METEORIC RESOURCES NL

Diamond Drilling Confirms Ultra High-Grade REEs Extend Significantly Beneath Resource

Meteoric Resources NL (Meteoric or the Company) (ASX: MEI) is pleased to announce results from 27 diamond drill holes where assays have now been received. These results represent the first new sampling of the project by Meteoric.


Highlights

  • Assay results from 27 diamond cores at the Caldeira Project received
  • 85% of historic drilling was completed to an average depth of less than 10 metres. Meteoric’s new diamond drilling conclusively shows the clay zone and the High-Grade REE mineralisation extends significantly deeper, including to 36 metres at Capão do Mel and 56 metres at Figueira
  • Assay highlights effectively commencing from surface include remarkable results of:
    • CDMDD001 - 31.2m @ 3,769 ppm TREO1 including 16.4m @ 5,537 ppm TREO
    • CDMDD002 - 18.5m @ 3,808 ppm TREO, including 10.4m @ 5,000 ppm TREO
    • CDMDD004 - 16.4m @ 5,967 ppm TREO, including 10.7m @ 7,243 ppm TREO
    • CDMDD005 - 5.4m @ 8,200 ppm TREO
    • CDMDD006 - 36.0m @ 2,881 ppm TREO, including 9.0m @ 4,228 ppm TREO
    • CDMDD007 - 33.0m @ 2,102 ppm TREO
    • CVNDD001 - 19.2m @ 5,825 ppm TREO
    • CVNDD002 - 20.6m @ 4,111 ppm TREO, including 11.2m @ 5,538 ppm TREO
    • CVNDD003 - 31.8m @ 3,243 ppm TREO, including 4.0m @ 16,074 ppm TREO
    • CVNDD004 - 27.4m @ 2,914 ppm TREO, including 11.0m @ 5,066 ppm TREO
    • DM1DD002 - 33.6m @ 2,715 ppm TREO
    • DM1DD003 - 9.9m @ 4,741 ppm TREO
    • FGDD001 - 41.2m @ 1,846 ppm TREO, including 3.6m @ 3,711 ppm TREO
    • FGDD002 - 58.3m @ 2,449 ppm TREO, including 5.5m @ 4,834 ppm TREO
    • FGDD003 - 45.6m @ 3,352 ppm TREO, including 11.7m @ 6,108 ppm TREO
    • SBDD002 - 26.1m @ 3,348 ppm TREO, including 14.0m @ 4,365 ppm TREO
  • The Company recently published its maiden Mineral Resource Estimate (MRE) for the Caldeira REE Project under JORC 2012 which stands at a World Class 409Mt @ 2,626 TREO at a 1,000ppm cut off2 based solely on the historical drilling to an average depth of less than 10m. The new diamond drilling which extends mineralisation up to 56m at Figueira and 36m at Capão do Mel has enormous positive implications for any future resource estimate should the trend continue.
Executive Chairman, Dr Andrew Tunks said,

“This is groundbreaking work for the Company with the first real data to indicate that the high-grade rare earth mineralisation continues significantly deeper than the current Inferred Resource. The new assays clearly show there is significant extensions at depth at all prospects and indeed this is particularly clear at Capão do Mel, where the diamond drilling has extended the mineralisation to a depth of thirty-six (36) metres and at Figueira where we see REE mineralised zones down to sixty-seven (67) metres. In fact, the diamond drilling at all six resource areas has extended the maximum depths of mineralisation significantly. This has enormous positive implications for any future resource estimate should the trend continue in future drilling.

Equally significant has been the validation of the historic auger drilling results, with the Company’s first diamond hole assays confirming the Caldeira Project’s status as the World’s highest grade Ionic Clay REE. Assays also confirm that the high TREO grades reflect very high-grade Magnetic Rare Earth Oxide (MREO)3 results with several thick intersections well over 1,500ppm MREO. The Caldeira Project is clearly significantly higher grade than any other IONIC clay REE yet documented. When coupled with the excellent metallurgical recoveries document by previous explorers4 this is potentially a disruptive asset in the global rare earth market.

The coming months will see an exciting time for the Company with considerable activity following on from these diamond results. An initial batch of composite samples for metallurgical testwork is now underway at ANSTO laboratories in Australia, looking to confirm very high REE recoveries previously reported. The Company owned and operated Aircore drill rig will be infill drilling at Capão do Mel, Sorberbo and Figueira to delineate Measured and Indicated Resources for optimisation and economic studies. In addition, the diamond drilling will continue testing both priority soil anomalies outside the defined resource areas as well as further testing within the resource to collect depth to basement and density data. Given today’s exciting results, it is expected that this drilling will continue for the remainder of 2023 and form a crucial dataset for the next Mineral Resource Estimate."

Diamond Drilling Program

A total of 41 HQ Diamond (DD) drill holes for 1,313m have been drilled into the six (6) known deposits to 18 July 2023 (Figure 1). The collar table for all drilling is presented in Appendix 1. The initial proposed 1,250m program was designed to test the depth to the base of the clays below the Inferred Resource and support metallurgical characterisation and density testwork programs.

Due to the success of this program, drilling has been expanded to test seventeen (17) priority regional targets (soil anomalies) on licences outside the Company’s existing REE resource areas. Updates on these targets will be reported as results are received and interpreted.

Upon completion of the regional drill program further resource diamond holes will be completed in the resource areas documenting the validity of historical auger drilling and providing solid geological logging of the transition from the regolith profile into the underlying unweathered intrusive basement.


Click here for the full ASX Release

This article includes content from Meteoric Resources NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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