Meteoric Resources Raises $7M to Accelerate Brazilian Exploration

THE BOURSE WHISPERER: Meteoric Resources (ASX: MEI) has received firm commitments to raise $7 million by way of the placement of 140 million new shares to sophisticated and professional investors at five cents per share.

Meteoric Resources advised the funds raised would enable acceleration of exploration activities at the company’s 100 per cent-owned Juruena and Novo Astro gold projects located in the Alta Floresta Gold Belt in that state of Mato Grosso, Brazil.

Meteoric currently has maiden drilling programs underway at both projects.

“The support we have received from both existing and new shareholders for Meteoric’s Brazilian portfolio of gold assets is a true testament to the sheer prospectivity that exists at both Novo Astro and Juruena,” Meteoric Resources managing director Dr Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“As a Board, we are delighted with how our initial exploration of both projects has progressed since acquisition in March of this year and this $7 million Placement, which follows the $2.7 million in August, puts us in good stead to accelerate exploration at both our key projects.

“Following on from the completion next month of the 26 hole, 4,500 metres initial drilling program at Juruena, it is our intention to evaluate our program and plan for the next season of drilling.

“It is anticipated that the new drilling will focus on expanding the known mineralisation at depth at Dona Maria and along strike at Tomate.

“Additionally, we will look at several other under drilled targets and the largely unexplored Arrasto Hills to the Northwest where the strongly altered volcanics demand further investigation.”