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Meteoric Resources progresses exploration across Australian and Brazilian gold portfolio

Snapshot

As well as Palm Springs in Western Australia, Meteoric also continues to explore at its Juruena and Novo Astro projects in Brazil.

Meteoric Resources NL - Meteoric Resources progresses exploration across Australian and Brazilian gold portfolio

Quick facts: Meteoric Resources NL

Price: 0.06 AUD

ASX:MEI
Market: ASX
Market Cap: $74.41 m
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Meteoric Resources NL (ASX:MEI) is actively exploring its highly prospective Brazilian and Western Australian projects, with a maiden drilling campaign underway at the Palm Springs Project in Western Australia.

The company considers the project to have huge potential given its history of production at Butchers Creek, in addition to 60 known gold occurrences continued along a 20-kilometre strike.

This project contains historical intercepts beneath the existing Butchers Creek open pit, including 68 metres at 2.5 g/t gold from 44 metres, 19 metres at 8.8 g/t from 56 metres and 50 metres at 3.31 g/t from 50 metres. 

All previous work at the project indicates the potential exists for a substantial untested gold system that plunges south away from the Butchers Creek open cut mine, which only ceased operations in the 1990s due to the low gold price.

Palm Springs drilling

The reverse circulation (RC) drilling program underway at Palms Springs forms part of a stage-one program which also includes diamond drilling at the Butchers Creek open pit.

Meteoric plans to complete a 23-hole program for 5,000 metres via two rigs on-site and to confirm the quality and location of historical gold intercepts at Butchers Creek.

Then the focus will shift to extend the known high‐grade gold mineralisation associated with a plunging anticline to the south of the existing open pit.

The first assays are expected to be available in mid to late October.

Location diagram for Palm Springs Gold Project showing major ore bodies across the Halls Creek Mobile Zone.

Digitising historical records

Notably, the company has completed the digital compilation of data sourced from historical records for Butchers Creek, allowing the Meteoric geological team to build a 3D interpretation of the Butchers Creek geology and gold mineralisation.

This model will be used to guide all exploration activities and, so far, has been extremely accurate in forecasting the exact location of the trachyte host to gold mineralisation within the first two completed diamond holes.

As new data is collected from the current drill program, the company will be able to quickly refine the model for the host unit, the gold mineralised envelope and important faults that may have acted as feeders for gold-rich fluid.

Juruena Gold Project

Maiden drilling at Juruena Gold Project in Brazil in 2019 returned results including 20.6 metres at 94.9 g/t which included 3.65 metres at 508.4 g/t.

While the extended wet season and impacts from the COVID-19 pandemic meant a delay in further drilling, the company was able to commence the 2020 program in July.

The focus is on increasing the size and confidence in the existing gold resource, with the program initially targeting the Donna Maria prospect, where the 2019 program confirmed continuity of the high-grade old shoot open at depth beneath the existing resource.

Geology of the Juruena Project and main prospect locations.

Drilling to date

The results from eight drill holes completed for 2,503 metres have intersected a new style of gold-copper mineralisation at Crentes and extending gold mineralisation at Dona Maria.

Hole JUDD024 intersected 9 metres at 15.6 g/t gold and 1.5% copper from 100 metres, including 6.0 metres at 21.6 g/t gold and 2.0% copper from 101 metres in the Crentes Fault.

In addition to the very high gold grades, this is the highest-grade copper zone intersected at Juruena and represents a new style of mineralisation not previously identified at the project, further enhancing the porphyry potential.

At Dona Maria high-grade zone, hole JUDD025 returned 3.4 metres at 10.1 g/t from 392 metres, including 0.5 metres at 71.9 g/t from 394.5 metres and this intersection is 100 metres down plunge of a 2019 hole that returned 4.35 metres at 13.5 g/t from 300.2 metres.

Further assay results expected to be reported in the near term with the company planning to follow up on the new style of mineralisation throughout the 2020 field season.

Meteoric also plans to update the resource estimate at the end of the 2020 drilling campaign.

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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

4 min read