The Juruena resource is made up of three adjacent gold deposits within the project (Dona Maria, Querosene and Crentes) with the estimate now totalling 1.9 million tonnes at 6.3 grams per tonne gold for 387,000 ounces of contained metal.
Of the global resource, 40% has been classified as indicated.
Meteoric noted this updated resource was a 50% increase over the previous estimate.
The majority of the increased resource comes from the Dona Maria deposit where the orebody was extended down plunge.
All up, Dona Maria resources contributed 693,000t at 9g/t gold for 200,000oz to the global estimate. The high-grade Querosene deposit accounted for 285,000t at 13.9g/t gold for 127,000oz, while Crentes made up the remaining 55,100oz at 2g/t.
Meteoric managing director Dr Andrew Tunks said the resource result was “outstanding” especially when taking into account it was delivered amid a backdrop of unprecedented world events caused by the pandemic.
“This significant resource increase, particularly in the indicated category, where we have had over 170% growth in ounces at a grade in excess of half an ounce per tonne gold, lends support for our down plunge exploration strategy,” he said.
“Looking further afield, the drilling success supports using the same exploration strategy to further test down plunge targets at both Querosene and Crentes [deposits].”
All three deposits remain open at depth. Additionally, copper potential at Crentes has been noted, with a copper-focused program underway at the deposit.
Evaluating development scenarios
Dr Tunks said the substantial gold resource upgrade for Juruena will enable Meteoric to now “seriously assess” development scenarios.
“With 40% of the global resource classified into the indicated category, we now have sufficient significant resources to update the 2017 scoping study and prepare an application for a mining licence.”
Dr Tunks said the resource indicates the potential for both initial open pit mining followed by deeper underground mining.
“These ideas will be rigorously examined and costed during development studies,” he added.