Company
ASX:MEI
Meteoric Resources is an Australian company rapidly growing and developing the Caldeira Rare Earths Project in the state of Minas Gerais in Brazil. The company has outlined a world-class ionic absorption clay rare earths deposit and is progressing approvals and development studies to support a future investment decision.
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The alteration styles, minerals present, including: molybdenite, chalcopyrite and bornite plus the porphyritic intrusives and breccias noted, all lead to the conclusion that Meteoric is in a significant magmatic ore system.
Drilling will feed into additional resource estimation work and mining studies expected to commence in the second half of 2021.
MD Andrew Tunks says indications from the hole testing porphyry copper-gold potential at depth show that the company is “within a major magmatic system”.
Drilling on the Palm Springs Gold Project mining licence and pit de-watering is anticipated to begin in May.
A field reconnaissance visit to Halls Creek is underway with drilling on the mining licence and pit de-watering anticipated to begin in May.
The deep drilling program is designed to test an interpreted giant gold-copper rich porphyry system identified in geological, geophysical and geochemical data immediately below the high-grade epithermal Juruena Gold Deposit.
“The full program is expected to take at least three months to complete, however, we look forward to updating the market as we progress on this potential company-making exploration program,” says MD.
The 2020 program was extremely successful in confirming and extending gold mineralisation over 360 metres along strike to the southwest of Butchers Creek open pit.
The company will initiate 3600 metres drilling program with three holes, designed to intercept the large, high chargeability anomaly in the central region close to the Juruena Fault.
The company is planning significant exploration programs at its Palm Springs Gold Project in Western Australia, and the Juruena Copper-Gold Project in Brazil.
The company is placing 70,175,439 million new shares at $0.057 per share with a one-for-two attaching three-year unlisted option exercisable at $0.10.
The IP/MT survey covers just a portion of the tenements controlled by Meteoric and there is considerable potential to identify further mineralised porphyry systems within this district.
Results from 2020 drilling continue to confirm that known gold mineralisation immediately below the Butchers Creek Open Pit extends for 350 metres southwest and remains open as an exciting drill target for further exploration.
With Meteoric’s focus being on its highly prospective Western Australian and Brazilian gold projects, the company did not have the bandwidth to properly explore its Canadian nickel-copper projects.
The company has sold the Midrim and LaForce projects for 13.05 million shares in Rafaella Resources, worth around $1,174,500 based on the trading price of 9 cents per share.
Historic cross-sections and mine plans indicate significant gold mineralisation remains in the floor and immediately below the Butchers Creek Pit, creating potential for near-term mining possibilities.
Modelling and resource estimation is scheduled to begin once Juruena drilling has been completed and assays received with a new resource estimate anticipated in Q1 of 2021.
As well as Palm Springs in Western Australia, Meteoric also continues to explore at its Juruena and Novo Astro projects in Brazil.
The company looks forward to reporting activities over the coming year from its exciting gold portfolio in Western Australia and Brazil.
As well as Palm Springs in Western Australia, Meteoric also continues to explore at its Juruena and Novo Astro projects in Brazil.
