Meteoric Resources NL (ASX:MEI) final drill assays from its 2021 drilling campaign at Butchers Creek deposit within the Palm Springs Project in WA have unveiled some thick, gold mineralised zones.
The explorer uncovered as much as 29 metres at 2.0 g/t gold from 286 metres including 2 metres at 5.9 g/t and 2 metres at 8.8 g/t in the final round of results, with the assays further enhancing the progress to date at Palm Springs.
Ultimately, the fresh assays further confirm the thick zones of gold mineralisation in the hinge of the Butchers Creek Anticline that were reported back in November and February.
All in all, the 2021 field results underpin Meteoric’s move to the scoping study stage, meaning it will start to consider the economics involved with developing the Palm Springs Gold Project.
“Active exploration plan in 2022”
Speaking to the final assays, Meteoric managing director Dr Andrew Tunks said: “We have continued to achieve excellent results from the Palm Springs Gold Project, with some strong gold assays from Butchers Creek.
“Once again, the results have confirmed our model of broad, consistent intercepts averaging 2 g/t of gold that are ideal for open-pit exploitation.
“Importantly we have continued to see the high-grade core with results consistently above 5 g/t that sit inside the broad zone.
“The final results from this drilling will be fed into the preliminary economic studies we are planning which include metallurgy, pit optimisation and underground studies.
“These studies will give us a much greater understanding of the development potential for Butchers Creek.
“The brownfields exploration we have completed during 2021 has already begun to identify new targets to the north and west of Butchers Creek that we are confident will open up exciting new drill targets, and drive a far more active exploration plan for 2022 as the state borders reopen.”
The (final) results are in
As part of its 2021 field season at Palm Springs, Meteoric drilled 10 holes for 3,241 metres.
That included 1,959 metres of reverse circulation and 1,282 metres of diamond drilling.
Drilling for the 2021 season was carefully planned to improve confidence in the high-grade portions of Palm Springs' mineral resource by targeting the hinge zone position in areas with insufficient drilling.
It also tested for continuations of mineralised syenite south of the current resource.
As well as the 29-metre intersection, the latest robust results from Butchers Creek deposit include 9 metres at 1.4 g/t from 311 metres.
It confirms the thick zones of gold mineralisation reported in previous intersections, including:
- 69 metres at 4.38 g/t gold from 181 metres, including 19 metres 7.22 g/t;
- 56 metres at 2.69 g/t from 181 metres, including 18 metres at 4.85 g/t; and
- 55 metres at 3.21 g/t from 175 metres, including 8 metres 7.56 g/t.
With the last assays from Butchers Creek now received, Meteoric’s 2021 program has drawn to a close.
But it’s far from the end of activity this year as the ASX-lister moves towards a scoping study, which will consider open-pit and underground development scenarios for the Palm Springs project.
Palm Springs Gold Project
Palm Springs is relatively new to the Meteoric portfolio, having only been acquired in mid-2020.
The project has already been established as an advanced exploration play, historically producing 52,000 ounces of resource at 2.1 g/t gold from the Butchers Creek open-pit.
Following what the company describes as “an outstanding initial exploration season”, combined with a “treasure trove” of exploration and mining data, Meteoric established a maiden mineral resource estimate at Palm Springs last month.
The asset is thought to host 357,000 ounces of gold at 2 g/t gold, with 139,000 ounces at 2.24 g/t in the indicated category and 218,000 ounces at 1.9 g/t in the inferred category.
Significantly, a large portion of the indicated resource occurs in the floor and beneath the historical Butchers Creek open-pit, providing immediate ore for future development.