The mining licenses to be added span 49 km² and increase the total area covered by Meteoric Resources in the REE province by 40% to 172km².
The Caldeira REE project is located in the Minas Gerais State, Brazil.
(Credit: dyet/Freeimages)
Meteoric Resources has announced a binding agreement resulting in the expansion of its Caldeira rare earth element (REE) project in Brazil through the acquisition of Ionic Clay licenses. The Australian exploration company will add 21 licenses to the Caldeira project through the deal. These include two mining licences (MLs), 12 mining license applications (MLAs), four exploration licenses (ELs), and three exploration license applications (ELA).
Meteoric Resources said that 11 of the licenses, are transferrable freely, while 10 are presently dependent on third party encumbrances. These including all of those which effectively join the three Caldeira Project licenses of Capão do Mel, Soberbo, and Figueira.
The sellers of the licenses are Varginha Mineração e Loteamentos, Minas Rio Mineradora, and Fertimax Fertilizantes Organicos. The licenses to be added span 49km² and increase the total area covered by Meteoric Resources in the REE province by 40% to 172km². The company said that the licences involved in the deal did not see any exploration in the past for rare earth metals and no technical data is available for reporting.
However, historic drilling of the Capão do Mel, the Soberbo, and the Figueira licenses, that are in proximity to the main area of the acquisition, have robust mineralisation extending to the license boundaries. Meteoric Resources stated that there are high chances that the REE mineralization will continue into the new licenses and this opportunity will be the target of substantial future exploration.
“The licenses to be acquired perfectly consolidate our ground holdings in the southern, most prospective region of the Project, creating a contiguous block of ground and tying the highly prospective Capão do Mel and Sorberbo licenses back to Figueira in a single parcel". said the .Meteoric Resources executive chairman Andrew Tunks.
“Evaluation of historic exploration drilling on Capão do Mel, Figueira and Sorberbo confirms REE mineralisation continues right up to the boundaries of licenses to be acquired, and logically into these areas. This significantly increases our discovery opportunity and we will extend our current diamond drilling programme to complete several stratigraphic holes to test for REE mineralisation and depth to basement within these new licenses.”
Prior to the deal, the Caldeira REE project was made up of 30 licenses, of which 21 are mining licenses and nine are mining licence applications. The project, which is located in the Minas Gerais State, was acquired by Meteoric Resources earlier this month from Togni S/A Materiais Refratários.
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