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Meteoric Resources intersects thick robust gold well beyond Butchers Creek Open Pit in initial Palm Springs drilling

Historic cross-sections and mine plans indicate significant gold mineralisation remains in the floor and immediately below the Butchers Creek Pit, creating potential for near-term mining possibilities.

Meteoric Resources NL -
The 2020 field program is now complete and assays from the remaining 19 holes will be reported throughout November and December

Meteoric Resources NL (ASX:MEI) intersected thick and robust zones of high-grade gold below and beyond the Butchers Creek Open Pit in the first seven holes of its maiden drilling at Palm Springs Gold Project in Western Australia.

Seven instances of visible gold have been noted during logging of the diamond drill core of three holes south of the historic Butchers Creek open pit, where visible gold in the southern-most hole of the program confirms the mineralisation system continues 360 metres south of the pit and remains open.

The 2020 field program is now complete and while assays from the remaining 19 holes will be reported throughout November and December, planning of a 2021 field program is underway.

"Amazing result"

Managing director Dr Andrew Tunks said: “This is an amazing result from our very first assays on a new acquisition, which was completed just four months ago.

“Given that the historic cross sections and mine plans indicate significant gold mineralisation remains in the pit floor, rather than simply confirming this, we instead elected to aggressively push the drilling south where there were very few historic holes.

“As a result of this, I am incredibly pleased to say we have confirmed through our initial drilling program that thick continuous gold zones extend to more than 360 metres south of the historic pit.”

High-grade results

Highlights include:

  • 56 metres at 2.7 g/t from 181 metres, including 18 metres at 4.8 g/t from 203 metres;
  • 45 metres at 2.3 g/t from 259 metres, including 5 metres at 10.8 g/t from 261 metres and 10 metres at 1.9 g/t from 314 metres;
  • 53 metres at 2.1 g/t from 147 metres;
  • 8 metres at 10.4 g/t from 156 metres, including 2 metres at 34.4 g/t from 160 metres;
  • 10 metres at 2.5 g/t from 126 metres and 15 metres at 2.1 g/t from 166 metres;
  • 6 metres at 2 g/t from 138 metres; and
  • 9 metres at 1.8 g/t from 126 metres.

Strong results to continue 

Tunks added: “Additionally, we have tested a possible extension of mineralisation to the west of the pit, which opens up further growth potential.

“These assays are just the start of the program and based on the logging of strongly altered host rocks and visible gold noted in the core, we fully expect this strong run of results to continue.

“While we have now finished the 2020 drilling as the northern wet season closes in over the Kimberley, we are already planning geophysical surveys, additional drilling and a dewatering pit.

“Our goal will be to get back onto the ground as early as possible in 2021 and commence exploration as well as employing development strategies centred around the historically high gold prices.

“The fact that this project sits on fully granted mining leases is hugely significant as come the moment, it can substantially reduce the time and costs involved to move from an exploration only company through to development and becoming a gold producer.”

Future work

Meteoric’s preparations for the 2021 Kimberley season is on the back of a recently completed lithostructural interpretation of the area by PGN Geoscience.

This interpretation has confirmed the prospectivity of historical soil samples as well as generating numerous gold exploration targets across the Palm Springs tenement package.

The 2021 field season will initially comprise a soil and rock chipping program across the targets identified with follow-up ground based geophysical surveys to generate drill targets.

Meteoric already has several approval PoWs across numerous gold targets identified from historical workings and previous exploration.

In conjunction with an approach to reginal exploration, the company will also focus on programs designed to rapidly advance the Butchers Creek Gold Project towards production.

Immediate work will include calculation of a resource estimate and a scoping study.

Quick facts: Meteoric Resources NL

Price: 0.072 AUD

Market: ASX
Market Cap: $94.54 m

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