Meeka Gold Ltd (ASX:MEK) has received further encouraging results from the Circle Valley Project, with drilling continuing to intercept high-grade lenses of gold mineralisation within a broader package of lower-grade gold up to 80 metres thick.
Primary mineralisation sits below a large 1.2-kilometre by 400-metre zone of regolith gold identified by aircore drilling.
Assay highlights include:
- 32 metres at 1.39 g/t gold from 4 metres including 8 metres at 4.96 g/t (22CVRC025);
- 40 metres at 0.70 g/t from 48 metres including 4 metres at 1.60 g/t and 4 metres at 1.49 g/t and 8 metres at 1.17 g/t (22CVRC027).
These results sit along strike from the previously reported results:
- 23 metres at 5.09 g/t from 13 metres including 10 metres at 9.35 g/t and 7 metres at 2.91 g/t (22CVRC001);
- 24 metres at 1.21 g/t from 24 metres (22CVRC010);
- 16 metres at 3.06 g/t from 32 metres including 4 metres at 10.80 g/t (22CVRC009);
- 10 metres at 4.72 g/t from 120 metres including 4 metres at 10.20 g/t (22CVRC008) – hole ends in mineralisation; and
- 4 metres at 2.51 g/t from 96 metres (22CVRC003).
Meeka’s 100% owned Circle Valley Project showing location of RC drilling at Anomaly A, and large-scale gold targets Anomaly B, C and Fenceline, which are coincident with a magnetic feature that extends 5.5 kilometres east to west and are yet to be tested by RC drilling.
Anomaly A aircore and RC drill collar points and gold grades, surface gold anomalism and underlying geology.
Potential for significant system
The company is growing more and more confident that Circle Valley is host to a significant gold system and also anticipates rare earth assays to come.
“These results continue to support the view that Circle Valley is host to a potentially significant gold system. A petrographic analysis, amongst other technical work, is underway to confirm the mineralogy for this high-grade gold system,” MEK’s managing director Tim Davidson said.
“This will be completed over the coming weeks and will assist in planning the next phase of drilling in the second half of 2022. Mineralisation at Anomaly A remains open in all directions and Anomaly A is just one of numerous large-scale targets at Circle Valley. The gold opportunity at Circle Valley is significant.
“In addition, we anticipate reporting 16,000 metres of rare earth assays over the coming two months. It is expected that the first batch of these will be received and reported within the week. Finally, we remain in contact with ANSTO on a bi-weekly basis regarding the rare earth metallurgical test-work. This is progressing well with results expected in late July 2022.”
The mineralisation remains open in all directions and a drilling plan is being prepared for the second half of 2022.
What’s next
Meeka has a lot on its plate on the coming months. Here’s what shareholders can expect:
- June 2022: Presentation to The Australian Gold Conference, 14 June 2022 at 2pm, Sydney.
- June 2022: Assays from the remaining 16,000m of drilling for high-grade rare earth mineralisation at Circle Valley.
- June 2022: Forward activity plan targeting the highest value zones of mineralisation at Cascade.
- July 2022: Rare earth metallurgical results from ANSTO.
- July 2022: Gold assays from Murchison Gold Project drilling.
- July 2022: Quarterly Activity Report.
- September 2022: Pre-feasibility study for the Murchison Gold Project.
- September 2022: Audited Annual Report.