Meteoric Resources (ASX:MEI) Commissioned Coorara Iron Project Aeromagnetic Survey
Meteoric Resources (ASX:MEI) Commissioned Coorara Iron Project Aeromagnetic Survey
Perth, June 24, 2010 AEST (ABN Newswire) - Following an agreement to acquire a 100% interest in the Coorara iron project (MEI ASX Release 31 May 2010) Meteoric Resources (ASX:MEI) has commissioned a detailed aeromagnetic survey over the 40km strike length of banded iron formation (BIF) evident on the project area from outcrop and existing aeromagnetic data.

The 2,500 line-km (100m line spacing) aeromagnetic survey is designed to identify high grade hematite targets with potential for direct shipping ore (DSO) and large tonnage magnetite BIF. The aeromagnetic survey is scheduled to commence in the next week.

Coorara is situated in the southern part of the Yilgarn Iron Ore Province. Significantly, Mineral Resources Ltd (ASX:MIN) has recently announced a 42Mt, 58.7%Fe hematite resource at its Carina deposit some 30km south west of Coorara. Mineral Resources Ltd has also advised that it plans to commence hematite production from Carina in early 2011 via a loading station on the standard gauge railway situated about 50km south of Coorara.

In addition, Macarthur Minerals Ltd (CVE:MMS), which has reported a 1billion tonne magnetite resource at its Lake Giles project north of Coorara, has also recently reported an initial hematite resource of 4.4Mt @ 54.2%Fe at its Banjo and Moonshine North deposits situated about 8km north along strike from the Coorara project boundary and advised that numerous hematite targets remain to be tested.

Following completion of the detailed aeromagnetic survey, Meteoric has commissioned a consulting geologist experienced in iron ore to carry out ground inspections to identify targets for sampling and drilling.

Meteoric is most encouraged by recent advances made by other companies in defining hematite resources in the Coorara district and plans to accelerate its exploration programme, initially for hematite, over the 40km project strike length.

For the complete Meteoric Resources announcement including figures, please view the following link:

http://www.abnnewswire.net/media/en/docs/63161-ASX-MEI-495289.pdf

About Meteoric Resources Nl

Meteoric's focus is the Wilthorpe gold project in the Peak Hill region of WA where multiple high-grade gold intersections have been obtained from drilling an extensive sheeted quartz vein system. In addition, Meteoric is drilling gold targets at Bullfinch and Jarbora Hill, WA and copper-gold targets at Warrego North and Barkly near Tennant Creek in the NT.

 


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



Related Companies

Mineral Resources Limited          
Meteoric Resources Nl       
Macarthur Minerals Limited

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