North Australian Diamonds Limited (ASX:NAD) To Farm In Meteoric Resources Nl (ASX:MEI) Webb Tenements
North Australian Diamonds Limited (ASX:NAD) To Farm In Meteoric Resources Nl (ASX:MEI) Webb Tenements
Perth, June 1, 2011 AEST (ABN Newswire) - Meteoric Resources Nl (ASX:MEI) has signed a Heads of Agreement with North Australian Diamonds Limited (ASX:NAD) for NAD to explore a 500sq km package of four Meteoric tenements in the West Arunta region of Western Australia for diamonds. Meteoric holds a 100% interest in three granted exploration licences with rights to acquire up to a 90% interest in exploration licence application E80/2506. These tenements are in addition to tenements where Meteoric is currently exploring for gold and copper in this previously unexplored region.

As recently announced (MEI ASX release 20 April 2011), Meteoric acquired the tenements over a cluster of more than 50 discrete, circular magnetic anomalies evident from regional aeromagnetic data in the Webb area. Meteoric's geophysical consultants advise that the magnetic character of these anomalies is consistent in shape, size and amplitude with those associated with some kimberlite and lamproite pipes in Archean cratons and Proterozoic mobile belts. The magnetic targets may represent a kimberlite or lamproite pipe field in an area of extensive windblown sand cover. There are no records of any previous diamond exploration having been carried out in this area and the targets are considered to be completely untested.

North Australian Diamonds (NAD) is Australia's most active diamond explorer and has a long term commitment to diamond exploration and development in Australia. NAD has extensive diamond holdings in northern Australia and has recently announced an upgraded resource at its Merlin project in the Northern Territory of 30 million tonnes containing a total of 7.2 million carats of diamonds (NAD March 2011 quarterly report).

NAD has completed pre-feasibility production trials at Merlin prior to commencing a feasibility study this year.

Under the terms of the agreement, and subject to completion of an exploration access agreement with the traditional owners, NAD may earn 70% of Meteoric's rights in the tenements by expenditure of A$2.5M within five years of signing an access agreement. A minimum programme of sampling and 1,000m of drilling is required during the first two years prior to NAD's right of withdrawal.

Meteoric is pleased to form a joint venture with an experienced and successful diamond explorer which will bring modern specialised diamond exploration techniques to bear on this totally unexplored region. Discussions with representatives of the traditional owners regarding access are in progress, with a view to commencing field work later in the year.

For the complete Meteoric Resources announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/543856.pdf


About Meteoric Resources Nl

Meteoric ResourcesMeteoric 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.

 


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

http://www.meteoric.com.au



Related Companies

North Australian Diamonds Ltd       
Meteoric Resources Nl       

ABN Newswire This Page Viewed:  (Last 7 Days: 15) (Last 30 Days: 37) (Since Published: 5522)