Sao Paulo, Brazil – ShutterStock
The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Field work has commenced at Meteoric Resources’ Novo Astro Gold Project in Brazil
  • Despite being a large soil anomaly and returning high grades of gold and silver Novo Astro has never been drilled
  • The sampling program is already underway with the first batch of samples already dispatched to the lab with results due in mid-August

Meteoric Resources has commenced its initial work program at its Novo Astro Project in Brazil.

Located approximately 30 kilometres east of its Juruena Gold Project, Novo Astro spans in excess of 15 square kilometres and contains many ‘Garimpiero Workings’ from the 1980s several of which are still actively being mined.

Despite a large soil anomaly and previous sampling returning results up to 264 g/t gold, Novo Astro has never been drilled.

Previous sampling and workings indicate there is potential significant gold at Novo Astro. Meteoric field crews have commenced a detailed sampling program both in and around the open pits.

At this stage 36 new samples have been collected and dispatched for assay at SGS Belo Horizonte.

“The Novo Astro Project demonstrated the potential to be a stand-alone gold field that could deliver real value to the Company,” Meteoric Resources’ Managing Director Andrew Tunks commented.

“We have only just begun our work here and already we have identified walk up drill targets to test.”

Initial impressions of Novo Astro have been very positive with the recognition that thick zones of strongly altered intrusive rock with intense veins are the host rocks of the previously mined high-grade gold mineralisation.

Historical regional chip sampling over these pits show impressive values for gold, up to 264 g/t, and silver, up to 50.1 g/t.

Drilling is now underway at Juruena’s Dona Maria prospect. Meteoric will keep shareholders and the public informed as the program progresses.

Meteoric shares are up 3.13 per cent trading for 3.3 cents with a market cap of $28.44 million.

MEI by the numbers
More From The Market Herald

This stock could own Australia’s first dual hydrogen-helium gas project

Gold Hydrogen (ASX:GHY) – which recently drilled the first-ever natural hydrogen well in Australia – has…

Chalice Mining recieves green light for extensive exploration drilling at Julimar, WA

Chalice Mining (ASX:CHN) has secured approvals from the WA Government to commence exploration drilling across the…

Latin Resources grows global lithium JORC resource by 56pc with Salinas boost in Brazil

Latin Resources (ASX:LRS) has announced it now boasts one of the world's largest undeveloped lithium prospects…

Dreadnought Resources uncovers new REE areas at Gifford Creek Carbonatite

Dreadnought Resources (ASX:DRE) has discovered three new areas containing REE mineralisation along the 17-kilometre Gifford Creek…