Drilling is about to begin at the Juruena gold deposit in Brazil with a cashed-up Meteoric Resources (ASX: MEI) targeting a potential “giant” copper-gold porphyry system that is understood to lie beneath the epithermal deposit.
An initial 3,600m drilling campaign begins soon with the rig already on-site.
Three diamond drill holes will test the peak of the chargeability anomaly detected by deep surveys last year.
The anomaly has been defined as having a central core 1,500m long by 1,000m wide.
The top of the chargeability anomaly is modelled as being 500m below the surface.
Drill program follows cash boost
Meteoric Resources was given a cash boost in December when retail giant Gerry Harvey and high-profile investors Tolga Kumova and Keith Biggs together pumped $4 million into the company.
The placement saw the issue of 70,175,439 new shares at $0.057 per share, with one for two three-year unlisted options per new share, exercisable at $0.10.Just a week before the $4 million placement, Meteoric reported work at Juruena had detected the presence of a large, high-response chargeability anomaly believed to be strongly indicative of disseminated sulphides.
Geophysical studies during the year located the anomaly, which is over 2,000m long, 1,500m wide, less than 500m below the surface and open to the north-west.
The intense core of high chargeability occurs within the centre of the anomaly and presents what the company described in December as an “obvious drill target”.
Potential ‘game changer’ for Meteoric
Meteoric managing director Andrew Tunks said the new drilling campaign could be “a potential game changer” for the company.
“Up until this point we have had a host of positive indicators that led us to believe that the shallow epithermal gold mineralisation we see at Juruena was potentially related to a deeper magmatic source.”
Dr Tunks added that drilling high-value targets like this is the reason he became an explorer.