Meteoric Resources (ASX:MEI) completed the maiden mineral resource estimate for the Barra do Pacu license at its Caldeira rare earth element ionic clay project in Brazil, according to a Tuesday Australian bourse filing.
The mineral resource estimate came in at 389 million tonnes at 2,204 parts-per-million (ppm) grade of total rare earth oxides, including 77 million tonnes of indicated resources at a grade of 2,917 ppm of total rare earth oxides.
The high-grade indicated resources came in at 32 million tonnes at 4,130 ppm grade of total rare earth oxides. The license will be integrated into the upcoming Calderia project's prefeasibility study.
The whole project's mineral resource estimate grew to 1.5 billion tonnes at 2,359 ppm grade of total rare earth oxides, containing 195,000 tonnes of yttrium oxide and praseodymium oxide each, as well as 554,000 tonnes of neodymium oxide.
The measured and indicated mineral resource estimate for the whole project grew to 666 million tonnes at 2,685 ppm grade of total rare earth oxides, including about 23% magnetic rare earth oxides.
Meteoric Resources' shares rose almost 28% in recent trading on Tuesday.
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