Meteoric Resources NL (ASX:MEI) directors have demonstrated their support for the company’s gold strategy by participating in a placement following shareholder approval been granted on September 3.
Managing director Andrew Tunks acquired 1 million shares at 1.6 cents per share in an indirect interest, increasing the total number of securities in that interest to 1.4 million with another 903,000 shares held in a direct interest.
Non-executive chairman Paul Kitto purchased 1 million shares also at 1.6 cents per share in an indirect interest, marking his first purchase in the company.
Palm Springs drilling
Meteoric has started reverse circulation (RC) drilling at Palms Springs Gold Project in the Kimberley region of Western Australia.
This forms part of a stage-1 program which also includes diamond drilling at the Butchers Creek open pit.
There were 228 metres completed on the first day of RC drilling with the help of two rigs on the site, as a part of a 23-hole program for 5,000 metres.
The stage-1 program at Butchers Creek has been designed to initially confirm the quality and location of historical gold intercepts.
After this, the focus will shift to extend the known high‐grade gold mineralisation associated with a plunging anticline to the south of the existing Butchers Creek open pit.