Meteoric Resources Unveils Promising Results from Diamond Drill Holes

$MEI Meteoric Resources Unveils Promising Results from Diamond Drill Holes

Meteoric Resources NL (ASX: MEI), a leading exploration company focused on rare earth minerals, is pleased to announce the latest findings from its diamond drilling program. The results represent the first comprehensive sampling of the project and reveal exciting prospects for the company's future.

Extending High-Grade Rare Earth Mineralization at Depth

The diamond drill holes have provided groundbreaking data indicating that the high-grade rare earth mineralization extends significantly deeper than the current Inferred Resource. Dr. Andrew Tunks, Executive Chairman of Meteoric Resources, expressed enthusiasm about the findings, stating, "This is groundbreaking work for the Company with the first real data to indicate that the high-grade rare earth mineralisation continues significantly deeper than the current Inferred Resource."

The newly received assays demonstrate significant extensions of mineralization at depth across all prospects, with notable depth extensions at Capão do Mel and Figueira. At Capão do Mel, the diamond drilling has extended the mineralization to a ... depth of thirty-six (36) meters, while at Figueira, REE mineralized zones have been identified down to sixty-seven (67) meters. The drilling at all six resource areas has significantly expanded the maximum depths of mineralization. These findings have positive implications for future resource estimation and suggest a potential increase in the scope of the project.

Validation of Historic Auger Drilling Results

Meteoric Resources has further validated the historic auger drilling results, with the company's first diamond hole assays confirming the Caldeira Project as the world's highest-grade Ionic Clay REE deposit. The assays also indicate high Total Rare Earth Oxide (TREO) grades and reveal thick intersections with Magnetic Rare Earth Oxide (MREO) 3 results well over 1,500ppm. This demonstrates that the Caldeira Project's high-grade nature exceeds any other documented IONIC clay REE deposit. These findings, coupled with excellent metallurgical recoveries reported by previous explorers, position the Caldeira Project as a potentially disruptive asset in the global rare earth market.

Exciting Months Ahead for Meteoric Resources

The coming months will be an exciting time for Meteoric Resources, with significant activity planned following the diamond drilling results. The company has initiated metallurgical testwork at ANSTO laboratories in Australia to confirm the high REE recoveries reported earlier. Additionally, their owned and operated Aircore drill rig will conduct infill drilling at Capão do Mel, Sorberbo, and Figueira to delineate Measured and Indicated Resources for optimisation and economic studies.

The diamond drilling program will continue, testing priority soil anomalies outside the defined resource areas and collecting depth to basement and density data within the resource. Given the promising results, it is anticipated that the drilling program will continue throughout 2023, forming a crucial dataset for the next Mineral Resource Estimate.

Diamond Drilling Program Overview

To date, a total of 41 HQ Diamond (DD) drill holes, spanning 1,313 meters, have been completed across the six known deposits (Figure 1). The program's initial scope was to test the depth to the base of the clays beneath the Inferred Resource and support metallurgical and density testwork programs. Due to the program's success, drilling has been expanded to test seventeen priority regional targets (soil anomalies) on licenses beyond the existing REE resource areas. Updates on these targets will be provided as results are received and interpreted.

Upon completion of the regional drill program, Meteoric Resources will resume resource diamond drilling in the current resource areas, providing solid geological logging of the transition from the regolith profile into the underlying unweathered intrusive basement and validating the historical auger drilling.

Meteoric Resources NL continues to demonstrate its commitment to exploring and unlocking the full potential of the Caldeira Project as it solidifies its position in the global rare earth market.

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