Meteoric Resources continues drilling at pace at Nova Astro Gold Project in Brazil
Visible gold was intersected in the first-ever drilling undertaken at the Novo Astro Gold Project earlier this month.
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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Visible gold was intersected in the first-ever drilling undertaken at the Novo Astro Gold Project earlier this month.
The company’s placement has been well supported by existing shareholders and leading institutional investors.
The company recently completed drilling five holes at the Novo Astro Gold Project in Brazil.
Shares have been up to 20% higher in early trade to 6.5 cents after MEI reached a new 12-month high of 7.9 cents on October 23.
Gold-copper mineralisation intersected at Crentes boosts the potential for additional gold-rich porphyry discoveries across the entire Juruena project.
Experienced mining executive Dr Paul Kitto is a new non-executive technical director for the Brazilian gold explorer.
Drill rigs have moved from Dona Maria to the Tomate and Querosene prospects with two holes completed to date.
The company’s securities will remain in trading halt until the beginning of trade on October 15, or when an announcement is released.
The four initial targets were selected based on geological mapping, artisanal workings, soil geochemistry and grab samples.
Klare Pty Ltd has built-up a 5.64% stake in the company through a series of share acquisitions.
“This is the best drilling intercept I have ever been involved with in my career,” said Meteoric managing director Andrew Tunks.
The company’s securities will remain in trading halt until Wednesday September 18.
Meteoric’s exploration team has planned an initial 21-hole drilling program for 2,500 metres at Novo Astro.
The rock chip sampling, as well as a large soil anomaly, have confirmed zones of alteration and mineralisation.
The company will be presenting at Proactive’s CEO Sessions on August 26-27 in Sydney and Melbourne.
Historical drilling results at the acquired projects include bonanza grade gold intersections of 1-metre at 1,992 g/t gold.
Diamond drilling at Juruena has commenced and two rigs are currently onsite drilling double shifts.
Meteoric has started a 4,700-metre, 26-hole drilling program at its Juruena Gold Project in Brazil.
Sampling program underway with the first batch of 36 samples already dispatched to the lab with results due in mid‐August.
Meteoric is drilling its Juruena Gold Project, a project on the Alta Floresta Belt that was popular with artisanal miners during a 1980s gold rush.