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Meteoric Resources broad high-grade gold assays from Palm Springs extend mineralisation

The 2020 program was extremely successful in confirming and extending gold mineralisation over 360 metres along strike to the southwest of Butchers Creek open pit.

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There will be a strong focus during the 2021 field season on programs designed to rapidly advance Palm Springs towards production

Meteoric Resources NL (ASX:MEI) (FRA:RNF) has received broad high-grade assays from the final seven holes of the maiden 2020 exploration program at Palm Springs Gold Project in Western Australia with mineralisation extended over 360 metres along strike to the southwest of Butchers Creek open-pit.

A total of 26 diamond holes for 2,278 metres has been completed along with 5,042 metres of reverse circulation drilling.

The 2021 field program will focus on additional step-out drilling aimed at extending the project to the southwest and infill reverse-circulation drilling to produce a maiden resource estimate below the Butchers Creek Open Pit and covering the new ore body extension to the southwest.

“Spectacular widths and gold grades”

Managing director Andrew Tunks said: “Results from the 26-hole maiden 2020 drilling program at Palm Springs were extremely successful in confirming and extending gold mineralisation for over 360 metres along strike to the southwest of the Butchers Creek Open Pit.

“Notably, 20 of the holes intersected the ‘target’ trachyte, with nine holes intersecting the Fold Hinge Zone, which continually returned spectacular widths and gold grades.

Latest highlights include:

  • 25 metres at 2.46 g/t gold from 283 metres and 7 metres at 2.50 g/t from 377 metres;
  • 20 metres at 2.05 g/t from 294 metres; and
  • 18 metres at 1.80 g/t from 301 metres.

There will be a strong focus during 2021 field season on programs designed to rapidly advance the Palm Springs Gold Project towards production.

Previous results include:

  • 69 metres at 4.38 g/t from 181 metres including 19 metres at 7.22 g/t from 204 metres;
  • 56 metres at 2.69 g/t from 181 metres including 18 metres at 4.85 g/t from 203 metres;
  • 55 metres at 3.21 g/t from 175 metres including 8 metres at 7.56 g/t from 179 metres; and
  • 53 metres at 2.14 g/t from 147 metres.

Key priority to complete step-out drilling

Tunks said: “An initial key priority is the completion of both additional step-out drilling to further extend the project to the southwest and an infill drilling program, following dewatering of the Butchers Creek Open Pit.

“Planned drilling under the pit floor will target unmined ore in the floor and immediately below the pit.

“Historic information indicates a significant amount of gold ore was left behind when the operation ceased in the late 1990s due to an historically low gold price.

“Our aim is to produce a maiden resource estimate below the Butchers Creek open-pit and along strike to the southwest and move rapidly into the studies phase from there.”

Looking ahead

Numbers from any resource estimate will be used to underpin a scoping study and assuming the study is positive, the company intends to implement additional programs including but not limited to preliminary metallurgical test-work and geotechnical studies.

These work programs are all designed to support a pre-feasibility study. 

Quick facts: Meteoric Resources NL

Price: 0.069 AUD

ASX:MEI
Market: ASX
Market Cap: $90.72 m
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Meteoric Resources 'very happy' with final assays in from Palm Springs gold...

Meteoric Resources NL's (ASX:MEI) (FRA:RNF) Andrew Tunks talks Proactive through the final assays from its maiden 2020 drilling program at Palm Springs in Australia. He says the program was extremely successful in confirming and extending gold mineralisation over 360m along strike to the...

3 weeks, 3 days ago

3 min read