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Meteoric Resources (ASX:MEI) - Managing Director, Dr Andrew Tunks
Managing Director, Dr Andrew Tunks
Source: Small Caps
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  • Meteoric Resources (MEI) has intersected bonanza gold grading up to 91 grams per tonne from drilling at the Juruena Gold Project in Brazil
  • Since diamond drilling began in June this year, 14 holes for 3810 metres, have been completed
  • Pleasingly, five drill holes at the Dona Maria prospect have confirmed the high‐grade gold mineralisation continues below the existing resource
  • As a result, Meteoric plans to drill more holes below the resource to further assess widths and grades at depth
  • The company is also planning to use results from last year and this year for an updated resource estimate which is expected in the first quarter of 2021
  • Company shares are up 1.75 per cent and are trading for 5.8 cents

Meteoric Resources (MEI) has intersected bonanza gold grading up to 91 grams per tonne from drilling at the Juruena Gold Project in Brazil.

Diamond drilling began in June this year and initially targeted the Dona Maria gold prospect. So far, 14 holes, for 3810 metres, have been completed.

Pleasingly, five diamond drill holes at Dona Maria have confirmed the high‐grade gold mineralisation continues below the current resource. They’ve also confirmed the mineralised gold grades and widths continue in poorly drilled areas of Dona Maria’s existing resource.

One hole was particularly encouraging as it intersected gold below the current resource where previous holes intersected narrower zones of mineralisation.

The result of this hole includes 14.3 metres at 10.15g/t gold from 293 metres including one metre at 52.1g/t gold from 293 metres and 0.6 metres at 109g/t gold from 297.4 metres.

Further assays include 2.4 metres at 37.9g/t gold from 216.5 metres (91 g/t.m)
including 0.9 metres at 97.3g/t gold from 217.3 metres.

As a result, the company has proposed to drill more holes below the resource to further assess widths and grades at depth.

“The 2020 drilling campaign has been so successful that we have now collected sufficient new data to commit to a new resource estimation for Juruena and pending a successful result, will fold this number into an updated scoping study,” Managing Director Andrew Tunks said.

The latest results from Juruena follow the first batch of four assays released in late August. In that announcement, Meteoric intersected gold grading up to 71.9 grams per tonne.

Meteoric will use the results from last year and this year’s drilling to release a new resource update which will include the additional 20 holes at Dona Maria, four holes at Querosene, and seven holes at Crentes.

The company expects the updated resource estimate will be released in the first quarter of 2021.

Company shares are up 1.75 per cent and are trading for 5.8 cents at 1:39 pm AEDT.

MEI by the numbers
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