Meteoric Resources NL (ASX:MEI) Quarterly Activities Report For Period Ending 31 March 2010
Perth, May 3, 2010 AEST (ABN Newswire) - Meteoric Resources NL (
ASX:MEI) Quarterly Activities Report For Period Ending 31 March 2010, including the following summary. The full report is available in the link at the end of this release.
WEBB (Meteoric 100% or earning up to 70%)
As part of its ongoing assessment of iron oxide-copper-gold (IOCG) targets in the Webb area of the West Arunta region of WA, Meteoric is carrying out detailed airborne magnetic surveys on several of the target areas outlined to date. The aeromagnetic surveys, together with gravity surveys, will be used to define drilling targets on several IOCG prospects.
The primary target, T1, is held in joint venture with Beadell Resources Ltd, and comprises a large discrete near-coincident magnetic and gravity anomaly some 3km in length (ASX release of 13 January 2010) as shown in the above map. Modelling of the new aeromagnetic data is expected to further refine the targets in preparation for drilling. Based on the available data the source of the gravity and magnetic anomalies appears to be some 200m to 300m below surface. Earthmoving contractors have been commissioned to provide drill access to this area of extensive aeolian sand cover near Lake Mackay in preparation for establishing a field camp in the area. A diamond drilling contractor has been secured and is preparing to mobilise into the area, with drilling anticipated to start in the last week of May. At this stage three diamond drill holes to depths of approximately 400m are being planned to test the large target at T1.
Aeromagnetic surveys are also planned for coincident gravity and magnetic anomalies at targets T2 and T3, held in joint venture with Cazaly Resources Ltd where Meteoric may earn a 70% interest. These targets are also situated in areas of extensive sand cover where surface geochemistry is unlikely to be effective. Aboriginal heritage surveys are currently being carried out to clear the area in preparation for carrying out gravity surveys and drilling.
Agreement in principle has been reached with the Ngururrpa people for gaining access to the tenements covering targets T4 and T5. Subject to appropriate permitting, it is proposed to fly aeromagnetic surveys over these targets in the near future. These airborne surveys are anticipated to outline areas for ground follow up and sampling once aboriginal heritage surveys have been completed.
Analysis of infill soil samples taken on Meteoric's Webb tenement, together with analysis of duplicate samples using umpire laboratories, has confirmed several isolated anomalous gold values ranging up to 67ppb Au, compared to a background of less than 1ppb Au. The anomalous gold values occur within three broad low-order multi-element anomalies which parallel the Dwarf Well Fault and which extend between 3km and 6km in length. However the anomalous gold values reported by the Geological Survey of WA have not been repeated and no large, strong coherent gold anomalies have been identified. The significance of the gold peaks within the broad multi-element trends will be further investigated and further soil sampling is planned to be carried out in June.
Mapping by the Geological Survey of WA has identified the West Arunta region as prospective for IOCG mineralisation, with evidence of substantial hydrothermal systems, altered granites and major structures. Meteoric continues to be encouraged by its IOCG prospects in this favourable setting.
ROBINSON RANGE (Meteoric 100%)
Efforts to get access to this mid-west iron ore property on reasonable terms from the native title holders are continuing. Historical sampling by the Geological Survey of WA has demonstrated grades of outcropping hematite iron ore of up to 62.5%Fe, with low impurities, associated with banded iron formations which can be traced for some 13km within the Meteoric tenements. Studies of remote sensing images and aeromagnetic data, together with the historical sampling results, have outlined several areas of potential hematite-goethite enrichments, providing attractive targets for sampling and drilling.
For the Full Report, please visit:
http://www.abnnewswire.net/media/en/docs/62777-ASX-MEI-489332.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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