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- Meteoric Resources (MEI) has hit visible gold in maiden drilling at its Palm Springs Gold Project in WA
- All seven holes assayed so far from the Butcher’s Creek area have returned significant gold intercepts
- Three holes yielded intercepts in excess of 45 metres and 2.1 grams per tonne gold
- Results confirm mineralisation at depth below the historical open pit, and up to 360 metres to the south
- Assays are still awaited for the remaining 19 holes of the recent drilling program, including the three holes with signs of visible gold
- The company is aiming to complete a resource estimate and scoping study alongside continued exploration to support a pre-feasibility study
- Meteoric Resources is trading 14.49 per cent lower for 5.9 cents
Meteoric Resources (MEI) has hit visible gold in maiden drilling at its Palm Springs Gold Project in WA.
All hits, no misses
Three of the 10 holes logged so far yielded visible gold, though those holes are still awaiting assay.
All seven holes assayed from the Butchers Creek area have returned significant gold intercepts.
Three holes yielded intercepts in excess of 45 metres and 2.1 grams per tonne gold.
The drilling program was designed to confirm and extend gold mineralisation down-plunge to the south-west of the historical Butchers Creek open pit.
Results confirm mineralisation at depth below the pit, and up to 360 metres to the south.
Meteoric Managing Director Dr Andrew Tunks says the results are very promising, and more substantial intersections are expected.
“This is an amazing result from our very first assays on a new acquisition which was completed just four months ago,” Dr Tunks said.
“The large zones of economic gold mineralisation in the floor and immediately under the pit when combined with our new drilling results and the visible gold we have seen in the southernmost hole, effectively confirm gold mineralisation over 600 metres of strike, which remains open,” he continued.
“The fact that this project sits on fully granted mining leases is hugely significant as come the moment, it can substantially reduce the time and costs involved to move from an exploration-only company through to development and becoming a gold producer,” he concluded.
Next steps
Drilling as ceased for 2020 as the northern wet season approaches.
Meteoric is planning geophysical surveys and additional drilling for 2021 as soon as the weather permits, with a number of targets across the 160-square kilometre Palm Springs tenements already slated for exploration.
Assays are still awaited for the remaining 19 holes of the recent drilling program, including the three holes with signs of visible gold.
Meteoric is looking towards expedited development of the Butchers Creek project as it seeks to move from explorer to producer.
The company is aiming to complete a resource estimate and scoping study alongside continued exploration in the near-term to support a pre-feasibility study.
Meteoric Resources is trading 14.49 per cent lower for 5.9 cents at 1:20 pm AEDT.
