Results for 398 samples including both laboratory pulps (296) and coarse auger drilling rejects (102) were selected from 23 holes representing a broad geographical representation of historic exploration
Core from the first diamond hole drilled at Capo Do Mel. (Credit: Meteoric Resources NL.)
Meteoric Resources NL (Meteoric or the Company) (ASX: MEI) is pleased to announce that the Definitive Agreement for the acquisition of the Rare Earths (REE) rights comprising the Caldeira Project has been signed. The material terms of the Definitive Agreement are set out in Appendix 1.
Dr Andrew Tunks Meteoric’s Director said, “The signing of the Definitive Agreement is a significant step for Meteoric and represents several months of hard work by all parties resulting in a comprehensive document focused on the path forward for exploration and development of the Caldeira Project. In this process, Togni and Meteoric have developed extremely strong ties which now enables Meteoric to leverage Togni’s remarkable 112-year history of mining in the area to fast track our efforts.
The technical, legal and financial due diligence is proceeding very well. On the technical front, work has focused on the ongoing diamond drilling of 26 twin holes to examine the depth potential of the REE mineralisation, as well as a significant assay verification exercise where 5% of samples from the original exploration were re-assayed at an alternate laboratory. Pleasingly, the results confirm the original work was of high quality with the new results being almost identical to the original assays.
The USD$17.5 million from the sale of Juruena on 31 March will be used to complete the acquisition of the Caldeira Project, with the payment of the first US$5 million instalment to Togni. The remaining funds, together with ~AUD$7.5m of in-the-money 2023 options, ensures Meteoric is well funded to hit the ground running on the exploration and development of this truly amazing Tier 1 project. We are also working hard
to attract the best Rare Earths talent to our team to drive the project towards development.
Geological modelling for the estimation of a Maiden JORC Mineral Resource for the Caldeira Project is well underway. Senior representatives of Meteoric met with the Resource Group BNA Mining Solutions in Belo Horizonte, Brazil, recently to review the work, which is progressing very well and we anticipate the Resource will be available to the market in late April”.
Source: Company Press Release