Meteoric Resources NL (ASX:MEI) Quarterly Report For The Period Ended 31 December 2009
Perth, Feb 1, 2010 AEST (ABN Newswire) - Meteoric Resources NL (
ASX:MEI) is pleased to provide a Quarterly Activities Report for the period ended 31 December 2009.
WEBB (Meteoric 100%)
Following the grant of its main (northern) exploration licence at Webb in the West Arunta region of WA, Meteoric Resources has carried out geochemical sampling, RAB drilling and gravity surveys on its 100%-owned tenement and on nearby tenements where Meteoric may earn up to a 70% interest. Meteoric's focus here is on iron oxide-copper-gold (IOCG) targets similar to Prominent Hill in South Australia and Ernest Henry in Queensland and also on following up geochemical anomalies identified by the Geological Survey of WA (GSWA).
A gravity survey (stations on 200m centres) over a prominent 3km-long aeromagnetic anomaly (amplitude 1000nT) obscured by sand cover has outlined an adjacent and partly overlapping 2km-long gravity anomaly (amplitude 2mgals). Previous sampling by Beadell Resources identified anomalous copper (313ppm) in a small ferruginous outcrop on the margin of the gravity anomaly. It is a characteristic of IOCG deposits, particularly where both hematite and magnetite alteration is present, to show a displacement in the magnetic and gravity responses, reflecting the various iron minerals associated with copper and gold mineralisation. The 3km-long zone covering the offset peak gravity and magnetic responses provides an attractive drilling target for IOCG-style mineralisation.
Modelling of the aeromagnetic and ground gravity data indicates several associated, but not coincident, magnetic and gravity sources at depths of more than 300m for the gravity features and 200m-300m for the aeromagnetic features. The depth of these features suggests that it is unlikely that any associated mineralisation would have any pronounced surface geochemical expression. Plans are in hand to drill this IOCG target as described below.
Meteoric has now received all the results of its first pass geochemical sampling and drilling at its Webb gold project. The first pass sampling comprised 500m x 200m soil sampling following up anomalies identified by a wide-spaced regional survey completed by the GSWA in 2007 (ASX release of 26 March 2009). Intermediate samples were taken at 100m intervals for later analysis as warranted by results of the first pass samples. First pass sampling on the Beadell joint venture tenements (Meteoric earning up to 70%, ASX release of 31 August 2009) comprised 200m x 200m spaced soil sampling following up Beadell's initial 1km x 1km sampling. To date a total of some 2,000 soil samples have been analysed.
On Meteoric's 100%-owned Webb tenement, the company's sampling has outlined three low order gold and multi element (As, Sb, Bi and Te) trends along and parallel to the Dwarf Well Fault. These trends range from 1km possibly up to 5km in length with gold values ranging from 1.5ppb to 60.5ppb compared to a background of less than 1ppb. Part of the larger central trend has not been sampled because of a culturally sensitive area outlined in a heritage protection survey. However the anomalous gold values reported by the GSWA survey (up to 403ppb Au in lag and 20ppb in soil) could not be duplicated and no large strong coherent anomalies are evident from the Meteoric sampling. Meteoric used the same sample depth, soil fraction, preparation, digestion and analytical technique (but with a different laboratory) to that reported by the GSWA and the lack of correlation of results cannot be adequately explained at this stage. Meteoric is carrying out check analyses of duplicate samples at a second laboratory to further investigate this matter, together with analysis of selected infill samples and examination of results of duplicates and standards inserted into the Meteoric sample stream as part of its QA/QC procedure. It is possible that dilution of the samples by barren windblown sand associated with the extensive dune systems in the area has reduced the effectiveness of the sampling and that deeper sampling is required and this will also be investigated.
A 112-hole, 1091m shallow RAB drilling programme was completed, mainly comprising 100m-spaced holes on a north-south line through the centre of the gold-anomalous zone reported by the GSWA and traversing several WNW structural trends evident from aeromagnetics. The drilling intersected quartz-sericite schists interpreted to be metasedimentary in origin with no significant gold results, however the drilling should be recognised as very preliminary and wide-spaced at this stage.
Results from Meteoric's 200m-centred soil sampling following up anomalous gold values from analysis of Beadell Resources' 1km-centred sampling at Mt Webb (ASX release 20 October 2009) has not identified any significant gold values and the reason for this lack of correlation is also being investigated. The Beadell sampling used a coarser soil fraction and it may be that the Meteoric samples contained a higher proportion of barren windblown sand which has diluted the results.
Meteoric is encouraged by the geophysical survey over the IOCG target and has commissioned an aboriginal heritage survey over this magnetic/gravity target, the results of which have yet to be received. Subject to the results of this survey, Meteoric is planning to carry out a detailed magnetic survey to refine drilling targets, with drilling envisaged to commence in March or April 2010. In addition, Meteoric is preparing to carry out a heritage survey over a second IOCG target held in joint venture with Cazaly Resources and is also negotiating access to a third IOCG target held in joint venture with Beadell Resources.
WEST WARREGO (Meteoric 100%, diluting)
Meteoric has reached agreement with Sipa Resources Limited (ASX:SRI) for a joint venture on two granted exploration licences and three exploration licence applications held by Meteoric mainly to the north and west of the old Warrego mine (SRI ASX release 23 November 2009).
The Meteoric tenements, total about 150sq km in area and cover a number of aeromagnetic anomalies. Some of these anomalies, particularly west of the Warrego Granite have not been subject to modern exploration. Tennant Creek-style iron oxide-copper-gold deposits are commonly associated with magnetic anomalies caused by magnetite alteration related to copper-gold mineralisation. Meteoric's tenements thus complement Sipa's West Warrego gold project where a series of magnetic anomalies west of the Warrego Granite are being investigated.
Under the terms of the joint venture agreement Sipa may earn a 51% interest by expenditure of A$600,000 within three years and may elect to earn a 70% interest by a total expenditure of A$1.2 million within five years. Sipa has a minimum expenditure commitment of A$75,000 within the first year on the granted tenements and A$75,000 within a year of grant of the tenement applications. Farm out of the Tennant Creek tenements will allow Meteoric to focus on its priority Webb project.
CORPORATE
During the quarter Meteoric placed 9,310,000 fully paid shares at an issue price of 20 cents per fully paid share. The placement was pursuant to the approval given by shareholders at the General Meeting held on 17 July 2009.
In addition, Meteoric placed 4,655,000 contributing shares (ASX:MEICA) at 0.5 cents each, pursuant to shareholder approval at the Annual General Meeting held on 30 November 2009. The fully paid and contributing shares were placed to a combination of sophisticated and professional investors.
The placements raised A$1.88 million before costs. The funds raised will be directed to funding initial exploration of Meteoric's Webb project. Following the placement Meteoric has 67,777,451 fully paid shares and 23,506,527 contributing shares on issue.
http://www.abnnewswire.net/media/en/docs/62188-ASX-MEI-478325.pdf
About Meteoric Resources Nl
Meteoric Resources NL (ASX:MEI) is targeting gold exploration at the Company's wholly owned Juruena and Novo Astro Gold Projects, located in the Alta Floresta Belt in the state of Matto Grosso in Central Brazil.
The Juruena Project contains a current Global Mineral Resource Estimate (JORC 2012) of 1.3Mt for 261koz Au at 6.3 g/t comprising:
- High grade Dona Maria & Querosene resources - 436,000t @ 14.7g/t for 205,000 oz Au
- Large-tonnage, lower-grade Crentes resource with - 846,000t @ 2.0 g/t for 55,000 oz Au
MEI is currently carrying out its maiden drilling program in Brazil with first results anticipated in September 2019.
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