- Meteoric Resources (MEI) will commence a reverse circulation and diamond drilling program at its recently acquired Palm Springs Gold Project in WA
- The company will begin drilling 6500 metres, for 30 holes, early next month
- Drilling will aim to confirm and extend high-grade gold mineralisation to the south of the Butchers Creek open pit
- Meteoric has also recognised the potential for ore zones to the south of the open pit
- Company shares are up a slight 2.78 per cent and are trading for 3.7 cents each
Meteoric Resources (MEI) has announced drilling will soon commence at its recently acquired Palm Springs Gold Project.
The Palm Springs Gold Project is located 30 kilometres southeast of Halls Creek in the Kimberley region of Western Australia.
The company completed the $1 million acquisition of Palm Springs on July 1. The miner claimed it was eager to commence exploration on the under-explored area.
A stage one drilling program is set to commence early next month and will consist of 23 reverse circulations (RC) holes and seven diamond holes for 6500 metres of drilling.
This drilling will aim to confirm and extend the known high-grade gold mineralisation associated with the plunging anticline to the south of the existing Butchers Creek open pit.
This will mark the first time in several years that Meteoric is conducting exploration in Australia as its other projects are located in Brazil.
“In preparation for our first drilling program, we have constructed a model for gold mineralisation in the southern end of the deposit and we really like what we are seeing,” Managing Director Dr Andrew Tunks said.
The high-grade gold mineralisation at Butchers Creek is strongly associated with pyritic zones around late-stage quartz veins. Significant volumes of high-grade gold are known to sit at the bottom of the current stage one pit floor.
This provides easy access to high-grade ore if a potential mining operation were to start up. The un-mined ore forms a priority target for Meteoric’s stage one drilling program.
Stage one drilling will initially target the cross section containing a single drill hole which has previously yielded 73 metres at 2.26g/t gold from 169 metres. Drilling on the cross section will aim to define the geometry of the anticline as well as confirm mineralisation.
Following this, drilling will track the mineralised anticline on 40 metre sections moving south from the open pit.
Drilling will then focus on confirming high-grade intercepts just below and above the existing open pit and then testing for extensions to gold mineralisation at depth.
“At Meteoric we love drilling and the team can’t wait to get the RC and diamond drills turning at Palm Springs where previous work suggests some excellent results are achievable,” Andrew stated.
Company shares are up a slight 2.78 per cent and are trading for 3.7 cents each at 12:57 pm AEST.