Meteoric Resources NL (ASX:MEI) MD Stuart Gale speaks with JustStocks Video after announcing a significant update to its Global Mineral Resources Estimate for the Northern Licences of its Calderia Rare Earths Project in Brazil, including Dona Maria 1 & 2 (DM 1 & DM 2) and Cupim Vermelho Norte (CVN).
Summary Of Video Interview
The updated MRE has increased by 50% to 1.1 billion tonnes (Bt) at 2,413 parts per million (ppm) Total Rare Earth Oxides (TREO) using a 1,000 ppm cut-off grade.
This includes 559 ppm of Magnetic Rare Earth Oxides (MREO), which account for 23.2% of the TREO basket.
The Measured and Indicated Resources have surged by 91% to 589 million tonnes (Mt) at 2,655 ppm TREO, with MREO at 613 ppm.
Within this, Measured Resources alone stand at 37 Mt at 2,983 ppm TREO and 715 ppm MREO, based on tight 50m by 50m drill spacing, while Indicated Resources use 100m by 100m spacing, supported by Meteoric’s advanced Aircore drilling capabilities.
The Northern Licence MRE now totals 566 Mt at 2,200 ppm TREO, enhancing the potential for near-term operations in the region.
The update incorporates an additional 22,323 metres of infill drilling, reinforcing the project’s status as one of the world’s highest-grade Ionic Absorption Clay (IAC) rare earth deposits, with MREO recoveries exceeding 50%.
Key contained metals include 151 kt of praseodymium oxide, 438 kt of neodymium oxide, 4.8 kt of terbium oxide, and 25 kt of dysprosium oxide—critical minerals for modern technology.
The high-grade Barra do Pacu area is expected to be included in the next MRE update and the upcoming Pre-Feasibility Study.
