Join our daily newsletter At The Bell to receive exclusive market insights
- Meteoric Resources (MEI) has identified a large chargeability anomaly at its Juruena Project in Brazil
- This anomaly spans over 2000 metres in length, 1500 metres in width, and is less than 500 metres below surface
- The anomaly was defined via a deep direct current induced polarisation (DCIP) survey
- Six lines were completed with aims to cover an area of the project with the greatest prospective for copper-gold mineralisation
- The company is now in the process of planning a deep drilling program to test the porphyry copper-gold target
- Shares in Meteoric are up 6.45 per cent on the market and are trading at 6.6 cents
Meteoric Resources (MEI) has identified a large chargeability anomaly at its Juruena Project in Brazil.
The project lies at the western end of the Alta Floresta Mineral Province in Mato Grosso State Brazil, which is emerging as a region for copper-molybdenum-gold, gold-copper, and gold-polymetallic mineralisation.
This anomaly spans over 2000 metres in length, 1500 metres in width, and is less than 500 metres below surface.
Due to the setting of the anomaly, Meteoric believes it represents a zone of dispersed sulphides at depth.
The anomaly was defined via a deep direct current induced polarisation (DCIP) survey that was carried out throughout October and November.
Six lines were completed with aims to cover an area of the project with the greatest prospectivity for copper-gold mineralisation.
Meteoric aimed to identify copper-gold-molybdenum anomalism in soils and define depth extensions to the hydrothermal alteration and porphyry intrusives.
“Ever since we arrived at Juruena and started examining historic holes we were struck by the potential for the high-grade epithermal gold deposits in the area to be part of a bigger magmatic hydrothermal system,” Managing Director Andrew Tunks commented.
“We will be planning a deep drilling campaign to test the interpreted porphyry copper-gold target in early 2021 and I look forward to updating the market with the final data evaluation, our detailed exploration plans and the results from the drilling,” he said.
“There is no doubt in my mind that the drill testing of this massive anomaly is a potential game changer for the company and has the potential for a significant porphyry copper-gold discovery,” he added.
Shares in Meteoric are up 6.45 per cent on the market and are trading at 6.6 cents at 11:30 am AEDT.
