Meteoric Resources NL (ASX: MEI) reports that assays from the first seven holes of the company’s maiden 2020 exploration programme at the Palm Springs Gold Project in WA have all returned significant gold intercepts.
Results from the seven holes include:
Includes 2m @ 34.4 Au from 160m
Managing Director Dr Andrew Tunks said Meteoric couldn’t have got off to a better start at Palm Springs.
This is an amazing result from our very first assays on a new acquisition which was completed just four months ago,” Dr Tunks said.
“Given that the historic cross sections and mine plans indicate significant gold mineralisation remains in the pit floor, rather than simply confirming this, we instead elected to aggressively push the drilling south where there were very few historic holes.
“As a result of this, I am incredibly pleased to say we have confirmed through our initial drilling programme that thick continuous gold zones extend to over 360m south of the historic open pit and remain open.
“Additionally, we have successfully tested a possible extension of mineralisation to the west of the pit which opens up further growth potential. These assays are just the start of the program and based on the logging of strongly altered host rocks and visible gold noted in the core, we fully expect this strong run of results to continue.
“The large zones of economic gold mineralisation in the floor and immediately under the pit when combined with our new drilling results and the visible gold we have seen in the southern most hole, effectively confirm gold mineralisation over 600m of strike, which remains open.
“Whilst we have now finished the 2020 drilling as the Northern wet season closes in over the Kimberley, we are already planning geophysical surveys, additional drilling and a dewatering of the pit.
“Our goal will be to get back onto the ground as early as possible in 2021 and commence exploration as well as employing development strategies centred around the historically high gold prices.
“The fact that this project sits on fully granted Mining Leases is hugely significant as come the moment, it can substantially reduce the time and costs involved to move from an exploration only company through to development and becoming a gold producer.”
Meteoric’s 2020 drilling campaign at Palm Springs was designed to confirm and then extend gold mineralisation down plunge to the south‐west of the pit.
The drill programme was completed on 23rd of October with a total of 26 holes for 2,278m of diamond drilling and 5,042m of RC drilling.
Historic drill data and 2020 drilling confirm extensions to the known gold mineralisation immediately below the historic Butchers Creek open pit and to the south.