Meteoric Resources NL’s (ASX:MEI) (FRA:RNF) deep drilling program below the high-grade Juruena Gold Deposit in Brazil appears to be close to intersecting the first major drill target – a large geophysical IP chargeability anomaly interpreted to be associated with a giant gold-copper rich porphyry system.
The first of three deep 1,200 metres long drill holes at Juruena has reached 500 metres and the company has recorded an increase in sulphide content (pyrite) from 440 metres downhole with the presence of vein-hosted molybdenite and magnetite.
Drilling is expected to intersect a second major target of gold-copper rich Crentes-style breccia hosted mineralisation within the Juruena fault system at around 1,000 metres depth.
“Exciting exploration opportunity”
Encouragingly in one of the drill holes, the company has already intersected shallow (118 metres) epithermal style gold-copper breccia mineralisation at Crentes Prospect including 51 metres at 1.40 g/t gold and 0.25% copper from 118 metres.
Meteoric managing director Andrew Tunks said: “This is an exciting time for Meteoric with the first deep drill hole just now reaching the top of the interpreted Deep IP anomaly, targeting a potential source for the shallow copper and gold we see at Dona Maria and Crentes.
“At this stage of the drilling we have intersected regional alteration and some pyrite-rich zones along with minor molybdenite which is common in the porphyry environment.
“The hole will continue to test the centre of the IP anomaly and then go on to test the Juruena Fault zone at a depth of around 1,000 metres.
“The intercept of 50 metres at 1.4 g/t gold and 0.25% copper is an encouraging indication of the potential of the Juruena fault to be both a host to mineralisation and as a fluid pathway from deeper systems.
“Whilst we know there is extensive copper gold mineralisation near surface, imagine if we also strike similar at depth, it would immediately open a further exciting exploration opportunity.”
A stylised cross-section showing the interpreted magmatic system for a porphyry- epithermal gold-copper-molybdenum-silver style of mineralisation.
Resource update pending
The remainder of the assay results from the 2020 drill program have now been received and the company has commissioned Trepanier Pty Ltd to complete a mineral resource estimate update for all prospects in the Juruena Project.
The updated resource estimate is expected to be available for release to the market shortly.