Proactive Investors - Run By Investors For Investors

Meteoric Resources completes acquisition of highly prospective gold projects in Brazil

The projects are in the highly prospective Alta Floresta Belt, which is host to major miners including Anglo American and Vale.
golden key
Meteoric is finalising the initial drilling plan

Meteoric Resources NL (ASX:MEI) has successfully completed its acquisition of the highly prospective Juruena and Novo Astro Gold Projects in Brazil from Crusader Resources (ASX:CAS).

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.

 

The Juruena and Novo Astro 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 is host to major miners including Anglo American (LON:AAL) and Vale (NYSE:VALE).

Geologically, the Alta Floresta belt is a Paleoproterozoic, east-west trending, continental magmatic-arc, estimated to have produced over 7 million ounces of gold to date.

It is arguably the most desirable gold exploration destination in Brazil.

READ: Meteoric Resources receives applications for $1.76 million in heavily oversubscribed SPP

Meteoric managing director Dr Andrew Tunks said: “The formal completion of the acquisition of Juruena and Novo Astro marks the commencement of the next exciting stage of development for Meteoric as we move to commence exploration.

“I am immediately travelling to site to join our Operations Manager, Peter Sheehan and our Brazilian team to finalise our initial drilling plan for Dona Maria and Querosene, our two most advanced targets on Juruena.

“These prospects already contain a combined high-grade JORC 2012 mineral resource estimate of 436,000 tonnes at 14.7 g/t for 205,000 gold. It is our intention to complete further drilling at these bonanza grade prospects.

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

“This is truly an exciting time for the company and its shareholders as we move into gold exploration in what we believe is one of the most prospective regions in the world, the Alta Floresta Belt in Brazil, which is home to majors including Anglo American and Vale.

“Since the announcement of the acquisition back in April, the Meteoric team – myself included – have been itching to get on the ground and start exploration and I am simply thrilled that we are now mobilising.”

View full MEI profile View Profile

Meteoric Resources NL Timeline

Related Articles

Project area
February 12 2019
Forecast life-of-mine gold production jumps to 289,000 ounces following a new resource estimate and mine design.
Lithium Australia aspires to ‘close the loop’ on the energy-metal cycle
March 12 2019
Recent results show high-quality lithium-ion batteries can be generated from mine waste using its process.
Inspection at Cangai property
April 29 2019
The company has the Cangai Copper Project in northern NSW as its flagship asset.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use