to table the Environmental Impact Statement this year for the Licença Prévia (LP) and construction permits due in late 2025.

Drilling Program Update: Exploration Diamond Drilling Campaign

The initial exploration diamond drilling campaign focused on testing high-priority soil anomalies outside the Inferred Resource areas. A subsequent program aimed to expand potential initial mining areas, investigate extensions to high-grade REE mineralization, and test second-order soil anomalies. A total of 36 diamond drill holes for 2,017m have been drilled since July 2023.
Geology and Mineralisation Insights

The Central Caldeira region corresponds to the Poços de Caldas Alkaline Intrusive Complex's central part. Recent drilling shows high TREO grades and enriched HMREO, suggesting immense potential for new resources. The Southern Caldeira region, immediately south of Capão do Mel, also exhibits promising results with significant high-grade resources.

Ionic Clay REE Deposits: A Geological Perspective

The Caldeira REE Project is classified as an Ionic Adsorption Clay REE Deposit. These deposits are typically near the surface, often at depths of less than 10 metres, with REEs adsorbed onto clay minerals in the saprolite zone of the weathering profile. The U and Th levels in these deposits are typically low, making them highly attractive for exploration.

Meteoric Resources NL's exploration efforts at the Caldeira Project are revolutionizing the rare earth sector. With consistent high-grade discoveries and innovative exploration techniques, the company is well-positioned to capitalize on these resources. The combination of successful drilling campaigns, strategic project development, and a clear focus on the enriched zones of rare earth minerals point towards a bright future for Meteoric Resources in the realm of rare earth exploration.

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