Meteoric Resources NL (ASX:MEI) Reports Gravity And Mapping Results And To Commence Drilling At Coorara Iron Project
The Eastern BIF comprises a package of BIF and intercalated ultramafic and mafic schists some 500m in horizontal width which can be traced discontinuously in outcrop for 17km along strike. Within this zone the BIF has in places been strongly altered to hematite-goethite. Surface sampling within this zone has obtained grades up to 35m @ 58.9% Fe (MEI ASX releases of 17 November 2010 and 16 December 2010). Sampling has also identified +50%Fe grades to the south along strike where detailed mapping has yet to be completed. Structural complexity of the type exhibited in the Eastern BIF, and the interpreted presence of large strike faults or shears can be a significant factor in causing the alteration of magnetite BIF to hematite-goethite mineralisation.
Another significant result of the mapping was the recognition of cemented detrital hematite-goethite outcrops and the presence of pisolitic ironstone gravels which indicate potential for channel iron deposits formed by the weathering and remobilisation of the altered BIF. A separate programme is being planned, to assess the potential for near surface detrital and channel iron deposits.
In addition to the mapping, a trial gravity survey (960 stations, 200m x 50m spacing) has been carried out over an 8km strike length of the Eastern BIF sequence. This survey covers less than 25% of the BIF sequences in the project area. Gravity surveys can identify the presence of dense rocks such as hematite-goethite enrichments, particularly where the magnetic signature of BIF is reduced by alteration of the magnetite to less magnetic iron minerals. The residual gravity results show a series of gravity anomalies as shown in Figure 2 (see link at the bottom of the release). Significantly, a large proportion of these anomalies coincide with areas of reduced magnetic signature and/or known hematite-goethite enrichments. The cumulative strike length of these gravity targets totals at least 4.5km, including a strong 2km-long zone of anomalies at the southern end of the survey area.
Based on the encouraging results of the geological mapping, rock sampling and gravity survey, Meteoric is planning an initial 3,000m RC drilling programme to test priority targets for high-grade hematite-goethite enrichments. The drilling will be targeted both on areas of outcropping high grade hematite-goethite and on gravity anomalies where the bedrock is obscured by BIF rubble or laterite cover. Subject to completion of permitting requirements, drilling is anticipated to start in the next week.
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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.
Meteoric Resources Nl