Meteoric Resources (ASX:MEI) has increased its rare earths inventory in Brazil following a 150% increase in resources within the Soberbo Mining Licence.
On the back of a 5,893m drilling program, Meteoric has defined the first higher confidence indicated resource for the Caldeira Project of 86 million tonnes @ 2,730ppm TREO.
This has boosted the total indicated and inferred resources within the Soberbo Mining Licence to 229 million tonnes @ 2,601ppm TREO.
The broader Caldeira Project in the Minas Gerais region now hosts 545 million tonnes @ 2,561 parts per million (ppm) total rare earth oxides (TREO), with magnetic rare earth oxides (MREO) making up over 24% of the resource.
This is a 33% increase over the previous resource estimate.
Executive Chairman Andrew Tunks says the new indicated resource will feed directly into a Scoping Study slated for release in Q2 2024.
Updated resources for the Capão do Mel and Figueira prospects are expected in June and July respectively.
Tunks says the Caldeira Project has demonstrated potential to become a long-life producer of rare earths critical to global electrification.
Meteoric, which has just shy of a $420 million market capitalisation, earlier in May inked a non-binding memorandum of understanding with Ontario, Canada-headquartered Neo Performance Materials (TSX:NEO) for the supply of 3,000 tonnes of mixed rare earth carbonate each year from Caldeira.
This would provide Neo — which has a rare earth separation plant in Sillamäe, Estonia — with up to 900 tonnes of neodymium-praseodymium oxide and 30 tonnes of dysprosium-terbium oxide.
Write to Angela East at Mining.com.au
Images: Meteoric Resources
