Caldeira Rare Earth Project Ore Reserve Increases by 42%
Key points
- Ore Reserve Grows 42% to 146Mt
- Average Grade >4,000ppm TREO
- 20 Years of Ore Reserves at 6 Mtpa
Full summary
Meteoric Resources Limited (ASX: MEI) announced an updated Ore Reserve Estimate (ORE) for its Caldeira Rare Earth Element Ionic Clay Project in Brazil. The Ore Reserve has increased by 42% to 146 million tonnes (Mt) with an average grade of 3,546 parts per million (ppm) Total Rare Earth Oxide (TREO) and 863ppm Magnetic Rare Earth Oxide (MREO). The updated Ore Reserve estimate includes 517,000 tonnes of TREO and 126,000 tonnes of MREO. The project is expected to operate at 6 million tonnes per annum (Mtpa) production rates for over 20 years. The update reflects infill drilling campaigns that have provided greater certainty in the resource base. The project is strategically located in Caldas, Minas Gerais, with existing infrastructure significantly de-risking the project.
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