Perpetual eyes MRE for Raptor’s Caldeira-like REE mineralisation

Perpetual Resources is formulating its next activities to advance the Raptor rare earths project after highly encouraging Caldeira-style results from maiden drilling.
Next steps include a detailed review of data, deeper drilling and met testing with a Mineral Resource Estimate (MRE) for Raptor in sight next year
Perpetual is also excited by results from its Isabella lithium project – adjacent to advanced spodumene projects owned by Sigma Lithium Corp and Atlas Lithium Corp

Special Report: After proving highly encouraging rare earths results at its Raptor project last month, Perpetual Resources has a full workbook as it aims to position itself as a strong contender in Brazil’s hot REE sector, in addition to its strong Isabella spodumene exploration project nearby.

With a view to releasing a Mineral Resource Estimate for Raptor next year, top of Perpetual Resources (ASX:PEC)’s priority list is completing a data review of its maiden drill campaign.

Grades intersected close to surface at Raptor compare favourably to those seen at Meteoric Resources’ (ASX:MEI) nearby Caldeira project. That project, with its resource of 545Mt grading 2561 parts per million (ppm) total rare earth oxides (TREO), has made MEI a market darling over the past couple of years.

PEC’s drilling also demonstrated significant quantities of highly valuable magnet rare earth elements (REEs) neodymium and praseodymium, with intersections including 5m at 5591ppm TREO (35% NdPr) and 12m at 4601ppm TREO (23% NdPr).

The shallow (10-12 metre) drilling also indicated there is significant upside at depth as all holes ended in mineralisation – a common trait among nearby, Caldeira-style clay-hosted deposits.

PEC’s four Raptor tenements cover 380 hectares within the 800km2 Poços de Caldas Alkaline Complex in the Caldeira REE region of Minas Gerais – Brazil’s powerhouse mining state.

Executive Chairman Julian Babarczy said the Perpetual team anticipated completing the initial data review phase in the near term and this would guide the strategy for the upcoming Phase 2 exploration program.

“Due to the stronger than expected results achieved in the Phase 1 campaign, it is expected that the Phase 2 program will be more comprehensive and may enable a quicker advancement of the project than was initially expected.

“With individual drill holes showing up to 35% NdPr ratios, which is exceptionally high for the region, we will likely target the known high-grade zones, with expansion into underexplored areas where relevant.

“Given all drill holes ended in mineralisation, suggesting that depth extensions are highly likely, we are now at the advanced planning stage for a deeper drilling program across the various tenements to confirm how deep the high-grade mineralisation extends.

“Based on what we’ve seen so far we anticipate an infill and extension drilling program to confirm mineralisation continuity across the Raptor Project and position Perpetual as a clear contender in the prolific Caldeira REE complex.”

On road to MRE

Next up at Raptor will be metallurgical testing, scheduled for over the next one to two quarters, which will likely be run in parallel with the deeper drilling program.

“The aim of the met work is to confirm that the mineralisation within our tenements is truly Ionic Absorption Clay (IAC), which is highly likely given the tenor of drill results and the analogous geology to Meteoric,” Babarczy said.

The pathway to a maiden resource definition is currently being laid out, with the aim to advance the project towards a JORC-compliant resource.

“We believe an MRE is feasible in the first half of 2025, though planning is currently underway, with a more definitive timetable likely later this year,” the Executive Chairman said.

Perpetual, Resources, ASX, PEC, Rare, Earths, Drilling, Raptor — Highlights from PEC’s maiden drill program at its Raptor REE Project.

Multiple opportunities

Perpetual originally entered Minas Gerais last year after its acquisition of a number of tenements with lithium-bearing pegmatite potential in Brazil’s “Lithium Valley” region.

Babarczy said that in the process of reviewing potential lithium tenements the company was introduced to an opportunity to build additional value through the highly prospective Raptor tenements.

While Raptor has been PEC’s main exploration focus in recent months, it’s also excited by last week’s results from its Isabella spodumene project in Minas Gerais. These included multiple spodumene bearing pegmatites with initial samples up to 5.62% Li2O.

Like Raptor, Isabella is also in a top tier neighbourhood. It’s adjacent to two significant spodumene projects including Atlas Lithium’s (NASDAQ:ATLX) Das Neves project, where 1.47% Li2O over 95.2m was reported in a drill hit, and Sigma Lithium’s (NASDAQ:SGML) Sao Jose project. A lithium processing plant is expected to come online at Das Neves this quarter.

Isabella and Raptor are two of several PEC projects covering approximately 14,000 hectares of highly prospective lithium and REE exploration permits in Brazil as well as its Beharra Silica Sand project in WA.

“Having multiple compelling projects in such a highly mineralised and supportive jurisdiction is a blessing, and we also aim to secure strong government assistance to advance our projects in the short term,” Babarczy said.

This article was developed in collaboration with Perpetual Resources, 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.