Press Releases

Perth, April 20, 2011 (ABN Newswire) - As part of its regional appraisal of the unexplored West Arunta region of Western Australia, Meteoric Resources NL (ASX:MEI) has acquired a 500sq km package of exploration licences over a cluster of more than 50 discrete, high frequency magnetic anomalies evident from regional aeromagnetic data in the Webb area.

Meteoric's geophysical consultants advise that the magnetic character of these anomalies is consistent in shape, size and amplitude with those associated with some kimberlite and lamproite pipes in Archean cratons and Proterozoic mobile belts. The magnetic targets may represent a kimberlite or lamproite pipe field, however they are conceptual in nature and are not based on field evidence as they occur in an area of extensive windblown sand cover with no evident outcrop.

Meteoric holds a 100% interest in one granted tenement (E80/4235) and two tenement applications (E80/4407 and 4408), with rights to acquire up to a 90% interest in tenement application E80/2506. A trial detailed aeromagnetic survey has been carried out to further examine the central part of the anomaly cluster. Modelling of selected anomalies by Meteoric's geophysical consultants indicates vertical pipe-like bodies with depths to the unweathered top of the modelled bodies ranging from 50m to 150m below surface and with diameters ranging from 180m to 300m. The age of the pipe targets is interpreted as post Permian, occurring in a structural depression close to a major faulted margin of the Amadeus Basin and he Arunta Complex.

The tenements are situated on aboriginal reserve land where until recently there was difficulty in negotiating access agreements. It is reported that BHP (ASX:BHP) (NYSE:BHP) applied for this area for diamonds in 1991 but was unable to complete access negotiations at that time. As a result, these conceptual targets remain totally unexplored. Meteoric has negotiated an access agreement with the traditional owners on a nearby tenement and is currently in discussions regarding an access agreement for this tenement package.

Upon completion of an access agreement, Meteoric is planning to carry out a programme of geochemical lag sampling and drilling in order to assess the potential of this 25km x 20km anomaly cluster for diamond-bearing, mantle-derived volcanic rocks. Expressions of interest have been received from a number of diamond exploration companies and Meteoric is contemplating a joint venture in order to bring specialist expertise to this project.

For the complete Meteoric announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/538207.pdf

Contact

Roger Thomson Managing Director Tel: +61-8-9485-2836 Mob: +61-419-969-183 George Sakalidis Executive Director - Exploration Tel: +61-8-9485-2836 Mob: +61-411-640-337 http://www.meteoric.com.au