Meteoric Resources posts strong December results following successful quarter at Palm Springs and Juruena gold projects

Meteoric Resources December quarter 2020 Palm Springs Juruena gold projects ASX MEI
Meteoric started 2021 with an additional $4 million in the bank after entrepreneurs Tolga Kumova, Gerry Harvey and Keith Biggs participated in a capital raising in December.

A successful maiden drilling program by Meteoric Resources (ASX: MEI) at its newly-acquired Palm Springs gold project in WA’s Kimberley region has uncovered multiple wide and high-grade gold intercepts and extended the project’s mineralised zone over 350 metres.

Results from the program provided the basis for Meteoric’s strong quarterly report posted today for the three months to December 2020.

Best drill intercepts included 69m at 4.4 grams per tonne gold from 181m, including 19m at 7.2g/t from 204m; and 55m at 3.2g/t gold from 175m, including 8m at 7.6g/t from 179m and 10m at 5.2g/t from 190m.

The company said the results “spectacularly confirmed” an extension of the orebody for over 350m to the southwest of the existing Butchers Creek open pit mine.

The mineralisation remains open at depth, and provides an exciting drill target for further exploration during this year.

Meteoric’s ongoing exploration program will focus on work designed to rapidly advance Palm Springs towards production and will include accessing the open pit for dewatering and additional in‐pit resource drilling as well as step‐out and infill reverse circulation drilling to further test and extend the mineralisation.

Giant IP anomaly

During the quarter, Meteoric identified a giant induced polarisation (IP) anomaly at the Juruena copper-gold project in Brazil, providing an immediate high-value drill target with potential for a major porphyry copper‐gold discovery.

The company conducted a geophysical survey over an area of the project thought to exhibit the greatest prospectivity for porphyry mineralisation based on a strong copper-gold-molybdenum anomalism from soil sampling.

The intense chargeability anomaly is believed to be strongly indicative of disseminated sulphides and very large in size (2km in length and 1.5km wide).

An intense core of high chargeability occurs within the centre of the anomaly and presents an obvious drill target approximately 1.5km long and 800m wide.

Pending final intepretations from the survey data, Meteoric said it would conduct a deep drilling exploration program this quarter with associated downhole geophysics.

Juruena drilling

October results from a Juruena diamond drilling campaign showed that high‐grade gold mineralisation continues below the base of the current resource and confirmed the continuation of mineralised gold grades and widths at the Dona Maria target.

Drilling intersected the top of the Crentes porphyry gold‐copper system and the bonanza gold grades of Dona Maria below a 2016 resource estimate.

Best results included 11m at 2.34g/t gold and 0.28% copper from 42m; 14.3m at 10.2g/t gold from 293m; and 2.4m at 37.9g/t gold from 216.5m.

Results will be used to update the Juruena gold resource this quarter and form the basis of an updated scoping study.

Capital raising

Meteoric’s 2021 exploration plans will be funded by a $4 million capital raising in December which comprised the issue of approximately 70 million new shares at $0.057 each to existing cornerstone shareholders Tolga Kumova; retail mogul Gerry Harvey; and an investment syndicate led by resources investor Keith Biggs.

The funds will accelerate Meteoric’s plans to drill the new IP chargeability anomaly beneath Juruena to test for a potential major porphyry copper‐gold discovery; and to dewater Butchers Creek to drill test ore zones in the pit floor and beneath the pit.

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