Ongoing drilling for porphyry copper targets has seen the completion of hole JUDD043 at 820 metres - intersecting intermediate porphyritic intrusives as well as 320 metres of moderate to strong phyllic alteration accompanied by mixed pyrite, molybdenite, chalcopyrite and bornite.
Importantly, molybdenum and copper sulphides have been observed in over 600 metres of core, pointing to the presence of a potentially large, mineralised porphyry copper-moly system.
Initial assays from holes JUDD043 and JUDD042 are expected in August while a further 5,000 metres of drilling is panned for the Juruena porphyry system.
“Vast knowledge and extensive contacts”
Managing director Dr Andrew Tunks said: “I am pleased to welcome Dr Marcelo Carvalho to the company’s board of directors.
“Marcelo has been involved in our Juruena efforts since acquisition and has helped build a strong technical team on the exploration front.
“We welcome his vast knowledge and extensive contacts across Brazilian Mining Industry and within government and feel confident he is the right person to guide us as our exploration and development efforts mature.
“His appointment comes at a time of strong progress with the recent mineral resource upgrade for the Juruena Project but also the exciting exploration for a porphyry copper gold system at Juruena where our most recent hole has intersected over 600 metres of porphyry style veins and alteration containing strong indications of our target sulphide minerals - molybdenite, pyrite, chalcopyrite and bornite.”
Background and experience
Dr Carvalho graduated from the State University of Sao Paulo in 1996 with a Bachelor of Geology and commenced his exploration career in Brazil, working for Anglo Gold exploring for gold in the Amazon and subsequently with Vale, exploring for base metals.
In 2004, he moved to Perth (UWA) to complete a PhD in Metalogenesis.
Returning to Brazil he joined Yamana Gold Inc (NYSE:AUY) and rose to the role of greenfields exploration manager before departing in 2012.
During that time, Carvalho led an experienced exploration team and was part of several gold discoveries, taking projects from project generation all the way through to mining reserves and development.
With the experience acquired over these years, he co-founded his own consultancy company, Target Latin America (TLA), and has over the past 10 years consulted to explorers from across the globe, selecting and managing exploration projects in the Americas.
Discovery “changing ideas” along the belt
Speaking to his appointment, Dr Carvalho said: “I have been working for Meteoric since its acquisition of Juruena and am very excited about the future of this project.
“As soon as I set foot out there, I knew Juruena had untapped potential and what has transpired with the upgrade to the mineral resource estimate and the identification and initial drilling of a quality porphyry copper target is very impressive.
“The excellent work MEI has carried out over the last two years has undoubtably unlocked the potential for a major discovery.
“Porphyry mineralisation was discovered a few years ago at the eastern end of the Alta Floresta Belt by Anglo American.
“That discovery led to a new exploration rush to the region with license applications covering the entire region and the area getting a dominant share of the investment in exploration in Brazil in recent times.
“Our discovery, 400 kilometres to the west of the above mentioned project, is changing exploration ideas along the entire belt.”