Meteoric Resources NL (ASX:MEI) (FRA:RNF) is trading higher after intersecting a shallow, 200-metre thick zone of disseminated sulphides in diamond drilling at the Juruena Copper-Gold Project in Brazil.
Drilling is designed to test what the company believes to be ‘a giant’ IP chargeability anomaly, detected in late 2020.
Investors have responded positively, pushing shares almost 15% higher to A$0.054.
Speaking to the current drilling program, managing director Dr Andrew Tunks said: “Exploration is a funny game!
“We had to stop our first deep copper hole, JUDD042, due to issues with the drill rig and decided to commence JUDD043 while awaiting additional drilling equipment.
“The plan is to go back to JUDD042 as soon as equipment arrived.
“However, we will now not be doing that until the current hole finishes because JUDD043 has intersected a significant zone of disseminated molybdenite and copper sulphides over 200 metres thick and still growing.
“Importantly we have intercepted this potential mineralisation much earlier than anticipated in an area where there is virtually no historic drilling.
“The intensity of the alteration and high-temperature mineral assemblages combined with the sulphide minerals suggest we are significantly closer or within the magmatic hydrothermal system and we are already planning additional holes to test this exciting opportunity.”
As well as multiple zones of sulphides, JUDD043 also intersected important porphyry indicator minerals such as molybdenite, chalcopyrite and bornite with traces of chalcocite and covellite.
A 50-metre-thick zone of intense alteration with disseminated copper sulphides composing up to 10% of the rock mass (187-240 metres) is related to two intermediate porphyritic intrusives.
A distal zone of molybdenite and pyrite with zones chalcopyrite has been recorded in veins and disseminations from 110 metres to 350 metres (zone of over 200 metres thickness) around the porphyry intrusives.
Drillhole JUDD043 is currently logged to 350 metres depth and is planned to intercept the Juruena Fault at approximately 470 metres and then push on to test a large IP chargeability anomaly beneath the fault.
Initial core samples have been submitted for assay and results are expected in around six weeks.