Meteoric Resources (ASX:MEI) said measured resources across its Caldeira rare earth element ionic clay project in Brazil have increased 246% to 128 million tonnes at 2,815 parts per million total rare earth oxides, according to a Thursday filing with the Australian bourse.

The global mineral resource estimate now stands at 1.6 billion tonnes at 2,317 ppm TREO, with contained critical magnetic rare earth oxides including 209,000 tonnes of praseodymium oxide, 594,000 tonnes of neodymium oxide, 6,000 tonnes of Terbium oxide, and 34,000 tonnes of dysprosium oxide.

The company is in the process of finalizing a definitive feasibility study for the project.