Brazil-focused Meteoric Resources (ASX: MEI) has identified visible gold within the first hole of it diamond drilling program at the recently acquired Juruena project.
According to Meteoric, the initial diamond drill hole intersected gold within a 16m wide alteration zone at the project’s Dona Maria prospect.
“It is fantastic to see visible gold in our very first hole and an early vindication of our decision to commit to drilling the project immediately after acquisition,” Meteoric managing director Dr Andrew Tunks said.
Dr Tunks added the exploration team in Brazil was also “excited” to see the gold in the first hole.
The hole was planned to confirm the bonanza grades achieved in historic drilling which unearthed 1.8m at 20.9 grams per tonne gold, 8m at 62.4g/t gold and 4.8m at 11.9g/t gold.
Two holes have been completed at Juruena to-date with the first hole reaching a final depth of 143.53m and the second reaching 104.5m.
Placement to accelerate drilling
Earlier this week, Meteoric announced it was undertaking a $2.7 million placement after receiving firm commitments from a number of institutional and sophisticated investors.
The placement proceeds will be used to accelerate Meteoric’s drilling programs at Juruena and the nearby Novo Astro asset in Brazil.
“The new capital injection will be used to bring in additional drilling capacity to effectively run to exploration teams working in tandem, one at Juruena and one at Novo Astro to immediately grow an understanding of the geology and gold distribution at these exciting bonanza-grade gold projects,” Dr Tunks explained.
“Crucially, the Novo Astro program can now scale up without affecting the company’s strong focus on Juruena, allowing both projects to be tested over the coming months, concurrently expanding and fast-tracking our initial plans.”
Dr Tunks said the company planned to begin drilling at Novo Astro in mid-September.
“We are hard at work on both projects and look forward to updating the market when we have received some assays and interpreted the results,” he added.