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Meteoric Resources halted with news of potential acquisition and capital raising pending

The company’s 2020 drill program will test the depth extensions of a high‐grade steeply plunging shoot intersected in the 2019 program.

Meteoric Resources NL - Meteoric Resources in back-to-back trading halt ahead of potential acquisition and capital raising
Meteoric has been focused on generating new drill targets at its Juruena Gold Project in Brazil

Meteoric Resources NL (ASX:MEI) has been granted back-to-back trading halts by the ASX with an announcement pending in regard to a potential acquisition and a capital raising.

The halts of two days each will remain in place until the beginning of regular trade on Thursday, June 11, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 1.9 cents and since March 23 have risen from 0.7 cents to 2.2 cents on June 1.

Meteoric intends to focus its drilling this year on increasing the existing high‐grade resource at the Juruena Gold Project in Brazil.

Generating new drill targets

After receiving most of the 2019 drill program results during the March 2020 quarter, the company has been focused on generating new drill targets beneath the current resource at the Dona Maria and Crentes deposits.

The 2020 drill program will test the depth extensions of a high‐grade steeply plunging shoot intersected in the 2019 program.

Dona Maria demonstrates significant potential which clearly details the interpretation of two separate steeply plunging, high‐grade ore shoots, the Southern and Northern, which remain open at depth.

If successful, this work would clearly improve the quality and size of the current resource.

Quick facts: Meteoric Resources NL

Price: 0.047 AUD

ASX:MEI
Market: ASX
Market Cap: $58.29 m
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