Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Meteoric Resources has revealed results from two holes from a drilling program at its Brazilian gold project
  • The drilling yielded strong results from both holes, with Managing Director Andrew Tunks saying he couldn’t be happier with the results
  • The company’s geology team will now work to understand the potential of these results before planning any further drilling
  • Meteoric’s share price has taken a 9.68 per cent hit by market close with shares worth 5.6 cents each

Meteoric Resources has revealed assay results from two holes in its maiden drilling program at its Juruena Gold Project in Brazil.

The company says these holes have confirmed high-grade gold mineralisation at the Dona Maria prospect and raised the potential for more gold-rich discoveries across the entire Jaruena project area.

Results from the drilling include 1.2 metres at 45.83 grams per tonne gold from 248.9 metres and 54.3 metres at 1.33 grams per tonne gold and 0.23 per cent copper from 171 metres.

Meteoric Managing Director Andrew Tunks said he “couldn’t be happier” with the results.

“The gold‐copper mineralisation in JUDD010 and JUDD011 [the two holes drilled] is incredibly exciting and builds on our belief that the high‐grade prospects like Dona Maria and Querosene are epithermal gold deposits related to a proximal porphyry gold-copper system,” Andrew said.

He said the company’s geology team is working hard to understand the real potential of this mineralisation before planning any further drilling.

So far, 19 diamond drill holes have been drilled at Juruena 3413 metres of a designed 4000-metre program.

Despite today’s news, Meteoric’s share price had taken a 9.68 per cent hit by market close. Shares are currently worth 5.6 cents each and trade in a $55.25 million market cap.

MEI by the numbers
More From The Market Herald
Champion Iron (ASX:CIA) - CEO, David Cataford

" Champion Iron (ASX:CIA) achieves record net income in June quarter

Champion Iron (ASX:CIA) has achieved a record net income of C$75.6 million (roughly A$78.9 million) during…
Champion Iron (ASX:CIA) - CEO, David Cataford

" Champion Iron (ASX:CIA) to return to full production at Bloom Lake

As of April 15, mining services have been deemed a "priority service", so Champion can ramp…
Champion Iron (ASX:CIA) - CEO, David Cataford

" Champion Iron (ASX:CIA) winds down mining at Bloom Lake

Mining company Champion Iron (CIA) will decrease operations at its Bloom Lake mine in Canada, per a government directive.

" A recommissioned mine pushes Champion Iron over a significant milestone

Canadian based mining explorer Champion Iron reached its ten-millionth shipped tonne of iron ore today, thanks…