Meteoric Resources NL (ASX:MEI) has confirmed the presence of a large copper-gold porphyry system at Juruena Copper-Gold Project in Brazil through an initial diamond drilling campaign consisting of three holes and 2,400 metres.
Of particular note is a result from hole JUDD043 that returned in excess of 600 metres at greater than 200 parts per million (ppm) copper.
The Juruena Copper-Gold Project is separate to Meteoric’s Juruena Gold Project, which contains a mineral resource estimate of 1.9 million tonnes for 387,000 ounces of gold at 6.3 g/t.
A scoping study for the development of the Juruena gold deposits is underway and Mining Licence applications are underway.
Read: Meteoric Resources’ FY21 programs provide golden bounty exceeding 740,000 ounces
Meteoric has been pursuing copper-gold mineralisation in its tenement west of the Juruena Gold Project, where it has identified a 5-kilometre-long induced polarisation (IP) chargeability anomaly interpreted to have the desired mineralisation.
Economic porphyry system potential
“Although we have not yet discovered economic porphyry copper-gold mineralisation at Juruena, the drilling has confirmed the presence of a significant porphyry system," Meteoric's managing director Dr Andrew Tunks said.
"The recognition of the porphyry system is underpinned by the diagnostic veining and alteration zones we have observed in the deep drilling,”
“The porphyry copper potential is best exemplified by the 640-metre-thick zone of copper mineralisation enriched 100 times above local background copper levels that was intercepted in hole JUDD043.
“When we couple this thick intersection with the several new gold zones intercepted in the drilling and the enormous IP chargeability anomaly discovered and announced to the market late last year the potential for a discovery of an economic porphyry system remains high.”
Results from drilling indicated porphyritic intrusives, veining and alteration, pointing to the presence of a magmatic hydrothermal (porphyry) mineralised system.
“High-cost, high-risk”
“Exploration for Tier 1 porphyry copper deposits such as our target at Juruena is high-cost, high-risk exploration and on this basis, we have decided to seek a major partner to further advance this obvious and exciting opportunity,” Dr Tunks continued.
“The Alta Floresta Belt continues to be the focus of multiple major mining and exploration companies carrying out belt-wide geophysical surveys to identify porphyry copper exploration targets. MEI has fielded numerous requests for data and conducted several initial site visits to Juruena.
“While we conduct the process of looking for a project partner on the copper-gold porphyry exploration, the company will continue to forge ahead with development plans for exploiting its current gold resources at Juruena.
“We have recently commenced work on a scoping study for the development of the Dona Maria, Querosene and Crentes gold deposits with GE 21, a Brazilian mining consultancy, while at the same time commencing the application process for Mining Licences over the key areas proposed for open-pit and underground mining.”
Read: Meteoric Resources upgrades Juruena resource in Brazil by 50% to 387,000 ounces of gold