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.
137 stories · page 3 of 7
The company has also completed the digital compilation of available historical Butchers Creek data and the new database has allowed for completion of a 3D wireframe interpretation.
Drill core from the maiden drilling program has confirmed historical mineralisation beneath and along strike from the Butchers Creek open pit gold mine.
Eight holes from the 2020 program are now complete with further assay results next expected in late September.
The initial 23-hole program comprises 5,000 metres of reverse circulation and 1,500 metres of diamond drilling.
The sale will increase Meteoric’s cash and other liquid holdings to about $6.65 million.
The company is set to begin its stage-1 drilling program for 6,500 metres aiming to confirm and extend known mineralisation beneath the open pit at Butchers Creek.
Understanding structural controls on gold mineralisation are key to unlocking Palm Springs’ true potential and work has started to generate regional targets for stage-2 drilling.
The company has submitted a Program of Works for the Palm Springs project with drilling planned to start in August.
The initial program will include reverse circulation and diamond drilling to explore for extensions at the Butchers Creek ore body.
The Palm Springs Gold Project will complement the company’s exciting Brazilian assets and enable MEI to take further advantage of historically high gold prices.
The decision to recommence activities on-site follows a change in COVID-19 restrictions by the Brazilian government, confirming mining as an essential industry
The company’s 2020 drill program will test the depth extensions of a high‐grade steeply plunging shoot intersected in the 2019 program.
Meteoric personnel including board members and senior management have taken substantial pay cuts to protect the company’s positive cash position at this time.
The company will begin its 2020 drilling program as soon as mining and exploration activities can recommence at Juruena Gold Project in Brazil.
The company drilled one of the best drill results in the world in 2019 of 20.6 metres at 94.9 g/t gold during its maiden drill program at the Juruena and Novo Astro Gold Projects in Brazil.
An influx of samples at the ALS preparation facility in Goiania from several companies during December combined with the Christmas holiday period resulted in a delay of assay results.
Meteoric continues to accelerate exploration at its two key projects Juruena and Novo Astro in Brazil.
The company owns 100% of 24 tenements on the western end of the highly prospective Alta Floresta Belt in the state of Mato Grosso, home to more than 40 known gold deposits and host to major miners.
Assay results have been received for the first three holes of its 12-hole program with more expected over the coming weeks and months.
Funds raised will enable the company to accelerate exploration programs at the Juruena and Novo Astro projects in Brazil.
