Meteoric Resources NL (ASX:MEI) (FRA:RNF) has identified a giant induced polarisation (IP) anomaly exceeding 2,000 metres by 1,500 metres and less than 500 metres below the surface at its Juruena Epithermal Gold Project in Brazil.
While full processing of data and a final report is awaited, it is clear from the preliminary results that the IP survey has identified a large, high response chargeability anomaly.
The IP/MT (magnetotelluric) survey covers just a portion of the tenements controlled by Meteoric and there is considerable potential to identify further significant mineralised porphyry systems within this district.
Meteoric Resources managing director Andrew Tunks said: “Ever since we arrived at Juruena and started examining historic holes, we were struck by the potential for the high‐grade epithermal gold deposits in the area to be part of a bigger magmatic hydrothermal system.
“As soon as the IP/MT survey team started to collect data on the first lines, there was evidence of a strong chargeability anomaly beneath the Mauro and Crentes prospects, at which point, we were confident we were onto something exciting.
“Subsequent lines of the survey have confirmed the presence of an enormous high response IP chargeability anomaly with dimensions measured in kilometres."
Investors have responded positively with shares as much as 10% higher to 6.8 cents.
“We will be planning a deep drilling campaign to test the interpreted porphyry copper-gold target in early 2021 and I look forward to updating the market with the final data evaluation, our detailed exploration plans and the results from the drilling.
“There is no doubt in my mind that the drill testing of this massive anomaly is a potential game-changer for the company and has the potential for a significant porphyry copper‐gold discovery.”
2020 deep IP survey
The geophysical IP/MT ground survey results are being integrated with the geological re‐log information, intrusive rock fertility studies, hydrothermal alteration and structural models related to copper-gold mineralisation to best target potential porphyry-style mineralisation at depth.
Meteoric expects that 3D inversion products will significantly improve the accuracy required for future deep drill programs.
The recent deep IP survey defined a high chargeability/resistivity anomaly, directly beneath the area where alteration vectors defined a potential source for the copper-gold mineralising fluids.
This intense chargeability anomaly (above 15 mv/v) is strongly indicative of disseminated sulphides and very large in size.
An intense core of high chargeability (above 20 mv/v) occurs within the center of the anomaly and presents an obvious drill target about 1.5 kilometres by 800 metres.
The top of the chargeability anomaly lies less than 400 metres below surface and is open at depth and to the northwest, where it approaches the Arrasto Hills Volcanic Center, thus defining an excellent drill target for 2021.
In addition, the high chargeability anomaly correlates very well with the MVI magnetic anomaly obtained from the historical MAG survey conducted by Lago Dourado and re‐interpreted by Southern Geoscience Australia.
Final report being compiled
A final report, with products and interpretations, is being compiled.
In addition, data is being revised and reprocessed by Southern Geoscience Australia.
The final integrated digital model, based on all available data sets, will be the basis for a preliminary drill program that will aim to test the IP/MT chargeability anomaly for its porphyry copper-gold potential in the first quarter of 2021.