Assays from the first holes drilled by Meteoric Resources (ASX: MEI) at its Palm Springs gold project in Western Australia have all returned “significant” gold intercepts.
Initial drilling results have confirmed the presence of “thick, robust zones” of gold mineralisation, including high-grade intercepts, below the historic Butchers Creek pit and also extending 360m to the south of that pit.
Seven instances of visible gold were noted during the logging of the diamond drill cores of three of the holes.
Notable results were 56m at 2.7 grams per tonne gold, including 18m at 4.8g/t; 45m at 2.3g/t, including 5m at 10.8g/t and 10m at 1.9g/t; 53m at 2.1g/t; 8m at 10.4g/t, including 2m at 34.4g/t; and 10m at 2.5g/t, including 15m at 2.1g/t.
This follows confirmation from the company two months ago that it had identified historical mineralisation beneath and along strike from the old Butchers Creek open pit gold mine that operated in the 1990s.
The mine, part of Meteoric’s project in the Kimberley region, closed due to low gold prices at the time.
‘Significant’ mineralisation remains below old pit
This drilling completes the 2020 field program and the assays from the other 19 holes will be reported throughout November and early December.
Meteoric says that historic cross sections and mine plans indicate significant gold mineralisation remains in the floor and immediately below the Butchers Creek open pit, which creates potential for near-term mining possibilities.
The project sits within fully granted mining leases which will reduce time and costs of moving from explorer to producer.
Meteoric will begin studies once all data has been received from the current program.
Managing director Dr Andrew Tunks described himself as “incredibly pleased” with the assays.
“This is an amazing result from our very first assays on a new acquisition that was completed just four months ago,” he added.
“The large economic zones of gold mineralisation in the floor and immediately under the pit, when combined with our new drilling results and the visible gold we have seen in the southernmost hole, effectively confirm gold mineralisation over 600m of strike [and] which remains open,” Dr Tunks said.
More targets to be drilled in 2021
Meteoric has begun preparing for the 2021 field season, which will begin with soil and rock chip sampling, and geophysical surveys to generate drill targets.
Meteoric acquired the 12,000-hectare Palm Springs project earlier this year.
The old Butchers Creek shallow open pit produced 52,000 ounces at 2.1 grams per tonne.
The company has said there are 60 known gold occurrences along a 20km strike length.