- Meteoric Resources (MEI) has received high-grade gold results from its maiden drilling at two gold projects in Brazil
- Drilling at the Juruena Project aimed to test the depth extension of bonanza-grade gold intersections
- This aim was met with one hole intersecting gold grading up to 94.9 grammes per tonne
- However, results from Novo Astro were lower than what Meteoric expected
- Despite this, the company believes this project represents an enormous opportunity for discovery
- After exiting a trading halt today, Meteoric's share price has slumped 26.9 per cent and shares are currently trading for 1.9 cents
Meteoric Resources (MEI) has received high-grade gold assay results from the maiden drilling program at its Juruena and Novo Astro gold projects.
A total of 23 holes, for 4366 metres, were completed at Juruena over the course of the 2019 drilling campaign.
Hole JUDD022 was drilled with the clear objective to test the down plunge extension of bonanza-grade gold intersections at the Dona Maria prospect.
This objective was met with JUDD022 intersecting significant high-grade gold mineralisation at a depth of 300 metres. A result of 20.6 metres at 94.9g/t gold from 97 metres was intersected.
Drilling will now target the further plunge continuation of this high-grade result when it approaches the Juruena Fault.
Hole JUDD013, which was completed at the Tomate prospect, has confirmed the presence of a gold system striking approximately north-south.
This hole intercepted 4.8 metres at 9.9g/t gold from 89 metres.
Additionally, post drilling geological interpretation indicates that high grade gold distribution occurs to a north plunging direction.
However, Meteoric did not test this during the 2019 program but this provides a good target for bulk tonnage exploration during 2020 drilling.
These latest round of results from both holes highlights the confirmation of a high-grade ore shoot at Dona Maria and the potential for Tomate to provide additional ounces to the Juruena resource which currently stands at 1.2 million tonnes at 6.3g/t gold for 261,000 ounces.
Meteoric will review the 2016 mineral resource estimate at the end of the 2020 drilling campaign.
"To my mind, this final result is the best of the bunch as it confirms the high grade is open at depth, providing us with a host of immediate drill targets to substantially grow the Juruena resource," Managing Director Dr Andrew Tunks commented.
"It really is only the beginning of the road for Juruena and I can't wait to get the drill rigs turning again and see just how wide and deep the high grade mineralisation at Dona Maria extends," he added.
Drilling at Novo Astro was designed to intercept mineralised corridors at depth.
A total of 14 holes were completed for a total depth of 2570 metres and the project had never been drilled despite extensive workings and a significant gold production history.
Drilling by Meteoric has intercepted a thick package of porphyritic granitic rocks crosscut by felsic porphyries and mafic dykes.
Several low-grade intervals of gold were intercepted including 5.6 metres at 0.49g/t gold, 7.5 metres at 0.13g/t gold, and 6 metres at 0.12g/t gold.
"At Novo Astro we have now received assays for 10 holes - with four holes still outstanding, however, gold values are low and at this stage there have been no significant gold intercepts other than NADD001 [0.49g/t gold]," Andrew said.
"Although these results were not what we had anticipated based on the alteration and sulphides observed in the drilling, both the Brazilian Geology team and the Board still believe Novo Astro represents an enormous opportunity for discovery," he concluded.
After exiting a trading halt today, Meteoric's share price has slumped 26.9 per cent and shares are currently trading for 1.9 cents each at 1:01 pm AEDT.