Meteoric Resources NL (ASX:MEI) has a new substantial shareholder in Klare Pty Ltd which has accumulated a 5.64% stake following a series of acquisitions since May 21 this year.
The acquisitions by the Queensland-based investor range from 1 cent per share in May to 5.9 cents per share this month.
They coincide with an increase in share price over the same period from 1.6 cents on May 20 to a 12-month high of 7.9 cents reached last week. Shares are now trading at 5.9 cents.
Klare holds more than 55.588 million shares in the Brazil-focused gold explorer.
Career-best intersection
Last week Meteoric received bonanza-grade results from the Juruena project in Brazil, including what managing director Andrew Tunks described as “the best drilling intercept I have ever been involved with in my career”.
The results were from the first two diamond drill holes of Meteoric’s maiden drilling program at Juruena.
One hole intercepted a thick zone of strong altered granites with assays returning 20.6 metres at 94.9 g/t gold from 96.8 metres, which includes 3.65 metres at 508.4 g/t from 107.5 metres.
Another hole intercepted two separate zones of alteration and gold mineralisation with assays of 1.1 metres at 22.68 g/t from 41.2 metres and 4.5 metres at 6.20 g/t from 46.6 metres.
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.
“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.”
Novo Astro program
In tandem, Meteoric has moved quickly to execute an exploration and drilling program at the Novo Astro project, which is 25 kilometres southeast of Juruena.
Novo Astro contains a massive soil anomaly of at least 15 square kilometres with multiple rock chip samples grading greater than 10 g/t gold.
A refurbished accommodation and office facility is close to completion in the Novo Astro village and the company is on track to begin drilling by the end of this month.