Meteoric Resources NL (ASX:MEI) is “intersecting the right rocks and alteration styles”, managing director Andrew Tunks says of the first drill hole to test a major IP chargeability anomaly detected in late 2020 at Juruena Gold-Copper Project in Brazil.
He says that observations from hole JUDD042, which is the first hole to test the porphyry copper-gold potential at depth, “indicate we are within a major magmatic system”.
At 841 metres
The hole reached 841 metres downhole on Sunday and from 600 metres the hole has progressed through complex, classic porphyry geology.
This includes felsic to intermediate porphyry intrusives, dolerites and lamprophyres overprinted by intense phyllic alteration with abundant sulphides including copper sulphides and possible gold mineralised zones.
Meteoric says that “more significantly, quartz + pyrite + molybdenite and quartz + chalcopyrite ± bornite veins have been encountered from approximately 700 metres depth”.
“The right rocks”
Tunks said: “From around 600 metres depth we have been logging quartz molybdenite veins and from 700 metres we have progressed into a zone with quartz, chalcopyrite bornite veins.
“We appear to be entering a zone of intense alteration overprinting porphyritic and mafic intrusives cut by hydrothermal breccias all with abundant stockwork veining.
“The hole will continue for approximately another 250 metres into our main copper-gold porphyry target, the Juruena Fault.”
Line 1600 IP Chargeability section with major faults and JUDD042 drill hole trace.
With the rocks intersected having undergone intense brittle-ductile deformation resulting in strong phyllic alteration and complex vein arrays, the company believes it may be approaching its main porphyry target, the Juruena fault, earlier than expected.
Gold assays
In addition, several zones of potassic alteration with pyrite have also been intersected and will be assayed for gold.
There are intersections where the sulphides increase noticeably, having locally pyrite up to >10% as disseminations and stringers.
Sometimes pyrite is also deposited in local foliations near the contacts.
Gold enrichment has been previously noted at Dona Maria and Querosene associated with the mafic dykes so sampling of these zones is important.
Shares higher
Shares have been as much as 8% higher this morning to 5.8 cents and Meteoric’s market cap sits at approximately $71 million.