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Meteoric Resources hits multiple broad, high-grade gold intersections in Southern Extension at Palm Springs

Results from 2020 drilling continue to confirm that known gold mineralisation immediately below the Butchers Creek Open Pit extends for 350 metres southwest and remains open as an exciting drill target for further exploration.

Meteoric Resources NL - Meteoric Resources assays return multiple high-grade gold intercepts in Southern Extension at Palm Springs
Headline assays of 69 metres at 4.4 g/t and 55 metres at 3.2 g/t were associated with multiple occurrences of visible gold

Meteoric Resources NL (ASX:MEI) has received a second batch of assays from a maiden drilling program at Palm Springs Gold Project in WA, which returned wide high-grade gold intercepts at the Southern Extension, including 69 metres at 4.4 g/t.

The company completed 26 holes for 2,278 metres of diamond drilling and 5,042 metres of RC drilling, with the latest results confirming that the wide high-grade gold mineralisation extends southwest of the historic Butchers Creek Open Pit.

These reveal a growing gold system and confirm the mineralised zone along a 700-metre strike, which remains open to the southwest.

Key results are:

  • 69 metres at 4.4 g/t gold from 181 metres, including 19 metres at 7.2 g/t from 204 metres; 
  • 55 metres at 3.2 g/t from 175 metres, including 8 metres at 7.6 g/t from 179 metres and 10 metres at 5.2 g/t from 190 metres; 
  • 21 metres at 6.1 g/t from 264 metres, including 2 metres at 47.8 g/t from 270 metres; 
  • 34 metres at 2.5 g/t from 170 metres, including 4 metres at 7.8 g/t from 174 metres; and 
  • 12 metres at 2.5 g/t from 180 metres.

The headline assays of 69 metres in BCRD 467 and 55 metres in BCRD 468 were associated with multiple occurrences of visible gold.

“Consistently mineralised gold zones”

Managing director Andrew Tunks said, “This second batch of assays returned from Palm Springs are even more impressive than the first batch reported earlier in November.

“The results demonstrate that the gold ore body continues strongly down-plunge to the southwest.

“Importantly we can once again see very wide high-grade gold intercepts in the hinge of the northeast-trending anticline and narrower zones of mineralisation down both limbs of the fold.”

To date, analysis of the mineralised intercepts has shown wide zones of very consistent mineralisation with little internal dilution or unmineralised areas inside the ore zones, which will positively impact any economic evaluation of the gold mineralisation.

Tunks said: “As our understanding of the Southern Extension to gold mineralisation grows, so does our understanding of historic drilling under the pit.

“We believe we can now show consistently mineralised gold zones that extend along strike for over 700 metres and these remain open both at depth and along strike.”

Project geology and collar plan showing all new holes drilled by MEI (Green = assays received, Red = assays pending and historical drilling is shown as black points)

Ongoing exploration

Assays from a further 12 drill holes, including newly noted VG occurrences in the southernmost drill hole BCRD 480, remain to be reported, with further assay results expected in December/January.

Tunks said: “Meteoric has continued to deliver strong drill results with seven of the eight holes hitting gold mineralisation.

“It is clear to me we have made massive strides at Palm Springs in WA and also at Juruena in Brazil and we look forward to continuing to produce world-class intercepts as results flow in from the assay labs.”

Preparations for the 2021 program have started with planning for additional staff, an IP survey and a large drilling campaign within and south of the Butchers Creek Open Pit in addition to an extensive regional exploration program.

Future work plans

In conjunction with an aggressive approach to regional exploration, there will be a 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 after which the company intends to implement additional programs including gaining access into the open pit for dewatering and additional in-pit resource drilling, step-out and infill RC drilling, in addition to preliminary metallurgical test work.

These programs are all designed to support any pre-feasibility/feasibility study.

Quick facts: Meteoric Resources NL

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Market: ASX
Market Cap: $94.54 m

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