The parties agreed to sell the Juruena gold project for $20 million in June 2022, with Meteoric receiving the first tranche of $2.5 million in October 2022. After-sales issues led to the deal being terminated in April 2023; the parties then privately sought a solution and have now completed the original terms to pay Meteoric and Meteoric the remaining $17.5 million. The project transitioned smoothly into Keystone’s control.
Otherwise, the terms of the sale will be substantially the same as those previously announced on the ASX.
Meteoric regularly reviews its financing options, and the net proceeds of A$27.65 million will leave the company with a cash balance of approximately A$35 million after transaction costs of approximately A$550,000, providing Meteoric with sufficient capital to meet its short-term financing needs. .composition:
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Drilling and testing work include:
An air core drilling program continues to convert 200 million tonnes of inferred resources into measured and indicated resources.
Expand the current diamond drilling program to support metallurgical and density testing programs.
Further drilling will be conducted to explore the depth potential of the current mineralization, and regional exploration will be conducted to identify additional high-grade mineralization, particularly exploring enhanced heavy rare earth element (HREE) zones such as those seen at CVSDD001. Complete ANSTO’s metallurgical testing work package.
Research and pilot plants, including:
Completion of the Caldeira scoping study (awarded to Ausenco).
Continue the environmental impact assessment approval process, including the use of external consultants.
Pilot plant development begins.
Chief executive Andrew Tunks said: “This is an excellent result for Meteoric and the perfect time to advance our Stage 1 ionic clay rare earth element (REE) project, which contains the highest-grade deposit of its kind in the world.” Valued in excess of A$27 million, it will enable us to continue rapid development, including a robust HREE-focused exploration drilling program, mineral resource conversion, Caldeira scoping studies, and the launch of a pilot plant to produce sufficient quantities of REE carbonates, to send it to potential acceptance partners for testing.
Keystone’s acquisition of the Juruena gold project marks an important step in its continued growth strategy and solidifies its position as one of Brazil’s newest gold producers. “Meteoric extends its warmest wishes to Keystone and its Juruena gold project team and wishes them success in developing one of the most promising gold projects in Brazil.”
