Meteoric Resources Nl
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Why Did Meteoric Resources NL Report Remarkable REE Drill Results Outside Caldeira Resource?
Meteoric Resources NL, an Australian mineral exploration company, has reported outstanding rare earth element (REE) drill results outside the Caldeira Project Mineral Resource. The highest grade drill intercept, found in hole CVSD001, discovered a 149. 5m stretch of mineralisation, from surface to the end of the hole (EOH), at a concentration of 8,912 ppm Total Rare Earth Oxide (TREO)1 and 1,417 ppm Middle Rare Earth Oxide (MREO)2.
The results are the widest and highest-grade ionic clay REE drill intercept reported this year at the Caldeira Project. The hole contained significantly higher values of both Light Magnet Rare Earths Neodymium (Nd) + Praseodymium (Pr) and Heavy Magnet Rare Earths Terbium (Tb) + Dysprosium (Dy) averaging four to five times higher than the maiden mineral resource estimate for the Caldeira Project3. Hole CVSD001 had exceptional intersection with an LMREO grades of Nd2O3 -1,948 ppm Pr6O11- 656 ppm, and HMREO grades of Dy2O3 -108 ppm and Tb4O7 - 21 ppm.
The Caldeira Project's REE soil anomalies were tested, which resulted in the expansion of the current footprint of the resource.
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In total, the company has received results from 22 diamond drill holes, with 17 of the holes located inside the current resource area and five areas outside. The diamond drilling significantly shows the depth of mineralised clay is far greater than 10m and that REE mineralisation is developed throughout the entire regolith profile.
The results underscore the company's belief that the Caldeira Project can offer the global economy a viable alternative to China's dominance of rare earth mineral supply.
The outstanding results of hole CVSD001 outside the resource area shows the significant economic potential of the Caldeira Project, and the company is planning further exploration in the region. Overall, this marks a significant development in the search for viable REE supply sources outside China.
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