Meteoric Resources NL has what it describes as significant assay results pending and has been granted a trading halt by the ASX.
The halt will be in place until Wednesday, September 18, or when an announcement is released to the market, whichever occurs earliest.
Meteoric's shares last traded on Friday at 6.4 cents after reaching a 12-month high of 6.5 cents earlier in the day.
Novo Astro drilling
This month the company signed a contract with GEOSOL to begin the first-ever drill program at the Novo Astro Gold Project in Brazil.
The drill rig is expected to mobilise to the site within the next two weeks and drilling is expected to begin in late September.
In August managing director Andrew Tunks said recent mapping at Novo had recognised thick zones of alteration and mineralisation within basement rocks that have been the target of extensive artisanal mining.
Two rigs on site
He noted recent reconnaissance rock chip samples, which include five samples grading more than 1 g/t gold, confirmed mineralisation at multiple targets warranting immediate testing.
Grades of 8.75 g/t and 4.72 g/t along with 2.42 g/t and 2.21 g/t reinforce and exceed historical rock chip sampling results of up to 264 g/t.
Additionally, Meteoric’s ongoing diamond drilling program at the Juruena project on the Dona Maria prospect continues, with two rigs now on site working double shifts.