Meteoric (ASX:MEI) return world-class metallurgy

Meteoric Resources have validated historic leach extractions and confirmed outstanding rare earth metallurgy, reporting some of the highest global Ionic Adsorption Clay recoveries using a standard AMSUL wash at its Caldeira project in Brazil.

Mineralisation across all tenements demonstrated strong ionic behaviour using the standard test and included some of the highest rare earth leach extractions reported by any public company.

Improved recoveries of dysprosium and terbium offered a heavy value-add to the project, while high-grade magnet recoveries demonstrated that even at top levels, the bulk of valuable magnet rare earths remain amenable to simple leaching.

Meteoric Chief Executive Officer Nick Holthouse said the exceptional results had exceeded its both its own expectations and those of Australia’s leading ionic clay laboratory.

“Truly World Class! Not only do the results confirm the vast majority of the samples tested are in fact Ionic and amenable to low Capex and Opex AMSUL leaching at pH 4.0, but they also demonstrate that exceptional leach extractions exist below the current boundaries of the Inferred Resource,” Mr Holthouse said.

Mr Holthouse added that importantly, it was just the first phase of Meteoric’s metallurgical program, and the exceptional results could now be optimised, leading to potentially higher recoveries.

“Caldeira Project’s exceptional rare earth grades and significant mineralised thicknesses coupled with these best-in-class recoveries bode extremely well for further optimisation of MEI’s proposed high-grade feed scenario that will be laser focused to deliver early project value,” he said.

“I look forward very much to the additional results available in the next quarter and beyond this phase of work to the precipitation of Mixed Rare Earth Carbonate phase of the program due early in 2024.”

Best results

• 84% over 24.8m from 2.2m in DM1DD002, with a high of 94% magnet metal extractions including 94% for Nd, 95% for Pr, 81% for Tb and 75% for Dy from 8.0 – 11.0m.
• 86% over 7.9m from 2.0m in DM1DD003, with a high of 89% magnet metal extractions including 91% for Nd, 87% for Pr, 71% for Tb and 73% for Dy from 5.0 – 7.0m.
• 79% over 13.6m from 2.0m in DM1DD004, with a high of 82% magnet metal extractions including 84% for Nd, 81% for Pr, 70% for Tb and 68% for Dy from 11.0 – 15.6m.
• 88% over a 9.4m interval from 2.6m in CDMDD004, with a high of 90% magnet extractions including 92% for Nd, 86% for Pr, 72% for Tb and 71% for Dy from 6.0 – 9.0m.
• 83% over a 6.0m interval from 9.0m in FGDD003, with a high of 86% magnet extractions including 88% for Nd, 81% for Pr, 65% Tb and 66% Dy from 9.0 – 12.0m.

Forward plan

Last months’ drilling struck Meteoric’s thickest and highest-grade intercept to date outside its maiden 409Mt @ 2,626 ppm TREO at a 1000ppm cut off resource and conclusively proved that the depth of mineralised clays is far greater than the 10-metre average which form its current resource.

The Company has already acquired a multipurpose rig and begun a 60,000-metre air core program to
define Measured and Indicated Resources at three regional prospects.

Comprehensive metallurgical work is ongoing and is expected to run across the next seven months, with results from leaching programs, impurity removals, and rare earth precipitation coming through to the end of the year.

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