Meteoric Resources NL (ASX: MEI) has entered into a binding option agreement to acquire further significant ionic clay rare earth elements (REE) rights on licences in the Minas Gerais state, Brazil.
The licences merge crucial areas identified in the recent maiden resource estimate (MRE) for the Tier 1 project.
Executive chairman Dr Andrew Tunks said “This is another exciting potential addition to our Caldeira project in Brazil which will further consolidate our ground position in the southern portion of the Caldera. Following the release of our recent MRE which now stands at 409Mt @2,626 ppm TREO at a 1,000ppm cut off, we have sought to further increase our landholding in this highly prospective region.”
The company has said that under the option agreement, it has the right to acquire the REE rights to 18 licences comprising five mining licenses, six mining licence applications, six exploration licences, and one exploration licence application.
The new licences cover 20.5km2 and will increase Meteoric’s total REE area held in the province to 193km2.
The proposed acquisition will amalgamate an important area immediately west of the Figueira licence, of approximately 7km2, in the most prospective southern portion of the Caldeira project.
“The area that is the subject of the option agreement is of great importance as it will secure the western boundary of the Figueira licence, which has an inferred MRE of 50Mt @2,811ppm TREO. Our resource work clearly demonstrates that high grade mineralization is present right up to the western boundary of the Figueira licence and likely continues into key licences now under option.” Said Mr. Tunks.
Additionally, assay results from the ongoing deep diamond drilling programme designed to test extension of mineralization beneath the resource model are imminent.
To find out more, please visit www.meteoric.com.au
