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METEORIC RESOURCES NL — Capital/Financing Update 2023
May 7, 2023
65311_rns_2023-05-07_a0861102-5c51-4598-aa0d-c9bcc787acae.pdf
Capital/Financing Update
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A S X A N N O U N C E M E N T
8 May 2023
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Caldeira Project Drilling Update
Highlights
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Drill comparisons of original auger holes and new twinned diamond holes highlight extensive clay horizons beneath original auger holes that ended in high-grade REE mineralisation.
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Eight of 11 new diamond holes show a significant depth extension of the target clay zone beneath the historic auger holes. The deepest hole extends clay zones from 14m to 54m depth.
The Global Mineral Resource Estimate (MRE)[1 ] for the Caldeira Project stands at 409Mt @ 2,626 ppm TREO[2] at a 1000ppm cut off:
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MRE is modelled to an average depth of 10m and deepest resource modelling currently ends 25m below surface.
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Diamond drilling confirms areas remain at depth for significant extensions to resources.
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The Company has planned a 100,000m aircore and diamond drill program targeting high-grade areas within the resource model to improve resource confidence to a Measured and Indicated classification – drilling will commence at the Cap do Mel Prospect.
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The Company has purchased a multipurpose drill rig and employed an experienced drill supervisor.
Meteoric Resources NL ( ASX: MEI ) ( Meteoric or the Company ) is pleased to announce an update on the current diamond drilling program and its plans for future exploration, resource definition and conversion at the Caldeira Project in Minas Gerais Brazil.
Executive Chairman, Dr Andrew Tunks said,
“Our current diamond drill program was designed to test the depth extent of the clay zone beneath historical drilling. Previous explorers employed a powered auger drill which only achieved an average depth of 6.9m across the project, with 85% of historic auger holes finishing in mineralisation above 1,000ppm TREO. Current drilling indicates an increase in the thickness of the target clay zone of up to 45m beneath the historic auger drilling. Clearly this shows that there remains considerable potential for additional REE mineralisation beneath the historic drilling.
The Company will drill 100,000m of aircore into the highest-grade areas of the resource to improve confidence in the resource estimate from Inferred category to Measured and Indicated in preparation for economic studies, as well as testing the true depth of REE mineralisation. To ensure these targets are met within a reasonable timeframe and budget the company will build its own drilling capacity in-house, purchasing a multi-purpose drill rig which will be set up to drill “aircore”. Aircore is a drilling method developed in Australia capable of providing high quality, uncontaminated samples in unconsolidated sediments and clay horizons. To enhance our capacity, we have employed a vastly experienced Manager of Drilling to commission the new Rig and mentor the operators and exploration team to ensure our drilling goals are met within budget and on time.”
1 ASX:MEI - Caldeira REE Project Maiden Mineral Resource - 409Mt @ 2,626 ppm TREO 2 TREO = La2O3 + CeO2 +Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu 2O3 + Y2O3
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Meteoric Resources ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 1 of 13
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Figure 1. Drill hole location plan showing license boundaries (MRE areas shown with yellow hatch) on Google Earth Image. CDMDD003 is the only hole drilled outside the MRE areas.
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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 2 of 13
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Diamond Drilling Update
Fifteen (15) diamond drill holes for a total of 457m of a planned 1,250m have been completed (06 May). After the initial drilling contractor was plagued by poor drilling productivity Willemita Sondagems Ltda mobilised to site on 04 April and achieved planned production through April. Of the fifteen (15) holes completed to date twelve (12) are twinning historical auger holes. Assay results are pending and will be released once the proposed 1,250m program is complete.
In Ionic Clay Adsorbed REE mineralisation the potential economic zone that can be leached by washing with ammonium sulfate is confined to the clay zone of the regolith profile. Beneath the clay zone, in the partially weathered and fresh syenite (basement), all REE elements are likely related to primary mineralisation and consequently are not a target for the Company. A comparison of depth of clays intercepted in the diamond holes and the historic auger holes is shown in Table 1 and highlights that historic auger drilling did not reach the base of the clays and a considerable thickness of clay continues beneath the base of auger drilling.
Significant depth extensions to the clay zone have been logged at the Figueira Prospect where historical auger drilling ended between 12m and 14.2m depth. Most significant was in diamond hole FGDD002, where the base of the clay zone was logged at 50m depth.
Drilling to date indicates that the increase in the thickness of the clay zone is variable across the MRE areas but clearly highlights the potential for additional resources below the current model in the MRE, assuming part (if not all) of these clays contain TREO mineralisation. Complete geological logs of the Auger holes and the twinned diamond holes are presented in Appendix 1.
Table 1 . – Comparison between historical auger drill holes with the twinned diamond drill holes.
| Historic Auger hole |
Auger EOH Depth (m) |
Twinned Diamond Drillhole |
Depth of twin (m) |
Depth clay zone in twin (m) |
% depth increase - target thickness |
|---|---|---|---|---|---|
| CDM-134 | 18.5 | CDMDD001 | 31.18 | 17.47 | 94% |
| CDM-194 | 14 | CDMDD002 | 20.4 | 15.2 | 109% |
| CDM-204 | 10.2 | CDMDD004 | 18.15 | 16.35 | 160% |
| SB-76 | 17.5 | SBDD001 | 18.15 | 12.95 | 74% |
| SB-120 | 10.5 | SBDD003 | 19.75 | 10.25 | 98% |
| SB-315 | 14.7 | SBDD002 | 31.45 | 26.1 | 178% |
| FG-48 | 12 | FGDD003 | 45.55 | 19.2 | 160% |
| FG-36 | 14 | FGDD002 | 84.45 | 53.15 | 380% |
| FG-60 | 14.2 | FGDD001 | 61.8 | 42.2 | 297% |
| CVN-182 | 11 | CVNDD001 | 23.25 | 14.1 | 128% |
| CVN-22 | 12 | CVNDD002 | 28.05 | 20.64 | 172% |
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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 3 of 13
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Proposed 100,000m Air Core Drilling Program
The Company previously announced a major drill program to improve confidence in the MRE from Inferred category to Measured and Indicated in preparation for economic studies, as well as testing the true depth of REE mineralisation (ASX:MEI 1 May 2023). A crucial first step has been the recruitment of Mr Rob McGaffin, an experienced Drilling Manager, who recently managed over 200 personnel for African Mining Services (AMS) in Ghana. Rob has overseen the selection of a new Multi-purpose (Aircore) Drill Rig which will be shipped to Brazil during May and is expected to be commissioned on the Caldeira Project at the end of June. Rob has been tasked with recruiting and building the Company’s internal drilling capacity.
The new multi-purpose drill rig is a track mounted, supported by a compressor also on tracks, has a small footprint, and requires minimal clearing at the drill site ensuring minimum environmental impact. The rig comes with all crucial spares and is capable of drilling in excess of 200m per shift into the target clay zone. Once the drill rig is staffed and running the Company will consider increasing drilling capacity under Rob’s supervision to ensure our drilling plans are delivered on time and within budget.
Drilling Information
Table 2 . – Collar table for Auger Holes and Diamond holes – All holes are vertical
| Auger hole |
E (m) | N (m) | RL (m) |
EOH (m) |
Diamond Twin |
E (m) | N (m) | RL (m) |
EOH (m) |
|
|---|---|---|---|---|---|---|---|---|---|---|
| CDM-134 | 346439 | 7566994 | 1328 | 18.5 | CDMDD001 | 346439 | 7566998 | 1342 | 31.2 | |
| CDM-194 | 345627 | 7567601 | 1312 | 14 | CDMDD002 | 345621 | 7567611 | 1339 | 20.4 | |
| CDM-204 | 347477 | 7567050 | 1310 | 10.2 | CDMDD004 | 347477 | 7567043 | 1326 | 18.2 | |
| SB-76 | 348796 | 7569488 | 1307 | 17.5 | SBDD001 | 348798 | 7569484 | 1307 | 18.2 | |
| SB-120 | 348988 | 7570683 | 1316 | 10.5 | SBDD003 | 348988 | 7570683 | 1316 | 19.8 | |
| SB-315 | 349087 | 7568044 | 1298 | 14.7 | SBDD002 | 349087 | 7568044 | 1298 | 31.5 | |
| FG-48 | 340847 | 7572850 | 1341 | 12 | FGDD003 | 340847 | 7572850 | 1341 | 45.6 | |
| FG-36 | 341236 | 7572681 | 1334 | 14 | FGDD002 | 341236 | 7572681 | 1334 | 84.5 | |
| FG-60 | 341860 | 7572053 | 1389 | 14.2 | FGDD001 | 341860 | 7572053 | 1389 | 61.8 | |
| CVN-182 | 342891 | 7576694 | 1426 | 11 | CVNDD001 | 342891 | 7576694 | 1426 | 23.3 | |
| CVN-22 | 341664 | 7579280 | 1361 | 12 | CVNDD002 | 341664 | 7579280 | 1361 | 28.1 | |
| No Twin Hole | CVNDD003 | 342540 | 7578360 | 1250 | 43.0 |
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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 4 of 13
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This release has been approved by the Board of Meteoric Resources NL.
Competent Person Statements
Dr Marcelo J De Carvalho
The information in this announcement that relates to exploration results is based on information reviewed, collated and fairly represented by Dr Carvalho a Competent Person and a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Dr.Carvalho has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Carvalho consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
For further information, please contact:
Dr Andrew Tunks Executive Chairman
Victoria Humphries Investor and Media Relations
Meteoric Resources NL NWR Communications E [email protected] E T +61 400 205 555 T +61 431 151 676
E [email protected] T +61 431 151 676
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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 5 of 13
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Appendix 1 Summary Drill Logs
Note: Full details on drilling methods and sampling for Auger holes Drilled by JOGMEC (2016 to 2019) previously released to ASX 16/12/2023 and 01/05/202.
Diamond drilling details are covered in Appendix 2. JORC Table 1 and repeated here for clarity.
| Drilling techniques | Drilling techniques | • The drilling is diamond drill rig (Mach 1200) with HQ diameter using the wireline technic. • Each drill site was cleaned and levelled with a backhoe loader. • All holes are vertical • Drilling is stopped once intersection with unweathered basement intrusives is confirmed = +5m of fresh rock. |
• The drilling is diamond drill rig (Mach 1200) with HQ diameter using the wireline technic. • Each drill site was cleaned and levelled with a backhoe loader. • All holes are vertical • Drilling is stopped once intersection with unweathered basement intrusives is confirmed = +5m of fresh rock. |
|---|---|---|---|
| Drill sample recovery | • Core recoveries were measured after each drill run, comparing length of core recovered vs. drill depth. Core recoveries were generally better than 95% however in some fresh rock zones the recovery can be near of 75%. Within the saprolite target horizon recoveries average better than 95%. |
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| Logging | • The geology was described in a core facility by geologist - logging is focused on the soil (humic) horizon, saprolite and fresh rock boundaries. • Depth of geological boundaries are honoured and described with downhole depth – not meter by meter • Others important parameters data collected includes the grainsize, texture and colour, which can help to identify the parent rock before weathering. • All drilled holes have a digital photographic record. The log is stored Microsoft Excel template with inbuilt validation tables and pick list to avoid data enter errors. • All geological data are imported into a Microsoft Access database. |
||
| LEGEND CODE |
Symbology | DESCRIPTION | |
| H_A | Soil_A | Humic soil with organic material | |
| H_B | Soil_B | Argilic soil with roots, without preserved rock texture | |
| H_L | Soil_L | Argilic soil with lateritic fragments | |
| H_C1 | Soil_C1 | Totally altered rock with a lot of clay (ratio 1:1) in relation to other minerals, oxide minerals concentration and does not have free silic |
|
| H_C2 | Soil_C2 | Totally altered rock with formation of cutans (films) of rounded clays making up more than 20% of the volume. |
|
| H_C3 | Soil_C3 | Totally altered rock with mottled spots | |
| H_C4 | Soil_C4 | Totally altered rock with preserved rock texture and some pseudomorphs of crystals | |
| BOT | Sandstone | Sandstone well rounded, medium grains and well selected (Eolic, Fm. Botucatu) | |
| TUF | Tuff | Tuff, Fine grain with some rock fragments | |
| BRV | Volcanic Breccia |
Volcanic breccia composed by subrounded to angular fragments of Sandstone, Diabase and Nepheline Sienite |
|
| TIN | Tinguaite | Black Rock with fine to medium grain and radial minerals | |
| FOI | Foiaite | Black rock with coarse grain, sometimes with minerals oriented by magmatic flux | |
| FON | Fonolite | Black rock with fine grain sometimes with porphyry texture | |
| LUJ | Lujaurite | Black rock with phaneritic texture with eudialite and few K-feldspar | |
| CHI | Chibinite | Black rock with phaneritic texture with eudialite and moderate K-Feldspar | |
| CHI | Gnaiss | Basement of the Volcanic Caldera and teh Parana Basin, composed by gnaiss | |
| CHI | Pegmatite | Coarse grain rock with pegmatitic texture |
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Meteoric Resources NL ABN 64 107 985 651 Level 1, 33 Ord Street, West Perth WA 6005 www.meteoric.com.au | Page 6 of 13
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| Auger hole | FROM | TO | Lithology | Diamond Hole | FROM | TO | Lithology |
|---|---|---|---|---|---|---|---|
| CDM-134 | 0 | 1 | H_A | CDMDD001 | 0 | 1.67 | H_A |
| CDM-134 | 1 | 2 | H_C1 | CDMDD001 | 1.67 | 3.63 | H_C3 |
| CDM-134 | 2 | 3 | H_C1 | CDMDD001 | 3.63 | 4.52 | H_C3 |
| CDM-134 | 3 | 4 | H_C1 | CDMDD001 | 4.52 | 6.65 | H_C3 |
| CDM-134 | 4 | 5 | H_C1 | CDMDD001 | 6.65 | 8.5 | H_C3 |
| CDM-134 | 5 | 6 | H_C1 | CDMDD001 | 8.5 | 9.65 | H_C4 |
| CDM-134 | 6 | 7 | H_C1 | CDMDD001 | 9.65 | 10.05 | H_C3 |
| CDM-134 | 7 | 8 | H_C1 | CDMDD001 | 10.05 | 10.45 | H_C3 |
| CDM-134 | 8 | 9 | H_C1 | CDMDD001 | 10.45 | 11.27 | H_C3 |
| CDM-134 | 9 | 10 | H_C1 | CDMDD001 | 11.27 | 12.1 | H_C3 |
| CDM-134 | 10 | 11 | H_C1 | CDMDD001 | 12.1 | 17.46 | H_C3 |
| CDM-134 | 11 | 12 | H_C1 | CDMDD001 | 17.46 | 19.79 | H_C4 |
| CDM-134 | 12 | 13 | H_C1 | CDMDD001 | 19.79 | 22.86 | H_C4 |
| CDM-134 | 13 | 14 | H_C1 | CDMDD001 | 22.86 | 24.9 | H_C4 |
| CDM-134 | 14 | 15 | H_C1 | CDMDD001 | 24.9 | 26.54 | H_C4 |
| CDM-134 | 15 | 16 | H_C1 | CDMDD001 | 26.54 | 29.83 | FON |
| CDM-134 | 16 | 17 | H_C1 | CDMDD001 | 29.83 | 31.18 | FON |
| CDM-134 | 17 | 18 | H_C1 | - | - | - | - |
| CDM-134 | 18 | 18.5 | H_C1 | - | - | - | - |
| CDM-194 | 0 | 1 | H_A | CDMDD002 | 0 | 0.9 | H_A |
| CDM-194 | 1 | 2 | H_C1 | CDMDD002 | 0.9 | 3 | H_C1 |
| CDM-194 | 2 | 3 | H_C1 | CDMDD002 | 3 | 3.9 | H_C3 |
| CDM-194 | 3 | 4 | H_C1 | CDMDD002 | 3.9 | 8.95 | H_C3 |
| CDM-194 | 4 | 5 | H_C1 | CDMDD002 | 8.95 | 12.9 | H_C3 |
| CDM-194 | 5 | 6 | H_C1 | CDMDD002 | 12.9 | 15.2 | H_C3 |
| CDM-194 | 6 | 7 | H_C1 | CDMDD002 | 15.2 | 16.35 | H_C4 |
| CDM-194 | 7 | 8 | H_C1 | CDMDD002 | 16.35 | 18.5 | H_C4 |
| CDM-194 | 8 | 9 | H_C1 | CDMDD002 | 18.5 | 20.4 | FON |
| CDM-194 | 9 | 10 | H_C1 | - | - | - | - |
| CDM-194 | 10 | 11 | H_C1 | - | - | - | - |
| CDM-194 | 11 | 12 | H_C1 | - | - | - | - |
| CDM-194 | 12 | 13 | H_C1 | - | - | - | - |
| CDM-194 | 13 | 14 | H_C1 | - | - | - | - |
| CDM-204 | 0 | 1 | H_C1 | CDMDD004 | 0 | 0.8 | H_A |
| CDM-204 | 1 | 2 | H_C1 | CDMDD004 | 0.8 | 1.7 | H_C3 |
| CDM-204 | 2 | 3 | H_C1 | CDMDD004 | 1.7 | 2.6 | H_C3 |
| CDM-204 | 3 | 4 | H_C1 | CDMDD004 | 2.6 | 8.47 | H_C3 |
| CDM-204 | 4 | 5 | H_C1 | CDMDD004 | 8.47 | 10 | H_C4 |
| CDM-204 | 5 | 6 | H_C1 | CDMDD004 | 10 | 16.35 | H_C4 |
| CDM-204 | 6 | 7 | H_C4 | CDMDD004 | 16.35 | 18.85 | FOI |
| CDM-204 | 7 | 8 | H_C1 | - | - | - | - |
| CDM-204 | 8 | 9 | H_C4 | - | - | - | - |
| CDM-204 | 9 | 10 | H_C4 | - | - | - | - |
| CDM-204 | 10 | 10.2 | H_C4 | - | - | - | - |
| SB-76 | 1 | 2 | H_C1 | SBDD001 | 0 | 0.68 | H_A |
| SB-76 | 2 | 3 | H_C1 | SBDD001 | 0.68 | 1.1 | H_B |
| SB-76 | 3 | 4 | H_C1 | SBDD001 | 1.1 | 7.45 | H_C3 |
| SB-76 | 4 | 5 | H_C1 | SBDD001 | 7.45 | 12.95 | H_C3 |
| SB-76 | 5 | 6 | H_C1 | SBDD001 | 12.95 | 18.15 | FON |
| SB-76 | 6 | 7 | H_C1 | - | - | - | - |
| SB-76 | 7 | 8 | H_C1 | - | - | - | - |
| SB-76 | 8 | 9 | H_C1 | - | - | - | - |
| SB-76 | 9 | 10 | H_C1 | - | - | - | - |
| SB-76 | 10 | 11 | H_C1 | - | - | - | - |
| SB-76 | 11 | 12 | H_C1 | - | - | - | - |
| SB-76 | 12 | 13 | H_C1 | - | - | - | - |
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| Auger hole | FROM | TO | Lithology | Diamond Hole | FROM | TO | Lithology |
|---|---|---|---|---|---|---|---|
| SB-76 | 13 | 14 | H_C1 | - | - | - | - |
| SB-76 | 14 | 15 | H_C4 | - | - | - | - |
| SB-76 | 15 | 16 | H_C1 | - | - | - | - |
| SB-76 | 16 | 17 | H_C1 | - | - | - | - |
| SB-76 | 17 | 17.5 | H_C4 | - | - | - | - |
| SB-315 | 0 | 1 | H_A | SBDD002 | 0 | 1 | H_A |
| SB-315 | 1 | 2 | H_C1 | SBDD002 | 1 | 1.6 | H_B |
| SB-315 | 2 | 3 | H_C1 | SBDD002 | 1.6 | 4.62 | H_C3 |
| SB-315 | 3 | 4 | H_C1 | SBDD002 | 4.62 | 7.45 | H_C3 |
| SB-315 | 4 | 5 | H_C1 | SBDD002 | 7.45 | 18.92 | H_C3 |
| SB-315 | 5 | 6 | H_C1 | SBDD002 | 18.92 | 23.65 | H_C4 |
| SB-315 | 6 | 7 | H_C1 | SBDD002 | 23.65 | 26.1 | H_C4 |
| SB-315 | 7 | 8 | H_C1 | SBDD002 | 26.1 | 28 | BRV |
| SB-315 | 8 | 9 | H_C1 | SBDD002 | 28 | 29.85 | TUF |
| SB-315 | 9 | 10 | H_C1 | SBDD002 | 29.85 | 31.45 | BRV |
| SB-315 | 10 | 11 | H_C1 | - | - | - | - |
| SB-315 | 11 | 12 | H_C1 | - | - | - | - |
| SB-315 | 12 | 13 | H_C1 | - | - | - | - |
| SB-315 | 13 | 14 | H_C1 | - | - | - | - |
| SB-315 | 14 | 14.7 | H_C4 | - | - | - | - |
| SB-120 | 0 | 1 | H_C1 | SBDD003 | 0 | 0.88 | H_A |
| SB-120 | 1 | 2 | H_C1 | SBDD003 | 0.88 | 1.24 | H_B |
| SB-120 | 2 | 3 | H_C1 | SBDD003 | 1.24 | 3.9 | H_C3 |
| SB-120 | 3 | 4 | H_C1 | SBDD003 | 3.9 | 9 | TIN |
| SB-120 | 4 | 5 | H_C1 | SBDD003 | 9 | 10.25 | H_C4 |
| SB-120 | 5 | 6 | H_C1 | SBDD003 | 10.25 | 15.86 | BRV |
| SB-120 | 6 | 7 | H_C1 | SBDD003 | 15.86 | 18.65 | BRV |
| SB-120 | 7 | 8 | H_C4 | SBDD003 | 18.65 | 19.18 | TUF |
| SB-120 | 8 | 9 | H_C4 | SBDD003 | 19.18 | 19.75 | BRV |
| SB-120 | 9 | 10 | H_C4 | - - |
- | - | - |
| SB-120 | 10 | 10.5 | H_C4 | - | - | - | |
| FG-60 | 0 | 1 | H_A | FGDD001 | 0 | 0.45 | H_A |
| FG-60 | 1 | 2 | H_C1 | FGDD001 | 0.45 | 1.55 | H_B |
| FG-60 | 2 | 3 | H_C1 | FGDD001 | 1.55 | 5.38 | H_C1 |
| FG-60 | 3 | 4 | H_C1 | FGDD001 | 5.38 | 14.6 | H_C3 |
| FG-60 | 4 | 5 | H_C1 | FGDD001 | 14.6 | 42.2 | H_C3 |
| FG-60 | 5 | 6 | H_C1 | FGDD001 | 42.2 | 61.8 | FOI |
| FG-60 | 6 | 7 | H_C1 | - | - | - | - |
| FG-60 | 7 | 8 | H_C1 | - | - | - | - |
| FG-60 | 8 | 9 | H_C1 | - | - | - | - |
| FG-60 | 9 | 10 | H_C1 | - | - | - | - |
| FG-60 | 10 | 11 | H_C1 | - | - | - | - |
| FG-60 | 11 | 12 | H_C1 | - | - | - | - |
| FG-60 | 12 | 13 | H_C1 | - | - | - | - |
| FG-60 | 13 | 14 | H_C1 | - | - | - | - |
| FG-60 | 14 | 14.2 | H_C1 | - | - | - | - |
| FG-36 | 0 | 1 | H_C1 | FGDD002 | 0 | 0.98 | H_B |
| FG-36 | 1 | 2 | H_C1 | FGDD002 | 0.98 | 1.98 | H_C1 |
| FG-36 | 2 | 3 | H_C1 | FGDD002 | 1.98 | 3.92 | H_C3 |
| FG-36 | 3 | 4 | H_C1 | FGDD002 | 3.92 | 10.98 | H_C3 |
| FG-36 | 4 | 5 | H_C1 | FGDD002 | 10.98 | 19.41 | H_C3 |
| FG-36 | 5 | 6 | H_C1 | FGDD002 | 19.41 | 22.72 | H_C3 |
| FG-36 | 6 | 7 | H_C1 | FGDD002 | 22.72 | 31.95 | H_C3 |
| FG-36 | 7 | 8 | H_C1 | FGDD002 | 31.95 | 33.35 | H_C3 |
| FG-36 | 8 | 9 | H_C1 | FGDD002 | 33.35 | 36.97 | H_C3 |
| FG-36 | 9 | 10 | H_C1 | FGDD002 | 36.97 | 39 | H_C3 |
| FG-36 | 10 | 11 | H_C1 | FGDD002 | 39 | 46.26 | H_C3 |
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| Auger hole | FROM | TO | Lithology | Diamond Hole | FROM | TO | Lithology |
|---|---|---|---|---|---|---|---|
| FG-36 | 11 | 12 | H_C1 | FGDD002 | 46.26 | 47.62 | H_C3 |
| FG-36 | 12 | 13 | H_C1 | FGDD002 | 47.62 | 50.6 | H_C4 |
| FG-36 | 13 | 14 | H_C4 | FGDD002 | 50.6 | 53.15 | H_C3 |
| FG-36 | - | - | - | FGDD002 | 53.15 | 60.65 | H_C4 |
| FG-36 | - | - | - | FGDD002 | 60.65 | 67.31 | H_C4 |
| FG-36 | - | - | - | FGDD002 | 67.31 | 68.48 | H_C4 |
| FG-36 | - | - | - | FGDD002 | 68.48 | 72 | H_C4 |
| FG-36 | - | - | - | FGDD002 | 72 | 78.66 | H_C4 |
| FG-36 | - | - | - | FGDD002 | 78.66 | 84.45 | H_C4 |
| FG-27 | 0 | 1 | H_A | FGDD003 | 0 | 0.65 | H_A |
| FG-27 | 1 | 2 | H_C1 | FGDD003 | 0.65 | 8.08 | H_C3 |
| FG-27 | 2 | 3 | H_C1 | FGDD003 | 8.08 | 19.02 | H_C3 |
| FG-27 | 3 | 4 | H_C1 | FGDD003 | 19.02 | 21.8 | H_C4 |
| FG-27 | 4 | 5 | H_C1 | FGDD003 | 21.8 | 23.37 | H_C4 |
| FG-27 | 5 | 6 | H_C1 | FGDD003 | 23.37 | 45.55 | H_C4 |
| FG-27 | 6 | 7 | H_C1 | - | - | - | - |
| FG-27 | 7 | 8 | H_C1 | - | - | - | - |
| FG-27 | 8 | 9 | H_C1 | - | - | - | - |
| FG-27 | 9 | 10 | H_C1 | - | - | - | - |
| FG-27 | 10 | 11 | H_C1 | - | - | - | - |
| FG-27 | 11 | 12 | H_C1 | - | - | - | - |
| FG-27 | 12 | 13 | H_C1 | - | - | - | - |
| FG-27 | 13 | 14 | H_C1 | - | - | - | - |
| CVN-182 | 0 | 2 | H_C1 | CVNDD001 | 0 | 1.9 | H_A |
| CVN-182 | 2 | 4 | H_C1 | CVNDD001 | 1.9 | 3.72 | H_B |
| CVN-182 | 4 | 6 | H_C1 | CVNDD001 | 3.72 | 8.54 | H_C1 |
| CVN-182 | 6 | 8 | H_C1 | CVNDD001 | 8.54 | 14.1 | H_C3 |
| CVN-182 | 8 | 10 | H_C1 | CVNDD001 | 14.1 | 19.15 | H_C4 |
| CVN-182 | 10 | 11 | H_C1 | CVNDD001 | 19.15 | 23.25 | FON |
| CVN-22 | 0 | 2 | H_A | CVNDD002 | 0 | 0.75 | H_A |
| CVN-22 | 2 | 4 | H_C1 | CVNDD002 | 0.75 | 2.1 | H_C1 |
| CVN-22 | 4 | 6 | H_C1 | CVNDD002 | 2.1 | 16.2 | H_C2 |
| CVN-22 | 6 | 8 | H_C1 | CVNDD002 | 16.2 | 20.64 | H_C3 |
| CVN-22 | 8 | 10 | H_C1 | CVNDD002 | 20.64 | 28.05 | FON |
| CVN-22 | 10 | 12 | H_C1 | ||||
| - | - | - | - | CVNDD-003 | 0 | 0.6 | H_A |
| - | - | - | - | CVNDD-003 | 0.6 | 1.7 | H_B |
| - | - | - | - | CVNDD-003 | 1.7 | 6.06 | H_C1 |
| - | - | - | - | CVNDD-003 | 6.06 | 17.83 | H_C3 |
| - | - | - | - | CVNDD-003 | 17.83 | 20.65 | H_C3 |
| - | - | - | - | CVNDD-003 | 20.65 | 32.4 | H_C4 |
| - | - | - | - | CVNDD-003 | 32.4 | 42.95 | FON |
| CVN-98 | 0 | 2 | H_A | CVNDD004 | 0 | 2.48 | H_B |
| CVN-98 | 2 | 4 | H_C1 | CVNDD004 | 2.48 | 14.9 | H_C3 |
| CVN-98 | 4 | 6 | H_C1 | CVNDD004 | 14.9 | 27.4 | H_C4 |
| CVN-98 | 6 | 8 | H_C1 | CVNDD004 | 27.4 | 31.1 | FOI |
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Appendix 2 JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | Commentary |
|---|---|
| Sampling techniques | • The drilling is diamond drill rig (Mach 1200) with HQ diameter using the wireline technic. • The samples were collected in core trays with depth blocks • In the saprolite zone the core is halved with a metal spatula and bagged in plastic bags, the fresh rock was halved by a powered saw and bagged. • |
| Drilling techniques | • The drilling is diamond drill rig (Mach 1200) with HQ diameter using the wireline technic. • Each drill site was cleaned and levelled with a backhoe loader. • All holes are vertical • Drilling is stopped once intersection with unweathered basement intrusives is confirmed = +5m of fresh rock. |
| Drill sample recovery | • Core recoveries were measured after each drill run, comparing length of core recovered vs. drill depth. Core recoveries were generally better than 95% however in some fresh rock zones the recovery can be near of 75%. Within the saprolite target horizon recoveries average better than 95%. |
| Logging | • The geology was described in a core facility by geologist -logging focused on the soil (humic) horizon, saprolite and fresh rock boundaries. • Depth of geological boundaries are honoured and described with downhole depth – not meter by meter • Others important parameters data collected includes the grainsize, texture and colour, which can help to identify the parent rock before weathering. • All drilled holes have a digital photographic record. The log is stored Microsoft Excel template with inbuilt validation tables and pick list to avoid data enter errors. • All geological data are imported into a Microsoft Access database. |
| Sub-sampling techniques and sample preparation |
• Sample preparation (drying, crushing, splitting and pulverising) is carried out by ALS laboratory using industry standard protocols: odried at 60°C othe fresh rock is crushed to sub 2mm othe saprolite is just disaggregated with hammers oRiffle split 800g sub-sample o800 g pulverized to 90% passing 75um, monitored by sieving. oAliquot selection from pulp packet |
| Quality of assay data and laboratory tests |
• All samples were assayed by three ALS methods: oME-MS81 – Lithium borate fusion prior acid dissolution and ICP-MS analysis for Ba, Ce, Cr, Cs, Dy, Er, Eu, Ga, Gd, Hf, Ho, La, Lu, Nb, Nd, Pr, Rb, Sc, Sm, Sn, Sr, Ta, Tb, Th, Ti, Tm, U, V, W, Y, Yb, Zr oMe-4ACD81 - Lithium borate fusion prior acid dissolution and ICP-MS analysis for Ag, Au, Cd, Co, Cu, Li, Mo, Ni, Pb, Sc, Tl, Zn. oME-ICP06 – X-Ray Fluorescence (XRF) and acid ICP-AES analysis for Al2O3, BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, SrO, TiO2, LOI. • Laboratory inserted its own QA/QC controls, with standards, blanks and duplicates to assure the quality and standards of the lab. • The QA/QC data includes a duplicate sample every 20 samples, and a blank and standard sample in each 30 samples. |
| Verification of sampling and assaying |
• All holes discussed in this release are twin holes to verify historic drilling • All data is in digital format and stored in a cloud server, also the company maintains a back up in a desktop computer to assure that the data could be restored if any problem occurs with the cloud or with the desktop server. • Data is not adjusted • No assays are reported in this release. |
| Location of data points |
• All collars were surveyed in SIRGAS 2000, 23S spindle UTM grid system. The SIRGAS 2000 is a South American Datum which is very similar with the WGS 84. • At the moment the survey of collars was made with a hand GPS and in a second moment it will be surveyed by a RTK GPS. • The Topographic data was made by by Nortear Topografia e Projectos Ltda., planialtimetric topographic surveyors. The GPS South Galaxy G1 RTK GNSS was used, capable of carrying |
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| out data surveys and kinematic locations in real time (RTK-Real Time Kinematic), consisting of two GNSS receivers, a BASE and a ROVER. The horizontal accuracy, in RTK, is 8mm + 1ppm, and vertical 15mm + 1ppm. • The coordinates were provided in the following formats: Sirgas 2000 datum, and UTM WGS 84 datum - georeferenced to spindle 23S. • For the generation of planialtimetric maps (DEM), drones were used with control points in the field (mainly in a region with more dense vegetation), in addition to the auger drillholes.an employed company with drone imaging and RTK GPS on auger drill holes |
|
|---|---|
| Data spacing and distribution |
• See collar plan • No resources are reported • No assays are reported |
| Orientation of data in relation to geological structure |
• The mineralisation is flat lying and occurs within the saprolite/clay zone of a deeply developed regolith (reflecting topography and weathering). Vertical sampling from the powered auger holes is appropriate. • As such, no sampling bias is believed to be introduced. |
| Sample security | • Samples are removed from the field and transported back to a Core shad to be logged and sampled as reported before. • Each drill hole is packed in plastic bags forming a batch to be sent to the lab where it is processed as reported above. • The remaining sample is stored in the same boxes which was inserted on the drill process and stored on the same core shad in wooden pallets. • The transport of samples from Poços de Caldas to ALS laboratory in Vespasiano was undertaken by a competent independent contractor. |
| Audits or reviews | • MEI conducted a review of assay results as part of its Due Diligence prior to acquiring the project. Approximately 5% of all stored coarse rejects from auger drilling were resampled and submitted to two (2) labs: SGS Geosol and ALS Laboratories. Results verified the existing assay results, returning values +/-10% of the original grades, well within margins of error for the grade of mineralisation reported. (see ASX:MEI 13/03/23 for a more detailed discussion) • No independent audit of sampling techniques and data has been completed. |
Section 2 Reporting of Exploration Results
| Criteria | Commentary | Commentary |
|---|---|---|
| Mineral tenement and | • | Listed in Appendix 3. |
| land tenure status | • | Given the rich history of mining and current mining activity in the Poços de Caldas there |
| appears to be no impediments to obtaining a License to operate in the area. | ||
| Exploration done by | • | The Caldeira Project has had significant exploration in the form of surface geochem across 30 |
| other parties | granted mining concessions, plus: geologic mapping, topographic surveys, and powered auger | |
| (1,396 holes for 12,963 samples). | ||
| • | MEI performed Due Diligence on historic exploration and are satisfied the data is accurate and | |
| correct (refer ASX Release 13 March 2023 for a discussion). | ||
| Geology | • | The Alkaline Complex of Poços de Caldas represents in Brazil one of the most important |
| geological terrain which hosts deposits of ETR, bauxite, clay, uranium, zirconium, rare earths | ||
| and leucite. The different types of mineralization are products of a history of post-magmatic | ||
| alteration and weathering, in the last stages of its evolution (Schorscher & Shea, 1992; Ulbrich | ||
| et al., 2005), The REE mineralisation discussed in this release is of the Ionic Clay type as | ||
| evidenced by development within the saprolite/clay zone of the weathering profile of the | ||
| Alkaline syenite basement as well as enriched HREE composition. | ||
| Drill hole Information | • | Reported in body of report |
| Data aggregation | • | No assay data is reported |
| methods | ||
| Mineralisation widths | • | No assay data is reported |
| and intercept lengths | ||
| Diagrams | • | See body of the text |
| Balanced reporting | • | No assay data is reported |
| Other substantive | • | Metallurgical work was carried out on samples split from a 200kg composite sample, which in |
| exploration data | turn was composed of a selection of 184 samples from 41 holes (100 x100m grid) across the | |
| Capo do Mel Target. Head grade of the composite sample was 4,917ppm TREO. Results | ||
| showed excellent recoveries by desorption of Rare Earth Elements (REE) using ammonium | ||
| sulphate solution [(NH4)2SO4)] in weakly acidic conditions [pH 4]. Average recovery of the low | ||
| temperature magnet REE Pr + Nd was 58%. desorption was achieved using a standard |
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ammonium sulphate solution at pH 4 and confirms the Caldeira Project is an Ionic (Adsorption) Clay REE deposit (for further discussion refer ASX Release 20 December 2023). • A maiden Inferred resource was published to the ASX on May 1[st] 2023 Further work • Proposed work is discussed in the body of the text.
Appendix 3 Caldeira REE Project - Licence details
| License | Status | License Holder | Area(ha) |
|---|---|---|---|
| 814.251/1971 | MiningConcession | Mineração Perdizes Ltda | 124.35 |
| 814.860/1971 | MiningConcession | Mineração Zelândia Ltda | 341.73 |
| 815.006/1971 | MiningConcession | Mineração Perdizes Ltda | 717.52 |
| 815.274/1971 | MiningRequest | Companhia Geral de Minas | 739.73 |
| 815.645/1971 | MiningConcession | Companhia Geral de Minas | 366.02 |
| 815.681/1971 | MiningConcession | Mineração Zelândia Ltda | 766.54 |
| 815.682/1971 | MiningConcession | Companhia Geral de Minas | 575.26 |
| 816.211/1971 | MiningConcession | Mineração Perdizes Ltda | 796.55 |
| 817.223/1971 | MiningConcession | Mineração Daniel Togni Loureiro Ltda | 772.72 |
| 820.352/1972 | MiningConcession | Mineração Zelândia Ltda | 26.4 |
| 820.353/1972 | MiningConcession | Mineração Zelândia Ltda | 529.7 |
| 820.354/1972 | MiningConcession | Mineração Zelândia Ltda | 216.49 |
| 813.025/1973 | MiningRequest | Mineração Perdizes Ltda | 943.74 |
| 808.556/1974 | MiningConcession | Mineração Perdizes Ltda | 204.09 |
| 811.232/1974 | MiningConcession | Mineração Perdizes Ltda | 524.4 |
| 809.359/1975 | MiningConcession | Companhia Geral de Minas | 317.36 |
| 803.459/1975 | MiningConcession | Mineração Perdizes Ltda | 24.02 |
| 804.222/1975 | MiningRequest | Mineração Perdizes Ltda | 403.65 |
| 807.899/1975 | MiningRequest | Companhia Geral de Minas | 948.92 |
| 808.027/1975 | MiningConcession | Companhia Geral de Minas | 600.76 |
| 809.358/1975 | MiningConcession | Companhia Geral de Minas | 617.23 |
| 830.391/1979 | MiningRequest | Mineração Perdizes Ltda | 7.3 |
| 830.551/1979 | MiningRequest | Togni S A Materiais Refratários | 528.88 |
| 830.000/1980 | MiningRequest | Mineração Perdizes Ltda | 203.85 |
| 830.633/1980 | MiningRequest | Mineração Zelândia Ltda | 35.25 |
| 831.880/1991 | MiningRequest | Mineração Zelândia Ltda | 84.75 |
| 835.022/1993 | MiningConcession | Mineração Perdizes Ltda | 73.5 |
| 835.025/1993 | MiningConcession | Mineração Perdizes Ltda | 100.47 |
| 831.092/1983 | MiningConcession | Mineração Perdizes Ltda | 171.39 |
| 830.513/1979 | MiningRequest | Mineração Monte Carmelo Ltda | 457.27 |
| Licences to be acquired, refer ASX Announcement 24 April 2023: | |||
| 830.443/2018 | Exploration Licence | Fertimax Fertilizantes Orgânicos Ltda. | 79 |
| 830.444/2018 | Exploration Licence | Fertimax Fertilizantes Orgânicos Ltda. | 248 |
| 833.655/1996 | MiningApllication | Minas Rio Mineradora Ltda. | 249 |
| 833.656/1996 | MiningApllication | Minas Rio Mineradora Ltda. | 80 |
| 833.657/1996 | MiningApllication | Minas Rio Mineradora Ltda. | 68 |
| 834.743/1995 | MiningApllication | Minas Rio Mineradora Ltda. | 283 |
| 833.486/1996 | MiningApllication | Minas Rio Mineradora Ltda. | 79 |
| 002.349/1967 | MiningLicence | Varginha Mineração e Loteamentos Ltda. | 74 |
| 833.176/2008 | Exploration Application | Varginha Mineração e Loteamentos Ltda. | 634 |
| 830.955/2006 | Exploration Application | Varginha Mineração e Loteamentos Ltda. | 1994 |
| 830.461/2018 | Exploration Application | Fertimax Fertilizantes Orgânicos Ltda. | 51 |
| Encumbered Licences to be acquired, refer ASX Announcement 24 April 2023 | |||
| 832.193/2012 | Exploration Licence | Varginha Mineração e Loteamentos Ltda. | 12 |
| 831.686/2012 | Exploration Licence | Varginha Mineração e Loteamentos Ltda. | 7 |
| 831.269/1992 | MiningLicence | Varginha Mineração e Loteamentos Ltda. | 442 |
| 832.572/2003 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 204 |
| 833.551/1993 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 99 |
| 833.553/1993 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 98 |
| 830.697/2003 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 5 |
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| 832.252/2001 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 52 |
|---|---|---|---|
| 830.416/2001 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 166 |
| 832.146/2002 | MiningApllication | Varginha Mineração e Loteamentos Ltda. | 19 |
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