Meteoric Resources (ASX: MEI) has several iron ore focused projects in Western Australia, including the Coorara iron project in the emerging South Yilgarn Iron Ore and the Robinson Range iron project in the Mid-West region of the state.
Meteoric also has gold interests, including a farm-in to tenements located in the under explored Tibooburra goldfield north of Broken Hill.
Meteoric Resources (ASX: MEI) has been drill testing parts of three anomalous gold trends in the Tibooburra goldfield, located 300 kilometres north of Broken Hill, with the company very encouraged by results at the New Bendigo and Kink prospects.
Exploration comprised first pass rotary air blast and aircore drilling of 63 holes for just over 2000 metres.
The drilling identified a 400 metre long zone of mineralised, quartz-veined, sericite-altered metasediments, with the highlight:
- 16 metres at 3.45 grams per tonne (g/t) gold from 8 metres, which included the higher grade intersection of 4 metres at 10.40g/t gold from 12 metres.
Meteoric said that the mineralised zone is interpreted to be subvertical and ranging from 20 metres to 50 metres wide, and importantly is open to the south.
Results are currently pending from sampling of 1 metre drill samples.
At New Bendigo wide-spaced soil sampling of a 500 metres by 50 metre pattern identified a broad 4 kilometre long area of elevated gold values encompassing both outcropping Cambrian metasediments and alluvial cover.
The anomaly is situated adjacent to a regional structure, the New Bendigo Fault.
Adding to the prospectivity of the prospects, an area of old gold diggings occur over a 1.7 kilometre strike length, some showing evidence of pyritic, sericite-altered phyllites and metasiltstones with quartz stockworks.
The prospectivity of Tibooburra
The Tibooburra goldfield comprises several inliers of Cambrian metasediments which host numerous zones of quartz veining within an area extending from Tibooburra town site for some 50 kilometres to the south west.
Old gold workings occur on several of the vein systems with 60,000 ounces of gold production recorded from both bedrock and alluvial sources.
Importantly for the potential of the area, the Geological Survey of New South Wales has identified the Tibooburra goldfield as possessing an orogenic gold mineralisation style typical of slate belt gold provinces and has drawn similarities of mineralisation style, timing and structural setting to the prolific Victorian goldfields.
There has been little systematic gold exploration in the Tibooburra goldfield, with only two of the numerous vein systems drilled previously, and no drilling below 60 metres.
The Meteoric farm in
Meteoric has now met the minimum expenditure for the farm in and may earn a 51% interest in 450 square kilometres of exploration licences covering most of the Tibooburra goldfield by incurring a total expenditure of $500,000 by October 2013.
The company may elect to earn up to a 75% interest in the tenements by expenditure of a further $1 million by October 2016.
Meteoric said that the company is most encouraged by these preliminary results and, subject to results of follow up assaying, is planning further drilling to test the gold potential of the New Bendigo and Kink prospects - together with other targets identified by the company’s geochemical sampling