Meteoric Resources (ASX:MEI) has received written confirmation from GeoCrystal Limited of their election to sole fund the second earn-in phase of the Webb Diamond Joint Venture in Western Australia.
The second earn-in phase requires GeoCrystal to expend a total of $1.5 million on exploration to earn an additional 19% of Meteoric’s interest.
This will reduce Meteoric’s interest to 30% of the Webb diamond JV tenements, and 24% of the Mt Webb JV tenement.
The next round of exploration will consist of an aeromagnetic survey, collection of 150 loam heavy mineral samples,
and up to 6,000 meters of reverse circulation drilling at 50 prioritised targets.
In February, Meteoric identified four microdiamonds in wide spaced loam sampling, recovered from 67 samples, 30 of which contained diamond indicator minerals.
This outlined a 20 kilometre long, 3-5 kilometre wide anomaly coincident with numerous kimberlite targets, and open to the north-east.
The company is lightly valued at under $4 million, and also controls the Bluebird copper-gold project in the Northern Territory.
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