Juruena hosts a JORC compliant resource of 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t and has had more than $25 million of expenditure including over 50,000 metres of drilling.
The Novo Astro Project is located 25 kilometres to the southeast of Juruena and contains a massive soil anomaly (+15 square kilometres) with multiple rock chip samples grading >10 g/t gold.
The Juruena and Novo Astro projects cover an area of about 770 square kilometres, comprising 24 contiguous tenements on the western end of the highly prospective Alta Floresta Belt, which is host to major miners including Anglo American (LON:AAL) and Vale (NYSE:VALE).
Geologically, the Alta Floresta belt is a Paleoproterozoic, east-west trending, continental magmatic-arc, estimated to have produced over 7 million ounces of gold to date.
It is arguably the most desirable gold exploration destination in Brazil.
Meteoric managing director Dr Andrew Tunks said: “The formal completion of the acquisition of Juruena and Novo Astro marks the commencement of the next exciting stage of development for Meteoric as we move to commence exploration.
“I am immediately travelling to site to join our Operations Manager, Peter Sheehan and our Brazilian team to finalise our initial drilling plan for Dona Maria and Querosene, our two most advanced targets on Juruena.
“These prospects already contain a combined high-grade JORC 2012 mineral resource estimate of 436,000 tonnes at 14.7 g/t for 205,000 gold. It is our intention to complete further drilling at these bonanza grade prospects.
“This is truly an exciting time for the company and its shareholders as we move into gold exploration in what we believe is one of the most prospective regions in the world, the Alta Floresta Belt in Brazil, which is home to majors including Anglo American and Vale.
“Since the announcement of the acquisition back in April, the Meteoric team – myself included – have been itching to get on the ground and start exploration and I am simply thrilled that we are now mobilising.”