Meteoric Resources NL (ASX:MEI) (FRA:RNF) has started its 2021 deep drilling program at the Juruena Copper-Gold Project in Brazil designed to test an interpreted giant copper-gold rich porphyry system identified below the high-grade epithermal gold deposit.
The program, which is a culmination of exploration carried out by the company over the last two years, consists of 3,600 metres of drilling with three drill holes pegged at around 1,200 metres deep.
Meteoric will test the large IP chargeability anomaly that lies beneath an historic shallow IP anomaly, major gold artisanal workings, giant soil copper-molybdenum-gold anomaly and fertile porphyry intrusive rocks.
"Many lines of geological evidence"
Managing director Andrew Tunks said: “The geology team has drawn together many lines of geological evidence and interpret a significant copper-gold porphyry system at depth related to the outcropping high-grade epithermal gold deposits at Juruena.
“The presence of the large IP chargeability anomaly defined in the late 2020 Deep IP survey, conducted by Geomag, gave us a definitive drill target.
“We successfully commenced drilling on February 15, with the first of three holes initially targeting both the central portion of the IP chargeability anomaly and the Juruena Fault.
“Each hole is planned for around 1,200 metres depth.
“The full program is expected to take at least three months to complete, however, we look forward to updating the market as we progress on this potential company-making exploration program.”
Three major epithermal targets
Drilling by Meteoric at Juruena has largely concentrated on three major epithermal gold targets - Dona Maria, Querosene and Crentes.
Down-hole multi-element geochemistry and surface geochemistry highlight at least two different metallogenetic styles of mineralisation.
The high-grade gold Dona Maria and Querosene targets have a structure, hydrothermal alteration and metal association typical of an Intermediate Sulphidation style of deposit. Associated gold-silver-tellurium is typical of the ore from these targets.
However, the Crentes target exhibits a different metal association and structural characteristic. At this target, gold is closely related to copper mineralisation. Molybdenum values are significant and the major host rock for the copper-gold mineralisation is hydrothermal breccia.
This deep IP survey carried out over the Juruena Project at the end of 2020 was definitive in highlighting the project’s potential to contain major magmatic hydrothermal systems, related porphyry and epithermal styles of gold-copper mineralisation.
It returned a large, high chargeability anomaly below the outcropping high-grade epithermal gold deposits, centred beneath the Uiliam and Mauro prospects.
The top of the high chargeability anomaly is around 500 metres below the surface.
Southern Geoscience Australia (SGC) independently completed a 2D Inversion of the geophysical survey data obtained by GEOMAG and confirmed the location of the chargeability anomaly.