The company is putting in place a drilling and exploration program that aims to convert existing inferred resources to the indicated category as well as grow the resource base at these deposits.
Jurena hosts a resource estimate of 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t, comprising primarily of 436,000 tonnes at 14.7 g/t for 205,000 ounces at Dona Maria and Querosene.
The company has entered into a binding terms sheet with Crusader Resources (ASX:CAS) to acquire the Juruena and Novo Astro gold projects in the state of Mato Grosso.
These projects cover an area of about 770 square kilometres, comprising 24 contiguous tenements on the western end of the highly prospective Alta Floresta Belt, which hosts major miners including Anglo American (LON:AAL) and Vale (NYSE:VALE).
Meteoric Resources managing director Andrew Tunks said: “The Juruena and Novo Astro projects represent a step-change in the company’s strategy from greenfields exploration to resource definition expansion.
“Based on the enormous database of previous exploration results, we can take a bold approach with our drilling which will be designed for maximum impact into and adjacent to known bonanza gold ore zones.
“At Querosene and Donna Maria, we will be taking a three-fold approach that looks to firstly improve confidence in the resource and grow the percentage of indicated resources by drilling within the current resource boundaries.
“Two, test along strike and down dip outside the resource boundaries to potentially grow the resource and three, collect sufficient sample material from known portions of the ore bodies to characterise the metallurgy of the ore zones and confirm the optimum process route.”
High-grade indicated and inferred mineral resources
The Juruena deposits are hosted in a district scale gold mineralised system, linked by a structural corridor hosting multiple gold prospects such as Querosene and Dona Maria.
Location of the high-grade Querosene and Dona Maria resources along the Jurena fault
Two distinct styles of primary gold mineralisation are apparent:
Discrete steeply dipping generally narrow quartz veins with minor sulphides and high-grade gold both as free gold and associated with sulphide alteration and vein selvedges; and
Zones of sheeted quartz veins, stockworks and minor breccias, which contain 3-5% sulphides.
Proposed work to increase confidence and grow resources
Only 24% and 34% of the resources at Querosene and Dona Maria respectively are in the indicated category.
The main objective of the initial exploration will be to convert ounces from inferred to indicated in order to enable more detailed economic studies to occur.
The company plans to:
Increase confidence in the resources at shallow depths with additional drill holes in the near-surface, especially below the artisanal pits;
Generate accurate (survey) 3D surfaces of the base of current artisanal working, which don’t currently exist; and
Carry out additional specific gravity (SG) measurements.
List of significant mineralised intersections for Querosene and Dona Maria deposits