THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) released its maiden Mineral Resource Estimate for the company’s Palm Springs gold project (PSGP) in Western Australia.
Meteoric Resources has established the MRE of 5.6 million tonnes at 2 grams per tonne gold for 357,000 ounces of gold – including 139,000 ounces of Indicated Resources – from two deposits with PSGP.
The Butchers Creek deposit includes remaining resources below the historic pit and has come in with:
Indicated: 1.9 million tonnes at 2.24g/t gold for 139,000 ounces gold; and
Inferred: 3.3 million tonnes at 1.7g/t gold for 180,000 ounces gold.
The Golden Crown deposit estimate has been restated under JORC 2012 criteria for:
Inferred: 390,000 tonnes at 3.1g/t gold for 38,000 ounces gold.
“This is the single most significant event for shareholders since I have been at the helm of Meteoric, accelerating our development timetable by 12 months and opening a range of exciting options to progress the Palm Springs Gold Project that had not previously been on the table,” Meteoric Resources managing director Andrew Tunks said in the company’s ASX announcement.
“Our ability to complete a successful exploration season at Palm Springs within months of acquiring the project contributed heavily to this maiden resource and these efforts have paid huge dividends.
“Particularly pleasing is the confidence established in the historic drilling, allowing the classification of significant Indicated Resources at Butchers Creek based on: the quality of the original data, close drill spacing, comparable/supporting results in 2020 drilling, comparisons with historic production, and the successful extension of mineralisation to the south.
“Ultimately this has resulted in a fabulous set of Resource numbers.
“It is equally important to recognise the implications of achieving Indicated Resource status for 40 per cent of the MRE.
“This will significantly reduce our planned exploration and development timelines.
“We have ceased pumping out the Butchers Creek Open Pit as there is no longer any need to validate the historic drilling prior to initiating economic/prefeasibility studies.
“In addition, the current 3,800 metres drill program is planned to both extend and increase confidence in the mineralisation at Butchers Creek, paving the way for a further Resource upgrade at the end of the current drill program.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE