Meteoric Resources Limited (ASX: MEI) has completed the acquisition of the Caldeira rare earth element (REE) project. The site includes 21 mining licences and nine mining licences applications, and preliminary metallurgical testing has been completed on a bulk sample that graded 4,917 parts per million (ppm) of total rare earth oxide (TREO). The acquisition was worth AU$25 million and was funded through a capital raising effort.
Meteoric's executive chairman, Dr Andrew Tunks, said the company will build out its management team, and continue with its diamond drilling program. Meteoric is also planning an extensive aircore and diamond drilling program that will lead to more than 100,000 metres of drilling to be completed over the next 18 months. The drilling will close drill spacing across several high-priority targets, providing updated data for a resource estimation. Meanwhile, Meteoric has retained 100% ownership and control of the Juruena Gold Project after Keystone Resources terminated a term sheet for the sale of the site.
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