Meteoric Resources NL (ASX:MEI) has confirmed significant gold results from the first two diamond drill holes of its maiden drilling program underway at the Juruena Gold Project in Brazil.
DDH JUDD001 intercepted a thick zone of strong altered granites and assays confirm a broad zone of bonanza grades with 20.6 metres at 94.9 g/t gold from 96.8 metres, which includes 3.65 metres at 508.4 g/t gold from 107.5 metres.
DDH JUDD002 intercepted two separate zones of alteration and gold mineralisation returning assays of 1.1 metres at 22.68 g/t gold from 41.2 metres and 4.5 metres at 6.20 g/t gold from 46.6 metres.
Shares have surged to a new 12-month high of 7.9 cents, almost 25% higher than yesterday's close.
Cross Section of DDH JUDD001 through Dona Maria highlighting existing ore zone interpretation, historical drilling by Crusader and Lago Dorado
Meteoric managing director Andrew Tunks said: “We were expecting something special from our first holes at Juruena after we intersected visible gold and intense alteration, however, the results have exceeded even my expectation.
“In fact, this is the best drilling intercept I have ever been involved with in my career. While we were confident of the possibilities based on the historic drilling and the gold we observed, it is very reassuring to have assay numbers that support our interpretation.
“I am extremely proud of what the company and the exploration team has achieved since the acquisition in April.
“We have recruited and deployed excellent staff, contracted and mobilised two drill rigs and struck bonanza grades. All done in remarkably quick time.
JUDD002 and JUDD008 (awaiting despatch for assay). JUDD002 targeted shallow mineralisation beneath the Dona Maria Artisinal Open Pit.
“We have now completed eight holes and are testing some deeper targets beneath Dona Maria that are very exciting. The geological logging, sample dispatch and assay procedures are flowing well ensuring a steady flow of drill results over the coming months.
“Furthermore, we have recognised the untapped potential at the Novo Astro Project and moved quickly to execute an exploration and drilling program in tandem with Juruena.”
Novo Astro drilling
The Novo Astro Project is 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.
Preparation for the Novo Astro drilling campaign is progressing well, with a refurbished accommodation and office facility close to completion in the Novo Astro village.
Drilling remains on schedule to commence in late September.