Meteoric Resources NL (ASX:MEI) (FRA:RNF) has intersected additional thick high-grade gold mineralisation above 90 g/t at Juruena Gold Project in Brazil, highlighting the project’s resource growth potential.
Modelling and resource estimation is scheduled to begin once Juruena drilling has completed and assays have been received.
A new resource estimate is anticipated for the first quarter of 2021 and will feed into updating the 2016 scoping study based on a Brazilian gold price that has more than doubled since the original scoping study was completed.
- 11 metres at 2.34 g/t gold and 28% copper from 42 metres;
- 1.1 metres at 93 g/t gold from 235.9 metres; and
- 14.3 metres at 10.2 g/t gold from 293 metres, including 1-metre at 52.1 g/t from 293 metres and 0.6 metres at 109 g/t from 297.4 metres.
Other notable results include 2.4 metres at 37.9 g/t gold from 216.5 metres, including 0.9 metres at 97.3 g/t from 217.3 metres and 4.6 metres at 5.8 g/t from 195 metres.
Shares have been as much as 15% higher intra-day to 6.5 cents.
“Further bonanza gold grades”
Managing director Andrew Tunks said: “Juruena continues to deliver further bonanza gold grades in our latest drilling as well more than 14 metres at 10 grams per tonne of gold intersected below the existing Dona Maria resource.
“The 2020 drilling campaign has been so successful that we have now collected sufficient new data to commit to a new resource estimation for Juruena and pending a successful result, will fold this number into an updated scoping study.
“We are currently planning to complete the 2020 drilling program by drilling a metallurgical hole into Dona Maria.”
Tunks said a geophysical team had mobilised to site and would soon begin a deep IP program to look for a possible porphyry source for the Crentes gold-copper mineralisation the company intersected over the last two years.
“We believe the observed gold-copper system is related to a deeper magmatic porphyry source and the IP program is the first step in exploring for this potential tier-1 target.
“Palm Springs continues to progress”
He said: “Excitingly while we continue to forge ahead in Brazil, our new Western Australian gold project, Palm Springs, has continued to rapidly progress.
“We have now completed 10 diamond holes and 15 RC holes for around 5,000 metres of drilling.
“Initial samples are at the ALS labs in Perth and we are expecting to be in a position to release our first assays in late October early November.”
Additional drilling is now planned on southern and northern shoots to close up drill spacing and collect metallurgical samples.