Meteoric Resources (ASX:MEI) Strategic Acquisition At Robinson Range Iron Project
Perth, June 21, 2010 AEST (ABN Newswire) - Meteoric Resources (
ASX:MEI) has acquired the rights to a 100% interest in granted exploration licence E52/2412 adjacent to its Robinson Range iron project in the emerging Mid West iron province of Western Australia.
The acquisition has a strategic importance as the exploration licence covers strike extensions of banded iron formations (BIF) of the Robinson Range Formation from Meteoric's existing tenements. Significantly, mapping by the Geological Survey of WA (GSWA) has confirmed the presence of hematite and goethite deposits on the newly acquired area.
The hematite and goethite occurrences are interpreted to result from alteration and enrichment of the magnetite-bearing BIF, particularly in areas of complex folding.
E52/2412 is interpreted to cover part of a structurally complex fold hinge area and is considered highly prospective for hematite and goethite enrichments of the BIF. GSWA sampling has recorded a grade of 52.7%Fe in a goethite outcrop on the western margin of the exploration licence but no other iron exploration is recorded on the tenement which remains untested.
Under the terms of an agreement with the vendor, Meteoric will issue 250,000 fully paid ordinary shares (escrowed for one year) followed by the issue of a further one million shares (escrowed for one year) upon transfer of a 100% interest in the tenement. A further tranche of one million Meteoric shares will be issued to the vendor in the event that a decision to mine on the tenement is made, or if Meteoric sells the tenement.
Meteoric considers the new acquisition to its Robinson Range iron project has significant potential for high grade hematite and goethite deposits.
In work elsewhere, Meteoric is pleased to announce commencement of diamond drilling at its Webb project in the West Arunta region of WA, where a 500m-deep drill hole is in progress on the T1 iron oxide-copper gold target.
For the complete Meteoric Resources announcement including maps, please view the following link:
http://www.abnnewswire.net/media/en/docs/63134-ASX-MEI-494917.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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