Meteoric Resources NL (ASX:MEI) Announce Coorara Drilling Results
Perth, Feb 25, 2011 AEST (ABN Newswire) - Meteoric Resources NL (
ASX:MEI) has completed 22 reverse circulation (RC) drill Holes totalling 1,455m as part of its initial drilling programme at the Coorara iron project in the South Yilgarn iron province. The drilling forms part of a larger programme which was interrupted by severe thunderstorms and heavy rain, as a result three holes (CRC20-22 inclusive) remain to be logged and sampled. Drilling is expected to resume at a later date when a suitable rig becomes available.
The drilling was carried out over an aggregate 1km strike length of targets within a 4km strike length of multiple banded iron formations (BIF) in the northern part of the project area, representing only a very small part of the total 40km BIF strike length within the project tenements. The drilling was designed to test for goethite-hematite associated with the magnetite BIF horizons and targeted areas where sampling has indicated surface grades in excess of 50% Fe and areas where gravity anomalies indicate potential for iron enrichments. Limitations in gaining drilling access over BIF ridges resulted in less than optimum drill hole positions to test some targets and a track-mounted drilling rig may be required in future.
The drilling intersected an intercalated sequence of BIF and ultramafic rocks with the BIF horizons ranging from a few metres up to 60m in apparent thickness, weathered or altered to depths of 30m to 60m below surface.
The drilling confirmed geothite-hematite enrichments in the weathered zone of the BIF, however thicknesses are generally lower and silica content somewhat higher than expected when compared to the surface sampling results. It is noted however that this initial drilling is a very early step in the assessment of the goethite-hematite potential of the project and that numerous targets remain to be tested. In addition, assessment of the detrital iron ore potential and the potential of the primary BIF for magnetite ore has yet to commence.
Logging and sampling of the remaining holes is in progress prior to carrying out further mapping and sampling to identify priority targets for further drilling.
For the complete Meteoric Resources NL announcement including drilling result tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/66194-ASX-MEI-530760.pdf
About Meteoric Resources Nl
Meteoric Resources NL (ASX:MEI) is a Perth based rare earth company that is progressing its flagship Caldeira Project in Minas Gerais, Brazil and aims to become Brazil’s next rare earth producer. The Caldeira Project is a true Ionic adsorbed Clay (IAC) deposit with above industry TREO grades and excellent metallurgical recoveries using a standard Ammonium Sulphate (AMSUL) wash flowsheet. These grade and recovery characteristics allow a simple flowsheet to be developed to produce a Mixed Rare Earth Carbonate (MREC) with an anticipated low capital and operating costs. Meteoric aims to become a significant volume, low-cost producer and is committed to supporting and integrating into western supply chain opportunities.
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