Meteoric Resources (ASX: MEI) has discovered a strong localised conductor at its wholly owned Bluebird copper-gold prospect, located 30 kilometres east of Tennant Creek, a major gold mining province in the Northern Territory.
An electromagnetic survey was completed over a 1.8 kilometre strike length of a gravity ridge coinciding with a bedrock copper anomaly and copper-gold rotary air blast drill intersections.
The electromagnetic survey is designed to identify conductors associated with high-grade Tennant Creek style copper-gold mineralisation.
Importantly, the gravity ridge is interpreted to reflect hematite and/or magnetite alteration commonly associated with copper-gold mineralisation in the Tennant Creek mineral field, which was once the third largest gold producer in Australia and is still highly productive.
The gravity ridge extends into an aboriginal site exclusion zone where historical drilling of outcropping ironstones is reported to have intersected high grade gold mineralisation with a best intersection of 3 metres at 43.2grams per tonne (g/t) gold, confirming the prospectivity of this trend.
Preliminary fixed loop electromagnetic survey results show the conductor close to an earlier drill hole that intersected 8 metres at 1% copper from 72 metres and 12 metres at 0.29g/t gold from 68 metres.
This drill hole does not appear to have tested the conductor, which looks to be a pipeshaped feature with an electromagnetic response characteristic of well-developed sulphides.
Four other electromagnetic anomalies were identified along the gravity ridge to the east of the conductor, one of which coincides with anomalous copper-gold in a drill hole that intersected 4 metresat 0.1% copper from 20 metres and 4 metres at 0.11g/t gold from 44 metres.
A moderately strong electromagnetic anomaly was also identified in a parallel trend to the north of Bluebird, however this appears to be stratigraphic in nature rather than a discrete Tennant Creek-style copper-gold target.
Tennant Creek was once the third largest gold producer in Australia and is still highly productive.
Meteoric holds a 100% interest in an exploration licence covering the southeast extension of the Tennant Creek mineral field, which has in its lifetime produced 5 million ounces of gold and 350,000 tonnes of copper.
The Bluebird prospect forms part of the Barkly project, part of which is held in joint venture with Emmerson Resources.
Emmerson retains a 30% interest in one graticular block of the licence and over nine mineral leases within this licence.
Meteoric has carried out an extensive program of magnetic and gravity surveys followed by geochemical sampling.
Sampling defined a 600 metre-long bedrock copper anomaly, open to the east, along strike from the shallow, historical Bluebird gold workings.
Meteoric is now modelling the electromagnetic data to define and prioritise drilling targets for high value copper-gold mineralisation.
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