Meteoric Resources (ASX:MEI) updated the mineral resources estimate at its Caldeira rare earth element ionic clay project in Brazil, according to a Australian bourse filing on Wednesday.
The project's global mineral resource estimate jumped 50% to 1.1 billion tonnes at 2,413 parts-per-million total rare earth oxides at a 1,000 ppm cut-off, including 559 ppm magnetic rare earth oxides.
Measured and indicated resources soared by 91% to 589 million tonnes at 2,655 ppm total rare earth oxides with magnetic rare earth oxides of 613 ppm, while measured resources came in at 37 million tonnes at 2,983 ppm total rare earth oxides with 715 ppm magnetic rare earth oxides.
The mineral resource estimate for the for the Dona Maria 1 and 2 as well as the Cupim Vermelho Norte licenses increased to 566 million tonnes at 2,200 ppm total rare earth oxides at a 1,000 ppm cut-off.
It said that the high-grade Barra do Pacu area will be added to the mineral resource estimate in the June quarter.
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