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Meteoric Resources identifies 280 diamond targets in Western Australia

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Meteoric Resources (ASX:MEI) has completed a high resolution aeromagnetic survey over the main tenement block covering the Webb kimberlite field and over a tenement covering a separate target to the north east, Western Australia.

Interpretation of this dataset by a consulting geophysicist has increased the number of kimberlite targets in the Webb field from 80 to 280.

The significant increase in the number of aeromagnetic targets is a result of the closer line spacing and higher resolution of the recent survey which reveals features not apparent in the previous surveys.

A distinct clustering of some of the numerous targets is evident and further interpretation of this detailed dataset is in progress in order to assess and prioritise targets for drilling.

A program of infill loam sampling has also been completed, to follow up the encouraging results announced from the first pass survey in February, where anomalous trends of indicator minerals, including microdiamonds, were identified.

About 14 tonnes of loam samples have been freighted to Perth for processing to test for indicator minerals and microdiamonds.

Planning of heritage surveys over the new targets is well advanced, following which 5,000-6,000 metres of reverse circulation drilling is anticipated to start in early August.

The drilling strike rate to date has been high with 10 kimberlite bodies identified from drilling of 16 aeromagnetic targets.

Drilling of 6 of these targets did not penetrate the cover rocks and they remain to be tested.

The objective of the next phase of drilling will be to obtain unweathered samples from a spread of target clusters throughout the field and from priority targets identified from the recent aeromagnetic survey and loam sampling.

These samples will then be tested for both micro and macro diamonds.

Joint venture partner GeoCrystal has earned a 51% interest in Meteoric’s tenements and elected to continue to sole fund exploration on the Webb kimberlite field discovery.

Under the terms of the Webb Diamond Joint Venture, GeoCrystal may earn up to 70% of Meteoric’s interest in the JV tenements by sole funding the first $2 million of expenditure.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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