Perth-based gold explorer Meteoric Resources (ASX: MEI) has recorded more high-grade assay results from the maiden drilling program at its Brazilian Juruena gold project, with mineralisation remaining open at depth.
Drill hole JUDD022 targeted a high-grade gold shoot below Dona Maria and the existing resource and confirmed mineralisation remains open at depth.
It also revealed the continuity of the high-grade shoot where a bonanza intercept of 20.6m at 94.9g/t gold from 97m was uncovered, including a 3.65m interval grading 508.4g/t gold.
Results from JUDD022 were 4.4m at 13.5 grams per tonne gold from 300m, including 2m at 27.3g/t gold from 302m.
Meanwhile, drilling at the Tomate prospect returned 4.8m at 9.9g/t gold from 89m.
Meteoric managing director Andrew Tunks described the initial 20.6m at 94.9g/t gold intercept at Dona Maria as “one of the best drill results” worldwide last year.
However, he added the latest JUDD022 result was “the best of the bunch” because it confirms the high-grade mineralisation is open at depth and provides numerous drill targets to grow the Juruena resource.
Dr Tunks said he believed this program was “only the beginning of the road for Juruena.
“I can’t wait to get the drill rigs turning again and see just how wide and deep the high-grade mineralization at Dona Maria extends.”
Planning for the next round of drilling is underway, with Dr Tunks saying the company was aiming to begin the next campaign early in the next quarter.
Current global resources at Juruena sit at 1.3Mt at 6.3g/t gold for 261,000oz.
Within that are resources from Dona Maria and another high-grade deposit Querosene, which total 436,000t at 14.7g/t gold for 205,000oz.
Optimal timing with record gold price
Dr Tunks noted it was a “fantastic” time to be involved in a project like Juruena with the gold price remaining at all time highs and predicted to continue rising.
Gold kicked past A$2,000/oz for the first time mid-last year and was last trading at A$2,476/oz.
In US dollar terms, the precious metal was trading at US$1,635/oz.
“With predictions of over US$2,000/oz being forecast over the coming years, it is a fantastic time to be involved in a project like Juruena that not only contains an existing resource, but our year one drill program has highlighted the potential to further extend this,” Dr Tunks said.