THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) reported on progress of the first of three deep drill holes underway at the company’s Juruena gold deposit in Brazil.
Meteoric Resources is undertaking the drilling to test an interpreted gold-copper porphyry system it had identified via geological, geophysical and geochemical data immediately below the high-grade epithermal Juruena deposit.
The first of three drill deep holes (JUDD042) has reached 500 metres and is close to intersecting the first major drill target, being the above mentioned large geophysical IP chargeability anomaly.
Already, from 440m downhole an appreciable increase in sulphide content (pyrite) has been recorded as having the presence of vein hosted molybdenite and magnetite – common in many porphyry systems.
The company anticipates JUDD042 to intersect a second major target: the god-copper rich Crentes-Style breccia hosted mineralisation within the Juruena Fault system at approximately 1,000m depth.
“This is an exciting time for Meteoric with the first deep drill hole just now reaching the top of the interpreted Deep IP anomaly, targeting a potential source for the shallow copper and gold we see at Dona Maria and Crentes,” Meteoirc Resources managing director Andrew Tunks said in the company’s ASX announcement.
“At this stage of the drilling we have intersected regional alteration and some pyrite rich zones along with minor molybdenite which is common in the porphyry environment.
“The hole will continue to test the centre of the IP anomaly and then go on to test the Juruena Fault zone at a depth of around 1,000 metres.
“The intercept of 50 metres at 1.4 grams per tonne gold and 0.25 per cent copper (encountered in the company’s 2020 campaign) is an encouraging indication of the potential of the Juruena fault to be both a host to mineralisation and as a fluid pathway from deeper systems.
“Whilst we know there is extensive copper gold mineralisation near surface, imagine if we also strike similar at depth, it would immediately open a further exciting exploration opportunity.”