Meteoric Resources NL (ASX: MEI) Reports Exceptional Drill Results
Drilling Highlights
Meteoric Resources NL (ASX: MEI) has reported significant advancements in its drilling program at the Caldeira Rare Earth Ionic Clay Project in Brazil. The recent Aircore drilling over 6,538 meters across 224 holes showcased exceptional rare earth element (REE) grades, with some intervals exceeding 8,000 ppm Total Rare Earth Oxide (TREO). Key intercepts include notable results such as 37 meters at 7,998 ppm TREO and 34 meters at 6,862 ppm TREO, reflecting a robust mineralisation average of 27 meters from surface level.
Expanded Operations
The drilling results not only confirm the presence of high-grade ore but also support plans for expanded low-cost mining and processing operations at grades higher than 4,000 ppm TREO for a projected duration of at least ten years. This significant mineralisation provides increased flexibility for future project expansions and enhances the economic viability of the Caldeira Project.
Executive Comments
Stuart Gale, Managing Director of Meteoric Resources, stated, “The exploration and drilling teams continue to identify additional high-grade areas across the Caldeira Project, enabling us to deliver high-grade ore for longer periods. The continued identification of these high-grade mineralisations creates substantial optionality for future expansion.”
Future Outlook
The current drilling findings will not be included in the upcoming Pre-Feasibility Study, but they represent considerable potential upside that may be factored into the project’s Definitive Feasibility Study. The company remains focused on the sustainable supply of rare earth materials to meet increasing global demand.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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