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Meteoric Resources shares continue to skyrocket on diamond find

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Meteoric Resources (ASX: MEI) has built on gains made yesterday with its shares up 50% to $0.060 as of 3.33PM EST with just under 4 million shares trading hands.

Shares in the company had risen from an open of $0.019 yesterday to a close of $0.04 yesterday after it announced the discovery of a large kimberlite field, potentially extending up to 400 square kilometres, in the Gibson Desert in Western Australia. 

Five of the seven holes in the first pass aircore drilling carried out in June intersecting weathered olivine-bearing ultramafic volcanic rocks.

Mineralogical testing of the drill samples also confirm the presence of chrome diopside, pyrope garnet and chromite diamond indicator minerals.

Further drilling is being planned to test a selected number of the remaining untested magnetic targets, with the drilling program likely to resume in the September quarter.

The exploration property in the Gibson, known as the Webb project area, has never been explored for diamonds.

Meteoric had originally started exploring for Olympic Dam-style iron oxide copper-gold deposits and while unsuccessful, realised the magnetic anomalies identified by aerial surveys could be kimberlites that could host diamonds.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Meteoric Resources NL

Price: 0.047 AUD

ASX:MEI
Market: ASX
Market Cap: $58.29 m
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