- Meteoric Resources (MEI) progresses exploration at the Juruena Project in Brazil and Palm Springs Project in WA
- Following strong results from initial porphyry drilling at Juruena, MEI is planning a further five holes to test the area’s porphyry model
- Elsewhere, at the Dona Maria and Querosene deposits, the company has increased Juruena’s gold resource to 387,000 ounces at 6.3 grams of gold per tonne
- Meanwhile, MEI has delivered an early maiden mineral resource at Palm Springs of 375,000 ounces at 2g/t gold, with drilling at Butchers Creek ongoing
- Shares are up by 5.9 per cent to 5.4 cents each at 3:08 pm AEST
Meteoric Resources (MEI) is forging ahead with exploration work at several of the company’s projects in Brazil and Australia.
Juruena Project, Brazil
In Brazil, initial porphyry drilling is ongoing at the Juruena Project.
MEI previously intercepted broad zones on molybdenite and chalcopyrite at the site, with more localised zones of bornite within strong potassic alteration — typical of a porphyry copper-gold system.
Based on these strong early indications, the company has since planned a further five holes at Juruena to test the area’s porphyry model.
Separately, at the Dona Maria and Querosene deposits, Meteoric has significantly increased the project’s gold resource to 387,000 ounces at 6.3 grams of gold per tonne (g/t), including a 107 per cent increase in indicated resources to 156,800 ounces at 17g/t gold.
According to MEI, all the deposits remain open at depth as the company assesses its development options, which are underpinned by the current mineral resource.
Palm Springs Project, Western Australia
Meanwhile, in WA, an outstanding exploration season and the discovery of original exploration and mining data have significantly accelerated Meteoric’s maiden resource at Palm Springs.
The figure now stands at 375,000 ounces at 2g/t gold, including 139,000 ounces of indicated resources at 2.24g/t gold.
A large portion of the indicated resource reportedly occurs in the floor and beneath the historic Butchers Creek open pit, providing immediate ore for development.
To this end, two drill rigs continue operating at Butchers Creek, where they are targeting the high-grade fold hinge position and extending mineralisation down plunge to the south west.
Meteoric Resources Managing Director Dr Andrew Tunks said the company’s porphyry copper-gold exploration at Juruena was at the “pointy end” of risk and reward.
“Yes, it is high risk, but we have already achieved remarkable results from only two holes into our program and the project could be absolutely transformational for Meteoric,” Dr Tunks said.
“Back at home, our impressive progress at Palm Springs in WA, including the early delivery of our maiden mineral resource estimate, underpins our ability to grow and develop the project, which has a history of gold production.”
The managing director flagged MEI’s next step to be the completion of the company’s current 3800-metre drilling program at Butchers Creek.
Once this drilling is completed, Meteoric will start work on economic and pre-feasibility studies at the Palm Springs project.
As at July 1, Meteoric Resources claimed to hold cash and liquid assets valued at approximately $4.75 million.
On Thursday, shares were trading 5.9 per cent higher at 5.4 cents each at 3:08 pm AEST.