Additional rock sampling by Meteoric Resources (ASX: MEI) has continued to highlight the potential for highgrade hematite-goethite deposits at its Coorara project in Western Australia, indicating potential for direct shipping ore (DSO) grades.
Coorara is situated about 50km north of the standard gauge railway in the emerging South Yilgarn Iron Ore Province.
Meteoric is encouraged by the results that include 64.69% Fe, 1.75% Sio2 and 0.044% P from sample BIF002. The average grade of the 30 higher grade samples shown is 60.7% Fe, 3.6% SiO2, 2.2% Al2O3, 0.05% P and 6.7% LO1 (loss on ignition).
46% of a total of 71 rock samples taken during first phase geological mapping confirmed the presence of significant iron grades (>55% Fe) in hematite-goethite altered quartz-magnetite banded iron formation (BIF) with low impurities.
The samples were taken over a 12km strike length of multiple BIF horizons in the northern part of the project area and continue to reinforce the target areas identified from Meteoric’s detailed aeromagnetic survey.
Geological mapping has confirmed the presence of multiple horizons of folded and highly deformed BIF, particularly in the central and eastern parts of the BIF sequence.
This deformation appears to be favourable for the alteration of quartz-magnetite BIF to hematite-goethite with a low silica and phosphorus content.
These results indicate potential for extensive DSO-grade hematite-goethite deposits at this 40km-long project. Further rock sampling and mapping is in progress, aimed at defining drilling targets.
As part of the permitting process for drilling, flora surveys are being carried out in target areas, with drilling anticipated to start in December/January.
Meteoric has a market capitalisation of A$11.90 million and had 1.9 million cash at the end of the September quarter.