Meteoric Resources (ASX:MEI) struck high-grade mineralization following drilling activities at the Agostinho Prospect within its Caldeira rare earth ionic clay project in Brazil, according to a Wednesday filing with the Australian bourse.
Notable intercepts include up to 19,183 parts per million of total rare earth oxides (TREO) and enriched magnetic rare earth oxide (MREO) of up to 6,691 parts per million. It also reported MREO peak zones up to 38% of TREO with an average of 30.4%, up 7.4% from the Global Resource average, per the filing.
The mining company's shares were up 5% in recent trade.
Price (AUD): $0.09, Change: $+0.0040, Percent Change: +4.94%
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