Meteoric Resources NL (ASX:MEI) (FRA:RNF) has added to its gold asset inventory after completing the acquisition of the high-grade Palm Springs project in the Kimberley region of Western Australia.
The company has already submitted a Program of Works (POW) for the advanced exploration play 30 kilometres southeast of Halls Creek and, pending approvals, expects to begin drilling in August.
Managing director Dr Andrew Tunks said: “With this acquisition, Meteoric is hopeful of producing some stunning exploration results throughout 2020.”
60 known gold occurrences
This project, which complements the company’s gold assets in Brazil, covers more than 12,000 hectares and includes 3MLs, 4 ELs and 6PLs with 60 known gold occurrences over a 20-kilometre strike.
Meteoric plans to begin an extensive drilling program in the historic Butchers Creek resource area.
Tunks said: “Previous work on the Palm Springs project indicates the potential for a substantial untested gold system plunging south, away from the Butchers Creek historic mine yet there has been no active exploration in the Butchers Creek area this century.”
“Excited to get drill rigs spinning”
"No drilling, no geophysics, no structural analysis, no geochemistry, and therefore the team is understandably very excited to get the drill rigs spinning as soon as possible.
"We have immediate drill targets and there appears to be potential ore zones exposed at the bottom of the historic open pit.”
Shares higher
Shares have been almost 12% higher to 3.9 cents intra-day and up from 0.8 cents at close on March 27.
Palm Springs contains historical drill intercepts beneath a former open pit operation with results including 68 metres at 2.5 g/t gold from 44 metres, 19 metres at 8.8 g/t from 56 metres and 50 metres at 3.31 g/t from 50 metres.
The company’s initial drilling will focus on Butchers Creek open pit gold mine targeting shear-hosted high-grade mineralisation open at depth and down plunge to the south.
A 1996 RC drill intercept of 73 metres at 2.26 g/t from 169 metres at a site 100 metres south of Butchers Creek open pit indicates that the down plunge potential remains almost completely untested.