“This is a truly exciting time at Meteoric as we explore the copper and gold potential of Juruena and take the next steps in developing projects on two continents,†said MD.
Meteoric Resources NL (ASX: MEI) continues to make great strides with exploration activity on gold and copper assets spanning two continents.
Currently, the ASX-listed base and precious metals explorer is targeting the Juruena copper-gold project in Brazil and the recently acquired Palm Springs gold project in Western Australia.
In an ASX update detailing ongoing exploration work on both assets, Meteoric Managing Director Dr Andrew Tunks commented on the company’s aspirations and highlights from both projects.
As business progresses in two prolific regions of South America and Australia, Meteoric has approximately $ 4.75 million in cash and assets available to support its exploration strategy.
Juruena Project
At Juruena, Meteoric is targeting gold and copper-gold exploration, with a 3,600 meter drill program targeting a potentially giant copper-gold porphyry target.
Initial porphyry drilling is in progress but has already intersected large zones of molybdenite and chalcopyrite with more localized zones of bornite within a strong potassium alteration typical of a copper-gold porphyry system.
Based on confidence in these early strong indications, five more drill holes have been planned to test the porphyry model at Juruena.
Prior to recent exploration of two of Juruena’s main prospects, the JORC-compliant global mineral resource estimate of precious and base metals assets was 1.3 million tonnes for 261,000 ounces of gold at 6.3 g / t.
However, work on the high-grade Dona Maria and Querosene gold deposits increased Juruena’s mineral resources to 387,000 ounces at 6.3 g / t gold, including a 170% increase in indicated resources. to 156,800 ounces at 17 g / t.
Meteoric drilling to date has also uncovered high grade gold results, including 20.6 meters at 94.9 g / t gold, of which 3.65 meters at a whopping 508.4 g / t d ‘gold. Activity also unveiled a high-grade gold deposit on the Dona Maria prospect in Juruena.
While all deposits remain open at depth, current mineral resources underpin development options currently under evaluation.
Juruena could be “absolutely transformational”
Commenting on the potential of his Brazilian asset, Managing Director, Dr Andrew Tunks, said: “We currently have three exciting exploration irons in the fire and copper-gold exploration of porphyry on the Juruena project in Brazil is right at the end of the risk-reward ratio.
“Yes, it is high risk, but we have already achieved remarkable results with only two holes in our program and the project could be absolutely transformational for Meteoric.
“We have seen substantial thicknesses of sulphide mineralization including copper and molybdenum minerals in a strongly altered intrusive sequence centered around intermediate porphyry dykes.
“The first samples from surveys JUDD042 & 43 have been submitted and we are eagerly awaiting the results. In both holes, but particularly in JUDD042, we also intersected several potential gold zones with characteristics similar to the epithermal low sulphidation gold deposits of Dona Maria and Querosene.
“On the gold front in Juruena, the significant upgrade of mineral resources in 2021, which includes 40% of the gold endowment in the indicated category, allows us to update the existing 2017 scoping study and prepare to apply for a mining license from the Brazilian mining authorities.
“Additionally, all high-grade epithermal gold projects remain open at depth, so there remains considerable opportunity for further resource growth with additional drilling.
“Tenders for the update of the scoping study in Juruena have been launched in Brazil and Australia.
Palm Springs Gold Project
Meanwhile, in Western Australia, Meteoric is also studying the potential of its Palm Springs gold project, which is relatively new to the portfolio, not having been acquired until mid-2020.
The project has already been established as an advanced exploration area, historically producing 52,000 ounces of resources at 2.1 g / t gold from the Butchers Creek open pit.
Following what the company describes as “an exceptional initial exploration season” combined with a “treasure trove” of exploration and mining data, Meteoric established a first mineral resource estimate at Palm Springs on last month.
The asset would contain 357,000 ounces of gold at 2 g / t gold, with 139,000 ounces at 2.24 g / t in the indicated grade and 218,000 ounces at 1.9 g / t in the inferred grade.
Significantly, much of the indicated resource lies underground and beneath the historic Butchers Creek open pit mine, providing immediate ore for future development.
Moving forward, the 2021 exploration program aims to increase resources and convert additional resources from the inferred category to the indicated category before the project proceeds to economic and pre-feasibility studies.
In fact, Meteoric says the first resource is just the start, with two rigs currently operating at Butchers Creek, targeting the pivotal position of the high-grade fold and extending mineralization to the southwest.
What’s next for Palm Springs?
Speaking on the outlook in Palm Springs, Dr Tunks continued, “Back home, our impressive progress in Palm Springs, WA, including the prompt delivery of our first resource estimate, underpins our ability to grow and develop the project, which has a history of gold production.
“Our next step in Palm Springs is to complete the current 3,800 meter drill program at Butchers Creek, which is heavily focused on higher grade mineralization occurring during the closure of an anticline on a regional scale.
“It is important to note that we have been able to establish confidence in the historical drilling data at Palm Springs, which allows us to accelerate the development of the project and, once the current drilling is completed, to begin work on them. economic and pre-feasibility studies of the project.
“This is a truly exciting time at Meteoric as we explore the copper and gold potential of Juruena and take the next steps in developing projects on two continents. I look forward to keeping our shareholders informed of our progress. “
