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Meteoric Resources NL

Meteoric Resources executes formal agreement to acquire gold projects in Brazil

The company is planning to commence a drilling program at the Juruena Gold Project.

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Transfer of ownership to be completed shortly

Meteoric Resources NL (ASX:MEI) has executed the share sale agreement for the acquisition of the Juruena and Novo Astro gold projects in Brazil from Crusader Resources Ltd (ASX:CAS).

All material conditions have been met and completion of the acquisition will occur following the transfer of ownership of the Australian and Brazilian entities that hold the projects to Meteoric, a process that has commenced and completion is expected shortly.

 

Juruena hosts a JORC compliant resource of 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t and has had more than $25 million of expenditure including over 50,000 metres of drilling.

The Novo Astro Project is located 25 kilometres to the southeast of Juruena and contains a massive soil anomaly (+15 square kilometres) with multiple rock chip samples grading >10 g/t gold.

READ: Meteoric Resources begins evaluation program at Juruena Gold Project in Brazil

Meteoric recently started evaluating the high-grade resources at the Querosene and Dona Maria deposits within the Jurena Gold Project.

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.

Notably, the Dona Maria and Querosene deposits have a combined resource of 436,000 tonnes at 14.7 g/t for 205,000 gold ounces.

Meteoric managing director Dr Andrew Tunks said: “It’s full steam ahead for the Brazilian Gold projects as we are currently finalising planning of our first drilling program to commence at Juruena in Q2.

“Our operations manager Peter Sheehan and myself will be travelling to Brazil in the coming weeks to work alongside the Brazilian technical team and our exploration management group, Target Latin America, to commence resource definition and extension drilling at the two most advanced targets, Dona Maria and Querosene which contain a combined high-grade JORC 2012 mineral resource estimate of 436,000 tonnes at 14.7 g/t for 205,000oz gold.”

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Price: $0.05

Market: ASX
Market Cap: $47.88 m
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Meteoric Resources starts drilling with first of two diamond rigs on site at...

Meteoric Resources Ltd (ASX:MEI) managing director Andrew Tunks updates Proactive Investors on the start of drilling at Juruena Gold Project in Brazil. The first of two diamond drill rigs is on site, with drilling to start immediately targeting the Dona Maria prospect. A second drill rig...

on 23/7/19

2 min read