A Cap Energy (ASX:ACB) - Incoming CEO, Dr Andrew Tunks
Incoming CEO, Dr Andrew Tunks
Source: The Market Herald
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  • Meteoric Resources’ (MEI) follow-up drilling program confirms the presence of thick gold mineralised zones at the Butchers Creek deposit
  • This deposit is part of the WA-based Palm Springs gold project where the company drilled 10 holes to improve the current mineral resource
  • Results have returned grades of up to 3.1 grams of gold per tonne (g/t) over 18 metres and 6g/t gold over four metres, with the remaining results expected next month
  • In the meantime, Meteoric is conducting exploration activities and studies that will feed into a scoping study
  • Company shares are trading 9.38 per cent down at 2.9 cents at 10:57 am AEST

Meteoric Resources (MEI) has revealed some strong results from follow-up drilling at the Butchers Creek deposit in Western Australia.

This deposit is part of the Palm Springs gold project where the company drilled 10 holes, for 3241 metres, to improve the existing mineral resource which was delivered through a highly successful 2020 drilling campaign.

Palm Springs’ global resource currently stands at 5.2 million tonnes at 1.9 grams of gold per tonne for 319,000 ounces including an indicated portion of 1.9 million tonnes at 2.2 grams of gold per tonne (g/t) for 139,000 ounces.

The follow-up program confirmed the presence of thick zones of gold mineralisation which enhances the anticline hinge zone target.

Best results include 57 metres at 1.6g/t gold from 223 metres including 18 metres at 3.1g/t gold from 234 metres, and 32 metres at 1.4g/t gold from 266 metres including four metres at 6g/t gold from 266 metres.

Managing Director Andrew Tunks commented on the results.

“The 2021 drilling program has further fleshed out our mineralisation model. The orebody is exposed beneath the historic pit and plunges away to the south, with recent drilling results supporting the presence of high-grade shoots occurring within the thick moderate-grade hinge zone,” Dr Tunks said.

Meteoric Resources expects to receive the remaining assays next month. In the meantime, the company will conduct open pit optimisation studies to develop ore beneath the historical pit, underground development and initial preliminary metallurgical studies on drill core. Ultimately, this work will be used to complete a scoping study.

Company shares are trading 9.38 per cent down at 2.9 cents at 10:57 am AEST.

MEI by the numbers
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