Meteoric Resources NL (ASX:MEI) has intersected visible gold mineralisation at the target depth for its maiden diamond drill hole at the Dona Maria prospect within its 100% owned Juruena Gold Project in Brazil.
This first diamond hole was designed to confirm historical drilling which intersected up to 8 metres at 62.4 g/t gold.
Meteoric completed the acquisition of the Juruena and Novo Astro Gold Projects in late May 2019.
Shares in the company have been performing well since making the acquisition – today shares have risen as much as 22% to 4.4 cents.
First assays in about four weeks
This hole is part of the recently commenced maiden drill program comprising 26 holes for 4,700 metres.
Two diamond holes have been completed to date, which will be sent to the lab for assays with results expected in around four weeks.
Gold in first hole confirms project potential
Meteoric’s managing director Andrew Tunks said: “It is fantastic to see visible gold in our very first hole and an early vindication of our decision to commit to drilling the project immediately after acquisition.
“The exploration team in Brazil were excited to report visible gold in our first hole and this provides management with additional confidence in our program and the prospectivity of our Brazilian assets.
“Importantly, after the recent capital raise (ASX:MEI 12/08/2019) we do not have to compromise the planned Juruena program to commence drilling at Novo Astro which we now anticipate commencing in Mid‐September.
“We are hard at work on both projects and look forward to updating the market when we have received some assays and interpreted the results.”