Meteoric Resources (ASX: MEI) has delivered a maiden resource for its Palm Springs gold project in Western Australia’s Kimberley “well ahead” of schedule.
The mineral resource is based on the Butchers Creek and Golden Crown targets and totals 5.6 million tonnes at 2 grams per tonne gold for 357,000 ounces.
Butchers Creek includes remaining resources below the historic pit, with an indicated component of 139,000oz at 2.24g/t gold.
Resources in the inferred category for Butchers Creek are 180,000oz at 1.7g/t gold, while Golden Crown contributes an inferred estimate of 38,000oz at 3.1g/t gold.
Meteoric managing director Dr Andrew Tunks said the maiden resource for Palm Springs was the “single-most significant event” for the company since he’d been at the helm.
“Our ability to complete a successful exploration season at Palm Springs within months of acquiring the project contributed heavily to this maiden resource and these efforts have paid huge dividends.”
Dr Tunks noted that with 40% of the resource in the indicated category it will “significantly reduce” exploration and development timelines.
‘Treasure trove’ of original data
Underpinning the maiden resource was an “outstanding” exploration season last year at Palm Springs along with a “treasure trove” of original exploration and mining data.
As a result of the resource, Meteoric has ceased pumping out the historic Butchers Creek open pit because there is no longer any need to validate the historic drilling prior to feasibility work.
Two drill rigs are currently operating at Butchers Creek to increase the resource size and upgrade more inferred ounces into the indicated category.
An added advantage for the project is that most of the Butchers Creek resource sits within granted mining leases, which could potentially cut approval times for development.
Dr Tunks added the maiden resource opens a range of “exciting options” for the project that had not previously been on the table.