This is the first rare earth Mineral Resource reported for Circle Valley and strong potential for growth exists with the shallow high-grade mineralisation. Pic via Getty Images
Mining
In under 24 months, Meeka Metals has gone from proof of concept to establishing a mineral resource estimate at Circle Valley, which contains 21,560t of high value NdPr metal.
Meeka Metals’ (ASX:MEK) initial mineral resource estimate of 98Mt at 890ppm TREO at Circle Valley features a high NdPr to TREO ratio of 25% entirely within an optimised pit shell that covers an area of nearly 19km2.
A discrete high-grade subset of the mineral resource (~1km2) includes 13Mt at 1,440ppm TREO above a 430ppm TREO minus cerium oxide cut-off.
While this is the first rare earth mineral resource reported at the Circle Valley project, MEK managing director Tim Davidson says strong potential for growth exists with the shallow high-grade mineralisation trending northwest and remaining open in that direction.
Davidson credits this initial high-grade resource estimate to the diligent work by the team in identifying and then executing on the rare earth opportunity.
“The mineral resource is supported by metallurgical and economic assumptions from our ongoing test work, ensuring it is valuable, shallow, and high-grade,” he explains.
“Results from the most recent phase of 2023 drilling also show the high-grade mineralisation trends northwest and remains open in that direction, providing a compelling growth target.”
The open pit optimisation constraining the mineral resource reflects current mining costs for a large scale, free digging truck and shovel operation, MEK says.
It is anticipated that if mining were to occur, areas that are subject to mining would be systematically backfilled and rehabilitated with topsoil (which is removed prior to mining and stored for reuse during remediation) as mining progresses.
The rehabilitated areas would reflect the pre-mining condition of the project area.
This article was developed in collaboration with Meeka Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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