Meteoric Resources NL (ASX:MEI) (FRA:RNF) enjoyed a productive December quarter, with a successful maiden drilling campaign on its newly acquired Palm Springs Gold Project in the Kimberley region of Western Australia.
The drilling was designed to confirm and extend gold mineralisation to the southwest of the historical Butchers Creek Open Pit (which produced 52,000 ounces at 2.1 g/t gold until 1997).
A total of 26 holes for 2,278 metres of diamond drilling and 5,042 of RC drilling was completed with results confirming the extension of the orebody for more than 350 metres to the southwest which remains open at depth – a key drill target for further exploration in 2021.
High-grade gold intercepts
Drilling at Butchers Creek returned multiple wide high-grade gold intercepts, including:
- 69 metres at 4.4 g/t from 181 metres, including 19 metres at 7.2 g/t from 204 metres;
- 55 metres at 3.2 g/t from 175 metres, including 8 metres at 7.6 g/t from 179 metres and 10 metres at 5.2 g/t from 190 metres;
- 21 metres at 6.1 g/t from 264 metres, including 2 metres at 47.8 g/t from 270 metres;
- 56 metres at 2.7 g/t from 181 metres, including 18 metres at 4.8 g/t from 203 metres;
- 45 metres at 2.3 g/t from 259 metres, including 5 metres at 10.8 g/t from 261 metres; and
- 8 metres at 10.4 g/t from 156 metres, including 2 metres at 34.4 g/t from 106 metres.
Seven holes were awaiting assay at the end of the quarter, with the remaining results expected in Q1 21.
Palm Springs plans
For 2021, the company is focused on exploration programs that are designed to rapidly advance the Palm Springs Gold Project towards production.
Meteoric intends to implement additional programs, including gaining access into the open pit for dewatering and additional in-pit resource drilling.
A further exploration drilling program including step-out and infill RC drilling is planned to test and extend the mineralisation further southwest as well as a preliminary metallurgical test work program.
These programs are all designed to support any prefeasibility/feasibility study that the company undertakes.
On a regional exploration level, Meteoric is preparing for the 2021 Kimberley field season with work comprising of soil and rock chipping program across the targets identified, with follow-up ground based geophysical surveys to generate drill targets.
Juruena Copper‐Gold Porphyry Project
During the quarter, the company also identified a giant IP anomaly at the Juruena Project, which provided an immediate, high-value drill target with the potential for a major porphyry copper-gold discovery.
Notably, the major chargeability anomaly is situated under the Uilian/Mauro targets, where historic exploration drilling intercepted porphyritic rocks but were too shallow to intersect the interpreted anomaly located closer to 400 metres in depth.
Once all the IP and MT data and final interpretations are available, Meteoric plans to conduct a deep drilling program with associated downhole geophysics to commence exploration on the target.
Butchers Creek Open Pit ‐Oblique 3D view with interpretation, historical and 2020 Meteoric drilling
Bonanza gold at Juruena
By the end of the December quarter, the company had completed a total of 18 diamond drill holes for 5,052 metres at the Juruena Copper‐Gold Porphyry Project in Brazil.
Assay results at Donna Maria confirmed high-grade gold mineralisation continues below the base of the current resource and also confirms the continuation of mineralised gold grades and widths in poorly drilled areas of the existing resource.
Hole JUDD031 intersected both the top of potential porphyry gold-copper system (Crentes) and the Bonanza gold grades of Donna Maria below the 2016 resource estimate, with results of:
- 11 metres at 2.34 g/t gold and 0.28% copper from 42 metres (26 g/t.m); and
- 14.3 metres at 10.2 g/t gold from 293 metres (145 g/t.m).
Hole JUDD028 returned 2.4 metres at 37.9 g/t gold from 216.5 metres (91 g/t.m) and hole JUDD030 returned 4.6 metres at 5.8 g/t gold from 195 metres (27 g/t.m).
Meteoric then proposed additional holes below the resource to further assess widths and grades at depth.
Results from the additional three holes will add to the nearly 10,000 metres drilled by the company since the project was acquired in mid-2019.
The results will be used to update the Juruena Gold resource in the current quarter – which will in turn form he basis of an updated scoping study.
Fully funded for exploration
Meteoric is well funded after recently raising $4 million via the issue of 70,175,439 placement shares at an issue price of $0.057 per share.
The capital raising was secured by existing cornerstone shareholders including $1 million from Tolga Kumova and $2 million from an investment syndicate lead by resources investor Keith Biggs (including $1 million from retail mogul Gerry Harvey).
The funds will be used to accelerate the company’s exploration plans including:
- Drilling in the current quarter of the new giant IP chargeability anomaly beneath Juruena to test for the potential of a major porphyry copper-gold discovery;
- Dewatering of Butchers Creek historic pit and drill testing ore zones in pit floor and beneath pit:
- Drilling to follow up on high-grade intersections and further extend mineralisation to the southwest of Butchers Creek;
- IP surveys at Butchers Creek (new) and Juruena (extension); and
- Development studies at Juruena, including an update of the resource estimate in the current quarter.