SP – 3.6c
Shares – 85m (27m Partly paid)
Options – NQ
Cash – $1.1m
BARKLEY (Meteoric mostly 100%)
A moving loop electromagnetic (EM) survey is being carried out over a 1.6kmlong gravity ridge and geochemical target at Bluebird, about 30km east of Tennant Creek, NT. The EM survey is designed to identify conductors associated with high-grade Tennant Creek style copper-gold mineralisation. The gravity target comprises a pronounced gravity ridge interpreted to be associated with hematite ironstone or hematite alteration.
The gravity ridge extends into an aboriginal site exclusion zone where historical drilling of outcropping ironstones is reported to have intersected high grade gold mineralisation with a best intersection of 3m @ 43.2g/t Au, confirming the prospectivity of this trend.
Previous RAB drilling by Meteoric on a 600m-long copper anomaly intersected 8m @ 1.0% Cu and 0.26g/t Au from 72m to end of hole. The geochemical anomaly remains open along strike to the east. Any conductors identified by the EM survey will provide specific drilling targets for high value copper-gold mineralisation. Meteoric holds 100% of the Barkly exploration licence with the exception of a 30% interest held by Emmerson Resources over nine mineral leases within the exclusion zone and over a single sub block of the exploration licence situated several kilometres to the south of Bluebird.
TIBOOBURRA (Meteoric 51%)
As previously reported, Meteoric Resources has earned a 51% interest in three exploration licences at Tibooburra, situated about 300km north of Broken Hill, NSW. Awati Resources Pty Ltd holds the remaining 49% interest. Two of the tenements cover a 40km strike length of the New Bendigo fault system where associated gold mineralisation has been identified at the New Bendigo and Kink prospects. During the past year RAB drilling by Meteoric intersected several zones of gold mineralisation including 20m @ 5.2g/t Au from 8m at New Bendigo and 12m @ 0.3g/t from 12m (to end of hole) at Kink. A programme of RC drilling has been designed to follow up these results and test the mineralisation at depth.
Following a review of the RAB drilling results, Meteoric has elected to cease sole funding and form a contributing joint venture under which terms Awati Resources may elect to contribute or dilute its interest. A draft joint venture agreement has been prepared and is currently under consideration by Awati. The planned RC drilling programme has been deferred pending finalisation of the joint venture agreement.
COORARA (Meteoric 100%)
Meteoric holds a 40km strike length of banded iron formations in the South Yilgarn iron province within trucking distance of the multi-user Trans Australian Railway. The iron formations have demonstrated potential for both goethite-hematite and magnetite as indicated from Meteorics’ limited drilling to date. Discussions are in progress with interested parties with the aim of accelerating the evaluation of these iron formations.
ROBINSON RANGE (Meteoric 100%)
Drilling targets on goethite-hematite outcrops with direct shipping ore (DSO) potential have been identified on a sequence of folded Proteozoic banded iron formations in the Mid West iron province some 70km from a proposed rail head at Jack Hills. Negotiations are continuing with the legal representative of the traditional owners regarding the commercial terms to apply to heritage surveys over this area, however agreement has yet to be reached. In the meantime Meteoric is seeking expressions of interest regarding the divesting of this project or accelerating the evaluation of the iron formations where sampling by the Geological Survey of WA has indicated ore-grade outcrops.
WILTHORPE (Meteoric 90%)
As previously reported, a 61,000oz gold resource has been identified at Harrods Central and Harrods South with potential extensions between these two deposits. Meteoric is seeking expressions of interest for the purchase of this resource.
WEBB IOCG Targets (Meteoric previously 70%)
Following a review of these iron oxide-copper-gold (IOCG) targets and considering the lack of progress in reaching terms for aboriginal heritage surveys over two of the targets, Meteoric and its joint venturer Beadell Resources have surrendered these tenements.
WEBB Kimberlite Targets (Meteoric 100% or right to acquire 90%)
Meteoric holds, or has rights to acquire 90% of, tenements covering a group of more than 50 discrete circular magnetic anomalies in the West Australian region of WA. The magnetic anomalies are consistent in shape, size and amplitude with those associated with some kimberlite and lamproite pipes (being sources of diamonds) in Archean cratons and Proterozoic mobile belts. The magnetic targets may reflect a kimberlite or lamproite pipe field in an area of extensive windblown sand cover.
Meteoric has reached an agreement in principle for diamond explorer GeoCrystal Limited to earn up to 70% of Meteoric’s interest by sole funding exploration, subject to GeoCrystal listing on ASX prior to December 2012. A joint venture agreement is in preparation.
GOLDEN VALLEY (Meteoric 90%)
Previous RC drilling by Meteoric on the Rutherfords Find prospect intersected gold mineralisation over a 250m strike length with a best intersection of 4m @ 10.1g/t Au from 71m. Meteoric is seeking expressions of interest for the purchase of this gold project.
UNALY HILL SOUTH (Meteoric 100%, diluting)
Meteorics’ Unaly Hill South exploration licence covers a 2km strike length of the Atley Igneous Complex, a layered mafic intrusion containing vanadium-bearing magnetite horizons similar to the nearby Windimirra Complex currently in development. Black Ridge Mining may earn up to a 70% interest by sole funding exploration. No activity was reported during the quarter.
WARREGO (Meteoric 100%, diluting)
As previously reported, Sipa Resources completed a 1,636 line-km high resolution aeromagnetic and radiometric survey on Meteoric’s tenements near the old Warrego copper-gold mine near Tennant Creek, NT. Interpretation of the survey results is currently in progres
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