- Meteoric Resources (MEI) shares are in the green this morning after reporting deep drilling results from its Juruena Project in Brazil
- Last month, the company commenced drilling three holes for 3600 metres to test a potential copper-gold porphyry system
- The first of the three holes has now reached 500 metres and is close to intersecting the first major drill target
- Results from the hole include 51 metres at 1.40 g/t of gold and 0.25 per cent of copper from 118 metres
- Managing Director Andrew Tunks says this is an exciting time for Meteoric
- On the market, Meteoric is up 1.49 per cent and is trading at 6.8 cents per share
Meteoric Resources (MEI) shares are in the green this morning after reporting deep drilling results from its Juruena Project in Brazil.
Last month, the company announced its drilling plans for the project, which included three holes for 3600 metres.
The holes targeted a potential copper-gold porphyry system, defined by a deep induced polarisation (IP) survey at Juruena.
Meteoric has now received results from one of the three holes, JUDD042. The hole has now reached 500 metres and is close to intersecting the first major drill target.
Results from the hole include 51 metres at 1.40 g/t of gold and 0.25 per cent of copper from 118 metres.
“This is an exciting time for Meteoric with the first deep drill hole just now reaching the top of the interpreted Deep IP anomaly, targeting a potential source for the shallow copper and gold,” Managing Director Andrew Tunks said.
“At this stage of the drilling we have intersected regional alteration and some pyrite rich zones along with minor molybdenite which is common in the porphyry environment. The hole will continue to test the centre of the IP anomaly and then go on to test the Juruena Fault zone at a depth of around 1000 metres,” he added.
On the market, Meteoric is up 1.49 per cent and is trading at 6.8 cents per share at 11:14 am AEDT.