Why Did Meteoric Resources Implement an Infill Drilling Program, and What Are the Objectives?

Meteoric Resources NL (ASX: MEI), a prominent player in the Rare Earth Elements (REE) exploration sector, has recently disclosed significant assay results stemming from an intensive aircore drilling campaign conducted at the Soberbo Deposit within its fully-owned Caldeira Rare Earth Ionic Clay Project, situated in the state of Minas Gerais, Brazil. These promising findings mark the inauguration of results derived from Meteoric's proprietary aircore drilling setup.

Chairman Dr. Andrew Tunks Eagerly Comments on the Promising Results

Dr. Andrew Tunks, the Chairman of Meteoric Resources, expressed his satisfaction with the latest developments, stating, "Another superb set of drilling results that highlight the incredibly high grades of our Ionic Clay Project. Equally important is the increased depth of the mineralization, providing concrete evidence to our early theories that the orebody would continue well below the historic drilling and current resource model. "

Extensive High-Grade REE Mineralization Unveiled

The assay results from the comprehensive aircore drilling program, involving an impressive 277 drill holes at the Soberbo Deposit, have unveiled extraordinary REE mineralization.

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The Rare Earth Element Oxide (MREO) contents have consistently surpassed the estimated project average of 24% for Inferred Resources. Some notable results include:

SBBAC0020: An impressive 18 meters with 4902ppm Total Rare Earth Oxides (TREO) at surface, boasting a remarkable 28% MREO content.
SBBAC0088: A substantial 19 meters at surface with 5106ppm TREO, comprising 25% MREO, including a 10-meter section with 8218ppm TREO, signifying a 30% MREO content.
SBBAC0153: A substantial 17 meters with 6686ppm TREO at surface, boasting a remarkable 31% MREO content, including 13 meters at an astounding 8306ppm TREO, signifying a 35% MREO content.
SBBAC0262: A notable 14. 4 meters with 4489ppm TREO at surface, indicating a substantial 28% MREO content.

Increased Drilling Depth Enhances Prospects

One of the most promising aspects of this drilling campaign is the significant increase in drilling depth compared to historic auger drilling efforts. Historically, auger drilling averaged depths of 9. 3 meters, while the new aircore drilling depths averaged an impressive 16. 2 meters. This extension of mineralization into the clays by over 7 meters (a remarkable 77% increase) holds substantial positive implications for the forthcoming new resource estimate.

The Choice of Aircore Drilling Methodology

Meteoric Resources opted for aircore (AC) drilling as the preferred methodology for this campaign. AC drilling offers several advantages, including high-quality sampling suitable for resource estimation, a rapid meterage rate, and the potential to achieve over 200 meters of production per day. Furthermore, AC drilling proves to be an extremely cost-effective alternative compared to diamond drilling or sonic drilling, with minimal environmental impact due to its rubber tracks and compact footprint.
Soberbo In-Fill Drilling Program

The primary objectives of the infill aircore drilling program at Soberbo were to:

Delineate the depth extent of mineralized clays beneath the Maiden Inferred Resource.

Infill the current 200m x 200m auger sampling at sufficient spacing to enable Measured and/or Indicated Resources to be estimated.

Utilize the Measured & Indicated Resources to support forthcoming economic studies.

A total of 277 AC drill holes covering 4,409. 5 meters were executed in the Soberbo Deposit from September to November 2023. The infill drilling focused on the western half of the deposit, implementing a nominal 100m x 100m drill spacing strategy, thereby targeting contiguous higher-grade portions of mineralization previously identified in the historic JOGMEC auger drilling and the 01 May 2023 Resource Estimate.
Background on Ionic Clay REE Deposits

Geologically, the Caldeira REE Project falls into the category of Ionic Adsorption Clay REE Deposits, characterized by:

Formation in the saprolite (clay) zone of the weathering profile.

Accumulation of the majority of REEs on clay minerals within the clay zone of the regolith profile.

Ionic attachment of adsorbed REEs to clay minerals, allowing for liberation via leaching in a weak solution of ammonium sulfate or other metal salts at near neutral pH.

Predominant occurrence near the surface, often at depths of less than 10 meters.

Low levels of U (Uranium) and Th (Thorium) in Ionic Clay REE Deposits due to their limited solubility in groundwater and lack of preferential adsorption by clays during the weathering and leaching processes.

Future Prospects and Resource Estimate Re-Estimation

The remarkable drilling results from the Soberbo Deposit herald an exciting chapter in Meteoric Resources' pursuit of high-grade REE mineralization. As the Company awaits the complete set of outstanding assay results, preparations are underway to initiate a re-estimation of the Mineral Resource Estimate for the Soberbo Deposit. Currently standing at 92 million tonnes with 2,948 ppm TREO, this deposit, along with the Capão do Mel Deposit, holds pivotal significance in Meteoric's ongoing development strategy.

In conclusion, Meteoric Resources' latest endeavors at the Caldeira Project's Soberbo Deposit have unveiled exceptional high-grade REE mineralization at extended depths, bolstering the Company's position in the REE sector and fostering optimism for its future prospects.

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