Currently, the ASX-listed base and precious metals explorer has its sights set on the Juruena Copper-Gold Project in Brazil and the recently acquired Palm Springs Gold Project in Western Australia.
In an ASX update detailing ongoing exploration work at both assets, Meteoric managing director Dr Andrew Tunks provided commentary on the company’s aspirations and highlights across both projects.
As activity progresses across two prolific regions in South America and Australia, Meteoric has around $4.75 million in cash and liquid assets available to support its exploration strategy.
At Juruena, Meteoric is targeting gold and copper-gold exploration, with a 3,600-metre drilling program targeting a potentially giant copper-gold porphyry target.
Initial porphyry drilling is ongoing but has already intersected broad zones of molybdenite and chalcopyrite with more localised zones of bornite within strong potassic alteration typical of a porphyry copper-gold system.
Based on the confidence in these strong early indications, five more drill holes have been planned to test the porphyry model at Juruena.
Prior to recent exploration at two of Juruena’s key prospects, the precious and base metal asset’s JORC-compliant global mineral resource estimate stood at 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t.
However, work at the high-grade Dona Maria and Querosene gold deposits has boosted Juruena’s mineral resource, bringing it to 387,000 ounces at 6.3 g/t gold, including a 170% increase in indicated resources to 156,800 ounces at 17 g/t.
Meteoric’s drilling to date has also uncovered bonanza-grade gold results, including 20.6 metres at 94.9 g/t gold, including 3.65 metres at a whopping 508.4 g/t gold. Activity has also unveiled a high-grade gold shoot at Juruena’s Dona Maria prospect.
While all the deposits remain open at depth, the current mineral resource underpins the development options currently being assessed.
Juruena could be “absolutely transformational”
Commenting on its Brazilian asset’s potential, managing director Dr Andrew Tunks said: “We currently have three exciting exploration irons in the fire and the porphyry copper-gold exploration at the Juruena Project in Brazil is right at the pointy end of risk-reward.
“Yes it is high-risk, but we have already achieved remarkable results from only two holes into our program and the project could be absolutely transformational for Meteoric.
“We have seen substantial thicknesses of sulphide mineralisation including copper and molybdenum minerals in a strongly altered intrusive sequence centred around intermediate porphyritic dykes.
"The first samples from holes JUDD042 & 43 have been submitted and we eagerly await the results. In both holes, but particularly in JUDD042, we have also intersected several potential gold zones with similar characteristics to the low sulphidation epithermal gold deposits at Dona Maria and Querosene.
“On the gold front at Juruena the significant 2021 mineral resource upgrade, which includes 40% of the gold endowment in the indicated category, allows us to update the existing 2017 scoping study and prepare to apply for a mining licence with Brazilian mining authorities.
“In addition, all of the high-grade epithermal gold projects remain open at depth so there remains considerable opportunity for further resource growth with additional drilling.
“Tenders for the scoping study update at Juruena have been called for in both Brazil and Australia.
Palm Springs Gold Project
Meanwhile, over in Western Australia, Meteoric is also investigating the potential of its Palm Springs Gold Project, which is relatively new to the portfolio, having only been acquired in mid-2020.
The project has already been established as an advanced exploration play, historically producing 52,000 ounces of resource at 2.1 g/t gold from the Butchers Creek open-pit.
Following what the company describes as “an outstanding initial exploration season”, combined with a “treasure trove” of exploration and mining data, Meteoric established a maiden mineral resource estimate at Palm Springs last month.
The asset is thought to host 357,000 ounces of gold at 2 g/t gold, with 139,000 ounces at 2.24 g/t in the indicated category and 218,000 ounces at 1.9 g/t in the inferred category.
Signifcantly, a large portion of the indicated resource occurs in the floor and beneath the historical Butchers Creek open-pit, providing immediate ore for future development.
Moving ahead, the 2021 exploration program has set its sights on increasing the resource and converting additional resources from the inferred to the indicated category before the project advances to economic and pre-feasibility studies.
In fact, Meteoric says the maiden resource is only the beginning, with two drill rigs currently operating at Butchers Creek, targeting the high-grade fold hinge position and extending mineralisation down plunge to the southwest.
What’s next for Palm Springs?
Talking to the outlook at Palm Springs, Dr Tunks continued: “Back at home, our impressive progress at Palm Springs in WA, including the early delivery of our maiden resource estimate, underpins our ability to grow and develop the project, which has a history of gold production.
“Our next step at Palm Springs is to complete the current 3,800-metre drill program at Butchers Creek, which is strongly focused at higher grade mineralisation occurring in the closure of a regional scale anticline.
“Importantly, we have been able to establish confidence in historical drilling data at Palm Springs, which allows us to accelerate our development of the project and once current drilling is complete, start work on economic and pre-feasibility studies for the project.
“It’s a really exciting time at Meteoric as we explore the copper and gold potential of Juruena and take the next steps in developing projects on two continents, I look forward to keeping our shareholders updated on our progress.”