Meteoric Resources NL (ASX:MEI) (FRA:RNF) has started its 2021 Brazilian drilling program, targeting a potential Copper-Gold porphyry system beneath the high-grade Juruena Epithermal gold deposits.
The company will begin the program with an initial 3,600 metres drilling campaign scheduled to start in early February with the rig already onsite.
Three diamond drill holes will test the peak of the chargeability anomaly defined by the 2020 Deep IP and MT survey.
The key priority of the program will be to test the high chargeability anomalies generated by the deep IP survey, which the company completed at the end of 2020.
“Game-changer for Meteoric”
Meteoric’s managing director Andrew Tunks said: “This drilling campaign could well be a potential game-changer for Meteoric.
“Up until this point, we have had a host of positive indicators that led us to believe that the shallow high-grade Epithermal gold mineralisation we see at Juruena was potentially related to a deeper magmatic source.
“The 2020 Deep IP &MT survey continues to support this theory having defined a large, high-response IP chargeability anomaly that demands immediate drill testing.
“High-value targets”
Tunks said: “As such, I am pleased to advise that we mobilised the geology team to the site early in the New Year and that drilling of an initial 3 hole program totalling around 3,600 metres will start in early February.
“Drilling high-value targets like this is a key reason that I became an explorer – there is never a more exciting time than when you are drilling a target that has multiple lines of support and serious size potential.
“What we are about to commence in Brazil represents an enormous opportunity for the Company and I look forward to updating you on our results over the coming months as the drilling continues.”
Integrating all data
The company has integrated all data, including a 3D Inversion of both the IP and MT in the drill planning.
The inversions show that the core chargeability IP anomaly is not associated with the large-scale magnetic anomalies, consistent with the interpretation that the IP response is related to sulphides and not background magnetite.
The anomaly is characterised by:
- Chargeability values (>20mV/V) in a central core 1,500m long by 1,000 metres wide; and
- The top of the chargeability anomaly is modelled 500 metres below the surface.
A downhole EM program is being considered for the proposed drill holes to identify vectors towards any high concentration of sulphide related orebodies.
