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THE DAILY ROADHOUSE

 

Mincor Resources Enhances Cassini Mineral Resource

THE DRILL SERGEANT: Mincor Resources (ASX: MCR) released a healthy increase in the Mineral Resource for the company’s Cassini nickel sulphide deposit at Kambalda in Western Australia.

Lithium Australia Subsidiary Confirms Offtake Deal with Korean Battery Recycler

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) announced its 24 per cent subsidiary Envirostream Australia Pty Ltd signed a memorandum of understanding (MoU) with South Korean company SungEel HiTech Co., Ltd for the sale of recycled battery metals.

Meteoric Resources Extends Juruena and Claims Porphyry Style Gold‐Copper Discovery

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) received the latest assays from drill holes JUDD009 and JUDD010 that were completed during the maiden drill program at the company’s 100 per cent-owned Juruena gold project in Brazil.

Gateway Mining to Divest Non-Core Edjudina Exploration Project

THE BOURSE WHISPERER: Gateway Mining (ASX: GML) has entered into a tenement sale agreement for the sale of the company’s Edjudina project Exploration Licences in the Laverton Region of Western Australia.

 

Meteoric Resources Extends Juruena and Claims Porphyry Style Gold‐Copper Discovery

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) received the latest assays from drill holes JUDD009 and JUDD010 that were completed during the maiden drill program at the company’s 100 per cent-owned Juruena gold project in Brazil.

Meteoric Resources claimed the new drill results highlight both a deep high‐grade epithermal gold intercept together with an entirely separate style of porphyry hosted gold‐copper mineralisation, which the company has interpreted to be part of a larger gold‐rich copper porphyry system.

JUDD009 intersected:
1.2 metres at 45.83 grams per tonne gold from 248.9m.

This intersection was achieved at the base of the high‐grade epithermal Dona Maria resource that currently stands at 88,000 ounces gold at 12.7g/t gold.

Meteoric believes JUDD009 confirms high‐grade gold mineralisation at Dona Maria is open at depth and now has deeper drilling planned to extend epithermal gold mineralisation below the high‐grade resource.

Hole JUDD010 intersected a thick zone of gold‐copper mineralisation at the Crentes prospect, immediately adjacent to Dona Maria, returning:

54.3m at 1.33g/t gold and 0.23 per cent copper from 171m, including 12m at 4.54g/t gold and 0.25 per cent copper from 178.5m.

Meteoric declared that the gold‐copper mineralisation encountered at Crentes in JUDD010 raises the potential for additional gold‐rich porphyry discoveries across the entire Juruena project.

A further hole, JUDD011 also intersected the up‐dip extension of the gold-copper porphyry mineralisation intersected in JUDD010 at Crentes with assays pending at time of writing.

The company has mobilised a second drill rig to Novo Astro, with first assay results due in late November.

“I couldn’t be happier to report that JUDD009 has confirmed high‐grade gold mineralisation at Dona Maria is open at depth, as our structural models suggested,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“This hole intersected high‐grade gold at the base of the current resource, deeper than any historic drilling and has allowed us to plan follow‐up deep drilling that if successful could significantly increasing this resource.

“The gold‐copper mineralisation in JUDD010 and JUDD011 (awaiting assays) is incredibly exciting and builds on our belief that the high‐grade prospects like Dona Maria and Querosene are epithermal gold deposits related to a proximal porphyry gold-copper system.

“This intercept opens a new and exciting exploration opportunity for Meteoric and the geology team are working hard to understand the real potential of this gold-copper mineralisation before planning further drilling, with the high‐grade gold lodes remaining the focus of drilling for the completion of this program at Juruena.

“Novo Astro exploration is ongoing and drilling will now ramp up with a second GEOSOL rig having mobilised to the project and first assay results expected in late November.”

 

Web: www.meteoric.com.au

 

Meteoric Resources to Commence Novo Astro Drilling

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) is set to commence drilling at the company’s Novo Astro project in Brazil.

The Novo Astro project is located approximately 30 kilometres to the east of the company’s Juruena gold project.

Meteroic Resources explained the Juruena project was previously subjected to intense drilling by several earlier explorers, while Novo Astro has only been explored by surface exploration works.

There has been no drilling of Novo Astro to test the gold grade and depth extent of the surface alteration and mineralisation that has been mapped and which returned high‐grade rock chips up to 290.13 grams per tonnes gold in the company’s current sampling program.

“Recent mapping at Novo Astro recognised thick zones of alteration and mineralisation within basement rocks that have been the target of extensive artisanal mining,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“Results from reconnaissance rock chip sampling confirm mineralisation at multiple targets, warranting immediate testing.

“A twenty‐one hole drilling program for 2,500 metres is planned, which will commence late September.

“The initial drill program will target the depth potential of significant gold mineralised structures that can be mapped and sampled in the extensive Garimpeiro workings across Novo Astro.

“To this end, four initial prospects have been defined for us to commence drilling.

“At the same time, planning is underway to commence geophysical programs across Novo Astro, initially these will include magnetics, which will assist in our structural interpretation and an Induced Polarisation (IP) survey which can be locate disseminated sulphides.

“The current round of rock chip sampling has confirmed the gold‐pyrite association and we feel that IP could provide an excellent tool to direct our drilling.”

 

Web: www.meteoric.com.au

 

Meteoric Resources Encounters Visible Gold from First Drillhole

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) opened the end of the week by announcing the maiden drill hole JUDD001 at the company’s 100 per cent-owned Juruena gold project intersected visible gold within a broad alteration halo at target depth.

Meteoric Resources said that DDH JUDD001 had been drill confirm previous grades encountered by historic holes:

J‐07
1.8 metres at 20.9 grams per tonne gold;

MR‐10/2015
8m at 62.4g/t gold; and

MD 10‐2016
4.8m at 11.9g/t gold.

The company declared the recent drilling represents an initial confirmation of the high‐grade zone at Dona Maria.

Two holes have been completed by Meteoric, which are currently being logged and sampled before being dispatched for assay with results expected in approximately four weeks.

The second hole, diamond hole JUDD002 was drilled to 104.54 metres returning similar observations to JUDD001 with the host rock being a coarse‐grained, k‐ feldspar altered (pink) granite.

Multiple zones of alteration were intersected; however, no free gold has been observed:

40.5m‐42.8m: strong to moderate sericite‐quartz‐pyrite alteration;
46.6m‐48.2m: moderate chlorite‐carbonate alteration;
67m‐87m: Coarse granite with chlorite veinlets and minor k‐feldspar alteration; and
still awaiting completion of summary log EOH 104.5m.

“It is fantastic to see visible gold in our very first hole and an early vindication of our decision to commit to drilling the project immediately after acquisition,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“The exploration team in Brazil were excited to report visible gold in our first hole and this provides management with additional confidence in our program and the prospectivity of our Brazilian assets.

“Importantly, after the recent capital raise, we do not have to compromise the planned Juruena program to commence drilling at Novo Astro which we now anticipate commencing in Mid‐September.

“We are hard at work on both projects and look forward to updating the market when we have received some assays and interpreted the results.”

 

Website: www.meteoric.com.au

 

Meteoric Resources Funded to Accelerate Brazilian Exploration

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) announced it had received firm commitments for a placement to fund an accelerated and expanded drilling exploration program at the company’s 100 per cent-owned Juruena and Novo Astro gold projects in Brazil.

Meteoric Resources informed the market of the placement to a small number of institutional and sophisticated investors will raise $2.7 million through the issue of approximately 84.4 million new shares at an issue price of 3.2 cents per share.

“Recent exploration at the Juruena and Novo Astro prospects has increased the company’s confidence in the discovery potential of Meteoric’s Brazilian assets,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“Over the last few weeks, diamond drilling at Juruena commenced and two rigs are currently onsite drilling double shifts at Dona Maria (Juruena).

“Additional first pass exploration has been underway 30 kilometres to the east at Novo Astro and has recognised thick zones of alteration and mineralisation within basement rocks that have been the target of extensive artisanal mining.

“It is the company’s opinion that the targets at Novo Astro warrant a large and detailed drilling program far in excess of its early expectations.

“The new capital injection will be used to bring in additional drilling capacity to effectively run two exploration teams working in tandem, one at Juruena and one at Novo Astro to immediately grow an understanding of the geology and gold distribution at these exciting bonanza-grade gold projects.

“Crucially the Novo Astra program can now scale up without affecting the company’s strong focus on Juruena, allowing both projects to be tested over the coming months, concurrently expanding and fast tracking our initial plans.”

 

Website: www.meteoric.com.au

 

Meteoric Resources Immediately Identifies Novo Astro Drill Targets

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) announced the commencement of an initial work program at the company’s Novo Astro project in Brazil.

The Novo Astro project is located approximately 30 kilometres to the east of Meteoric Resources’ Juruena gold project.

Meteoric described Novo Astro as a large area (in excess of 15 square kilometres) that contains many Garimpiero workings from the 1980s, several of which are still actively being mined.

Despite previous explorers defining a large soil anomaly and carrying out grab sampling returning grades up to 264 grams per tonne gold, Novo Astro has never been drilled.

“The Novo Astro project demonstrates the potential to be a stand‐ alone gold field that could deliver real value to the company,” Meteoric Resources managing director Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“We have only just begun our work here and already we have identified walk up drill targets to test.

“When we commenced our initial program at Juruena, we already had in mind the possibility of testing the Novo Astro drilling in tandem, this was a key component in our decision to order two rigs from Geosol.

“It’s a fantastic result for the company that our initial Novo Astro work has been so positive that we can commit to drilling on both of our key Brazilian projects in our maiden drill program.

“Contained within Novo Astro are a multitude of historic workings, some of these pits exploit the modern river systems and are therefore alluvial in nature and not of interest to us.

“However, there are many open pits that have previously mined gold from the bed rock and our recent field work has shown us thick zones up to 50 metres of intensely brecciated and veined rocks with substantial alteration zones.

“Despite the fact the rocks are partially weathered, abundant sulfides (dominantly pyrite) can be found.

“We know from Juruena that the gold is closely related to the presence of pyrite and we know from previous sampling and the extensive mining that these zones are clearly gold bearing.

“Our first batch of 36 samples from Novo Astro have been dispatched to the lab and we should have results within weeks.

“Of course, this is all happening simultaneously with the Juruena drilling program, which has already kicked off at the first targets at the high‐grade Dona Maria prospect.

“This is a very exciting time indeed for Meteoric.”

 

Website: www.meteoric.com.au

 

Meteoric Resources to Commence Juruena Drilling

THE DRILL SERGEANT: Meteoric Resources (ASX: MEI) announced the signing of a contract with Brazil’s largest drilling Company GEOSOL to carry out a maiden diamond drilling program on the company’s 100 per cent owned Juruena gold project.

Metroric Resources said it anticipates a drill rig and associated equipment to be onsite shortly with drilling to commence in July.

Meteoric explained the significance of the signing of the Brazilian drillers saying that GEOSOL has a logistical base located in the Alta Floresta Belt in the township of Peixoto de Azevedo that means it has access to nearby logistical support for remote drilling operations that is crucial to minimising unwanted delays and costs.

The company’s initial program will concentrate on high‐grade zones at the project’s Dona Maria and Querosene prospects, in addition to testing other known prospects including Mauro, Tomate and Uilliam, comprising 26 holes for 4,700 metres of diamond drilling.

Targets will be refined as drilling progresses, considering a combination of visual logging of the drill cores and assay results from the laboratory.

“Since the formal completion of the Acquisition of Juruena and Novo Astro was completed…we have been working hard to commence our exploration,” Meteoric Resources managing director Dr Andrew Tunks said in the company’s announcement to the Australian Securities Exchange.

“The initial drill program will be weighted towards following up bonanza grade intercepts at Dona Maria and Querosene, but will also test additional nearby targets at Mauru, Tomate and Uilliam, which also contain multiple exciting gold grade intercepts from limited drilling.

“I have just completed two weeks onsite at Juruena, overseeing the smooth transition of the Brazilian projects into Meteoric as we gear up to begin our first drill campaign.

“I am pleased to report that Juruena is even more exciting than I anticipated, and the team has produced a quality drill program with excellent targets for our maiden exploration.

“I very much look forward to reporting our results as we progress.”

The Juruena project’s current JORC Code 2012-compliant Global Mineral Resource Estimate of 1.3 million tonnes for 261,000 ounces of gold at 6.3 grams per tonne comprises:

High-grade Dona Maria and Querosene resources of 436,000 tonnes at 14.7g/t for 205,000 ounces of gold; and

The large‐tonnage, lower‐grade Crentes resource of 846,000 tonnes at 2g/t for 55,000 ounces of gold.

 

 

Website: www.meteoric.com.au