MEI - Meteoric Resources

[barney]

Since the end of June, MEI has continued its slow, steady climb north with a number of new developments since then.

JUDD001 20.6m @ 94.9 g/t Au from 96.8m

• Including 3.65m @ 508.4 g/t from 107.5m

• JUDD002 1.1m @ 22.68 g/t Au from 41.2m
  And 4.5m @ 6.20 g/t Au from 46.6m

Chunky intercept be nice if they can replicate those results on a wider strike. Results from Holes 3 to 8 should be close.

 

[frugal.rock]

Chart looks great up until the start of the year.
Some drilling started recently.
Hard to tell these days how long to anticipate results with labs backed up, however it does look like may be into something decent.
Why else would you drill 1.2km deep holes. One to watch I speculate. Not held.

 

[greggles]

Is the bottom in for MEI? Nice gap up reversal today after the below announcement was released to the market. Good volume too.

 

[frugal.rock]

ASX ANNOUNCEMENT
9 FEBRUARY 2022

Additional Metallurgical Test-work Confirms Exceptional Gold Recoveries at
Butchers Creek

Key Highlights

 Continued test-work demonstrates straightforward non-refractory metallurgical ore characteristics, with a likely processing route incorporating a simple industry standard CIL cyanide leach plant

 Whole of ore leaching achieved a gold dissolution of 95-96% after only 24 hours leach time

 Physical characteristics indicate a soft to medium hardness which is readily amenable to conventional comminution (crushing) equipment

 Akin to Composite #1, the results from Composite #2 confirm a simplified flowsheet requiring either a potential low-cost treatment facility or ore which is also amenable to toll treatment

 

[greggles]

June 2021 definitely wasn't the bottom for MEI... but perhaps it is now? Nice announcement.

 

[peter2]

Did we miss this one? No posts and not selected in the Jan monthly comp either.

Since the news that MEI will buy a potential world class ionic clay REE project, MEI is "going to the moon".

I'm annoyed that I didn't start a speculative position on that BO > 0.064.
There's plenty of opportunities out there but they must be recognised and seized at the correct time.

 

[Dona Ferentes]

No posts and not selected in the Jan monthly comp either.

No, there weren't any new posts, no it wasn't entered. But who'd have thought it might double from 6c to 12c in Jan (and take out the comp) after putting on the impressive run in late 2022 . Aren't these speccies meant to pull back sometime? And especially on limited information flow.

There's plenty of opportunities out there but they must be recognised and seized at the correct time...

 

[Dona Ferentes]

Coming back to earth. Was 14.5c

Termination of Term Sheet: Juruena Gold Project

On 03 June 2022, Meteoric Resources NL announced the execution of a binding term sheet for the sale of its Juruena Gold Project in Brazil to Keystone Resources Limited.

On 04 October 2022, the Company received initial non-refundable payment of US$2.5 million from Keystone, with the remaining US$17.5 million due to be paid on 31 March 2023.

On 31 March 2023, the Company received notice from Keystone advising that it was unable to make payment on the due date. Furthermore, Keystone did not provide any commitment as to when it would be able to pay the outstanding US$17.5 million. The Company was ready, willing and able to discharge its remaining obligations to Keystone. The Company is not in breach or default of any of its obligations under the Term Sheet.

As a consequence of the failure by Keystone to pay the US$17.5 million when due combined with the statement from Keystone that it did not know when it would be able to pay that amount, the Company formed the view that Keystone had repudiated the Term Sheet. The Company has elected to accept that repudiation and has now terminated the Term Sheet. The Company has reserved all of its rights regarding the actions of Keystone.

With completion of the high grade Caldeira REE project acquisition imminent, the Company is undertaking a capital raising so as to enable it to meet its completion obligations and provide sufficient working capital to accelerate the exploration and development of the Caldeira Project.

This capital raising was not otherwise contemplated at this time, and is a direct result of the breach by Keystone under the Term Sheet.

The Company will be making a further announcement to the market shortly with respect to the proposed capital raising. Pending this announcement, the Company’s securities will remain in trading halt.

 

[Dona Ferentes]

Bedded down the Brasilian ionic clay REE acquisition. Now with a $200 million MC

 

[Dona Ferentes]

And nobody wants a LYS situation... Shares up this morning

Highly positive outcome on study of
U and Th levels at Caldeira Project
Highlights

• A complete analysis of all previous exploration data (12,941 samples) was undertaken to understand the levels of Uranium (U) and Thorium (Th) across the Caldeira Project.
• Within the saprolitic clay zone containing the elevated REE, the Project’s average U and Th values are 17ppm and 64 ppm respectively.
• U and Th values in the recovered REE carbonate product from SGS Geosol testwork were also low, having mean values of U = 21 ppm and Th = 22ppm.
• Levels of U and Th at the Caldeira Project are very low, with values that are typically lower than most other Ionic Clay REE deposits and significantly lower than hard rock rare earth projects.
• The dominant REE mineral in the source rock (trachyte) beneath the clay zone is Bastnaesite, a major source of REE worldwide and known to have lower levels of U & Th than other common REE minerals such as monazite or xenotime.
• Bastnaesite is a REE carbonate-fluoride mineral (REE)CO3F and does not have U and Th in its composition, unlike Monazite. The mineral has been recognised as the main REE carbonate associated with the Poços de Caldas Alkaline Complex..

Executive Chairman, Andrew Tunks said, “The low levels of radionuclides in Ionic Clay REE deposits is a well-established fact. In reality it is one of the key features, along with low mining and process costs, that make Ionic Clay REE deposits so economically attractive. Due to the fundamental physical and chemical properties of true Ionic Clay REE deposits, the most common radioactive contaminants are typically not adsorbed onto the clays during the weathering process.

"The levels of uranium and thorium in the REE enriched clays of the Caldeira Project are very low and there appears to be no preferential enrichment of radionuclides into the REE carbonate in the preliminary metallurgical testwork."

 

[Dona Ferentes]

Bedded down the Brasilian ionic clay REE acquisition.

....And doubling down.

Significant Strategic Expansion
to Tier 1 Caldeira REE Project

Highlights

• Meteoric has entered into a binding agreement to acquire significant and strategic Ionic Clay Rare Earth Element licences contiguous with the most highly prospective areas of its Tier 1 Caldeira REE Project in the Minas Gerais State of Brazil
• The Acquisition comprises 21 Licenses (2 Mining Licenses, 12 Mining Licence Applications, 4 Exploration Licences and 3 Exploration Licence Applications)
• The Licences cover 49km2, increasing the total area covered by the Company in this remarkable REE province by 40% to 172km2
• Importantly, the acquisition amalgamates a large contiguous block of ground, covering approximately 67km2, in the most prospective southern portion of the Caldeira Project, amalgamating the previously drilled highly prospective Capão do Mel, Soberbo and Figueira Licences.

 

[Dona Ferentes]

and a chat with Chair

The World's Highest-Grade Ionic Clay - ShareCafe

Executive Chair Dr Andrew Tunks discusses Meteoric Resources' transition from gold to rare earths and the advantages of ionic clay over hard rock deposits.

www.sharecafe.com.au

 

[Dona Ferentes]

this one's got to be primed for a consolidation? Not sure how much cash there is, but I feel a cap raise coming on.

Investor presentation out ... all about REE and why we need 'em.
.

That's a lot of shares, and a big M/C for an explorer.
.

...
“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 new assays clearly show there is significant extensions at depth at all prospects and indeed this is particularly clear at Capão do Mel, where the diamond drilling has extended the mineralisation to a depth of thirty-six (36) metres and at Figueira where we see REE mineralised zones down to sixty-seven (67) metres. In fact, the diamond drilling at all six resource areas hasextended the maximum depths of mineralisation significantly. This has enormous positive implications for any future resource estimate should the trend continue in future drilling.

Equally significant has been the validation of the historic auger drilling results, with the Company’s first diamond hole assays confirming the Caldeira Project’s status as the World’s highest grade Ionic Clay REE. Assays also confirm that the high TREO grades reflect very high-grade Magnetic Rare Earth Oxide results with several thick intersections well over 1,500ppm MREO. The Caldeira Project is clearly significantly higher grade than any other IONIC clay REE yet documented. When coupled with the excellent metallurgical recoveries document by previous explorers this is potentially a disruptive asset in the global rare earth market.

The coming months will see an exciting time for the Company with considerable activity following on from these diamond results. An initial batch of composite samples for metallurgical testwork is now underway at ANSTO laboratories in Australia, looking to confirm very high REE recoveries previously reported. The Company owned and operated Aircore drill rig will be infill drilling at Capão do Mel, Sorberbo and Figueira to delineate Measured and Indicated Resources for optimisation and economic studies. In addition, the diamond drilling will continue testing both priority soil anomalies outside the defined resource areas as well as further testing within the resource to collect depth to basement and density data. Given today’s exciting results, it is expected that this drilling will continue for the remainder of 2023 and form a crucial dataset for the next Mineral Resource Estimate.

 

[Sean K]

Heading towards a potential breakout area.

A pre-potential breakout, alert... Will be eyes on around 26-27c.

Watch and shoot.

 

[Captain_Chaza]

I have entered the MEI in the 2024 Year Long Regatta
Sometimes The Good just get Gooder !
Sailing the MEI--------------------One WEEK at a Time-----------------------------&-------------------One DAY at a Time

Salute and Gods' Speed

 

[Captain_Chaza]

I have entered the MEI in the 2024 Year Long Regatta
Sometimes The Good just get Gooder !
Sailing the MEI--------------------One WEEK at a Time-----------------------------&-------------------One DAY at a Time
View attachment 168138
Salute and Gods' Speed
View attachment 168139

STAY CLEAR !! We all make mistakes

 

[noirua]

13 June 2024 - Capão do Mel Resource Update Doubles Caldeira Project
Measured and Indicated Resources
Underpins Scoping Study economics and the creation of a new, low cost REE supply chain

Stockness Monster!

 

[Dona Ferentes]

13 June 2024 - Capão do Mel Resource Update Doubles Caldeira Project Measured and Indicated Resources underpins Scoping Study economics and the creation of a new, low cost REE supply chain

.

Caldeira Project Scoping Study confirms potential for the world’s lowest cost source of rare earths with outstanding financial metrics​

Meteoric engaged leading Australian Engineering Group (Ausenco) to establish metallurgical recoveries and assist with process flowsheet development. The Australian Nuclear Science & Technology Organisation has improved on previous test work and produced the Caldeira Project’s first saleable MREC product that is low in impurities and represents significantly improved metallurgical recoveries.

maybe market was expecting better

 

[Dona Ferentes]

MEI went into a trading halt on Wednesday to raise equity, split into a $25 million placement and a $5 million share purchase plan. New shares offered at 11¢ apiece, which is 24 per cent lower than the 20-day volume-weighted average price and an 8 per cent discount to the last close.

The quarterly report came out before launching the cash call; the Caldeira project has lifted the total resource to 619 million tonnes at 2538 parts per million of total rare earth oxide. Also signed a non-binding memorandum of understanding with Neo Performance Materials to buy up to 3000 tonnes of oxide from Caldeira.

Meteoric shares have lost nearly 54 per cent this year.

 

[Sean K]

I've been following this for a while because Sprott was on board and RR was ramping it pretty heavily.

But, due to his failed ramping of CTM and getting that analysis completely crappo, I paused on the buy button.

Luckily so, because I could buy it much cheaper now, if I wanted.

However, I haven't got a clue about Rare Earths so I need to do some proper research before thinking that the Chinese aren't going to crap all over this, like they've done with nickel.