Meteoric Resources has updated the mineral resource estimate (MRE) for the Caldeira ionic clay rare earths project in Brazil by more than 50 per cent.
The Caldeira MRE now stands at 1.1 billion tonnes (Bt) at 2413 parts per million (ppm) total rare earth oxides (TREO) at a 1000ppm cut-off grade.
Caldeira’s measured and indicated resources also increased by 91 per cent to 589 million tonnes (Mt) at 2655ppm TREO.
The MRE increase sees the Caldeira project maintain its position as one of the highest-grade ionic absorption clay rare earths deposits in the world.
Meteoric managing director Stuart Gale said the announcement is significant in both the scale and flexibility the new scope brings to rare earth markets.
“While the project’s scale is crucial, the flexibility it provides to target specific areas enriched with magnetic light and heavy rare earths adds substantial long-term value as we aim to deliver this critical commodity,” he said.
Magnet REO grades of 559ppm comprise over 23 of the TREO basket, which further strengthens Meteoric’s stance as a future low-cost supplier of critical minerals.
The recent high-grade findings at Barra do Pacu (BDP) area are set to be included in the feasibility study in the coming quarter and Meteoric indicated its recent discovery at BDP will be beneficial in the early stages of the project.
“As previously noted, BDP is a southern extension of the high-grade starter pit at Caldeira and once BDP’s MRE is complete, it will be scheduled and included in the pre-feasibility study,” Gale said.
The updated MRE is derived from 22,323m of infill diamond and aircore drilling at the Cupim Vermelho Norte, Dona Maria 1 and Dona Maria 2 deposits which make up the northern section of Caldeira.
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