leadf
logo-loader
viewMeteoric Resources NL

Meteoric Resources has diamond drill spinning at Palm Springs Gold Project testing for extensions

The initial 23-hole program comprises 5,000 metres of reverse circulation and 1,500 metres of diamond drilling.

Meteoric Resources NL - Meteoric Resources kicks off stage-1 drilling and tests for extensions at Palm Springs Gold Project
The diamond rig and support truck position the rig to begin the first hole drilling underneath Butchers Creek open pit

Meteoric Resources NL (ASX:MEI) has started diamond drilling at Butchers Creek prospect of the Palm Springs Gold Project within the Kimberley region of WA

Stage-1 drilling will consist of reverse circulation (RC) and diamond drilling aimed at confirming mineralisation beneath Butchers Creek’s open pit as well as testing for extensions of mineralisation to the southwest.

The drilling program will comprise around 5,000 metres of RC and 1,500 metres of diamond drilling for a total of 6,500 metres with an RC rig mobilising to site next week.

Fast-tracked drilling

Managing director Dr Andrew Tunks said: “It was only in March 2020 that the company made a decision to consider an Australian gold project to work alongside our high-grade Juruena Gold Project in Brazil.

“I am particularly excited to say that since that time we have conducted extensive reviews, located and acquired an exciting past producer with both immediate drill targets and considerable blue sky.

“Now the best part, the drilling, commences.

“For the first time, we will be seeing these mineralised zones in drill core and be able to log and interpret the gold-bearing structures which will feed straight back into our drill program.

“We are confident, based on historic drilling that we will be delivering some excellent assay results from October as the program unfolds.”

Previous high-grade intersections

‘Significant’ intersections within unmined zones below the base of the open pit include:

  • 69 metres at 2.5 g/t gold from 44 metres;
  • 19 metres at 8.8 g/t from 56 metres;
  • 14 metres at 7.5 g/t from 82 metres;
  • 50 metres at 3.3 g/t from 50 metres; and
  • 7 metres at 4.2 g/t and 8 metres at 17.4 g/t from 49 metres.

And along strike, south of the open pit:

  • 73 metres at 2.3 g/t gold from 169 metres and 36 metres at 2.5 g/t from 168 metres.

Diamond drilling

Stage-1 at Palm Springs will begin with diamond drilling to define the geometry of the anticline and confirm historical high-grade drilling intersections.

The program will then shift focus to systematically tracking the mineralised anticline on 40-metre cross-sections, moving southwest away from the existing open pit.

Work is progressing well on a litho-structural interpretation along with a compilation of geochemical data for Meteoric’s regional tenement package.

This lead-up work will be crucial in targeting the highly prospective gold targets associated with the folding and faulting in the area.

Results to guide stage-2 drilling 

Results gained from the stage-1 drilling will be fed back into the structural and geochemical analysis to guide stage-2 regional drilling.

PoW approval has been granted by the Department of Mines, Industry, Regulation and Safety (DMIRS) for these regional targets.

Quick facts: Meteoric Resources NL

Price: 0.06 AUD

ASX:MEI
Market: ASX
Market Cap: $74.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Meteoric Resources NL named herein, including the promotion by the Company of Meteoric Resources NL in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Full interview: Meteoric Resources hits high-grade gold in first hole at...

Meteoric Resources NL (ASX:MEI) managing director Andrew Tunks updates Proactive on receiving high-grade gold intersects from the first ever drill-hole at the company’s 100%-owned Novo Astro Gold Project in Brazil. The company will complete drilling at the Novo Astro and Juruena projects this...

on 12/16/2019

3 min read