Meteoric Resources NL (ASX:MEI) Reports Coorara Surface Sampling Results Up To 35m At 58.9% Fe
Perth, Dec 16, 2010 AEST (ABN Newswire) - Meteoric Resources NL (
ASX:MEI) is pleased to announce Rock chip sampling traverses in five target areas have demonstrated significant widths of high grade hematite-goethite at the Coorara iron project.
Results include:
Composite T1L3 : 15m @ 59.8% Fe, 4.9% SiO2, 0.03% P
Composite T2L4 : 20m @ 58.3% Fe, 7.9% SiO2, 0.06% P
Composite T2L5 : 35m @ 58.9% Fe, 5.9% SiO2, 0.07% P
Composite T2L6 : 25m @ 61.6% Fe, 3.8% SiO2, 0.07% P
Composite T2L7 : 24m @ 56.7% Fe, 7.9% SiO2, 0.05% P
Composite T2L15 : 19m @ 58.5% Fe, 3.9% SiO2, 0.04% P
Coorara is situated about 50km north of the standard gauge railway in the emerging South Yilgarn Iron Ore Province. A programme of rock chip sampling traverses was completed in five selected target areas in the northern part of the project area as a follow up to the first pass rock sampling. A total of 194 rock chip samples were collected across outcrop (and occasionally sub-crop) of which 83 returned grades of higher than 55%Fe. The samples comprise close spaced rock chips every 20cm, generally over 5m lengths. Weighted average grades for composite samples have been calculated for contiguous high grade samples. Whilst not continuous channel samples, the sampling is considered to provide indicative grades and thicknesses for drill targeting purposes. Significant results are summarised in Table 1 (see link at the bottem of the release).
The composite samples demonstrate significant widths of high grade hematitegoethite altered quartz-magnetite banded iron formation with low to acceptable levels of silica and phosphorus in all five target areas. The target areas were selected following geological mapping and interpretation of detailed aeromagnetic data. Sampling in some areas was limited by lack of outcrop and may underestimate the true width of mineralisation. The sample locations and highlighted results are shown in Figure 2 (see link at the bottem of the release).
Using a 55%Fe cut-off, the weighted average grade of the composite samples is 58.3%Fe, 5.6%SiO2, 0.05%P and 7.1%LOI (loss on ignition). These results are considered to be most encouraging and provide immediate targets for drilling. The Coorara project is now considered to be a priority in terms of potential to add value for Meteoric shareholders.
Meteoric has commenced a trial gravity survey over part of the project area to assess the use of this technique in identifying hematite-goethite enrichments under cover for drill testing.
As part of the permitting process for drilling, the results of flora surveys have been lodged with the appropriate government department, with drilling anticipated to start in January 2011.
For the complete Meteoric Resources announcement including figures and table, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64828-ASX-MEI-520802.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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