Meteoric Resources to follow-up bonanza gold grades with maiden drill program at Juruena Gold Project
Identified targets will be refined as drilling advances, with the program expected to take 3 months to drill.
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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Identified targets will be refined as drilling advances, with the program expected to take 3 months to drill.
The Juruena Gold Project has been the site of extensive artisanal mining with recorded production in excess of 500,000 ounces of gold largely produced during a gold rush in the 1980’s.
The company has recently built a portfolio of highly prospective gold projects in Brazil.
The projects are in the highly prospective Alta Floresta Belt, which is host to major miners including Anglo American and Vale.
Positive VTEM response from the Lac Kelly and Midrim deposits adds credibility to Chase Mining’s survey results.
Kumova is a well known self-made mining entrepreneur featured on the Young Rich List.
The company is in the process of acquiring the Juruena and Novo Astro Gold Projects in Brazil.
The company recently acquired 24 tenements in the state of Matto Grosso in Central Brazil, comprising the Juruena and Novo Astro gold projects.
The company is planning to commence a drilling program at the Juruena Gold Project.
Sixty per cent of Mt Cecelia project’s boundaries are surrounded by Rio Tinto, which has upped its landholding in the region by 1,000%.
The company received an ASX Aware Letter Query asking it to confirm it was releasing information to the market in a timely fashion, which it confirmed it is.
The company’s Brazilian team is ready to begin resource definition and extension drilling at Querosene and Dona Maria in quarter-two of 2019.
The Alta Floresta Belt is one of the most prospective gold exploration destinations in Brazil.
Additional coincident airborne electromagnetic and magnetic anomalies remain to be tested.
The priority target within Meteoric’s cobalt portfolio is the Joyce Copper-Cobalt-Gold Project in western Ontario.
Meteoric is looking to bolster its portfolio with gold and base metal acquisitions as exploration at its cobalt projects continues.
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Despite a sharp price correction in 2018, shrinking supply sources and growing demand for battery chemicals are predicted to sustain cobalt prices into the 2020s.
Drilling has been designed to intersect target zones below massive sulphide outcrops within re-modelled EM conductivity targets.
Drilling results have been used to prepare sectional and plan views as well as a wireframe model.
The company has been advised that TopTung will not complete the acquisition of Midrim and LaForce projects.