Meteoric Resources NL (ASX:MEI)
Perth, May 1, 2009 AEST (ABN Newswire) - As recently announced (MEI ASX release 26 March 2009), Meteoric Resources NL (ASX:MEI) has confirmed priority right of application over a large 10km x 8km gold anomaly identified by the Geological Survey of WA in the unexplored West Arunta region of the Gibson Desert.
The anomaly was identified by a helicopter-supported regional geochemical sampling programme carried out by GSWA following field work by Geoscience Australia which highlighted the copper-gold and gold potential of the Mt Webb area in the western part of the Arunta Complex which extends from the NT to WA. The Arunta Complex comprises an extensive sequence of Proterozoic metamorphic rocks intruded by granites.
Meteoric has applied for three exploration licences totalling 760sq km covering geochemical anomalies and other targets identified outside the GSWA survey area. No record of previous exploration in these areas has been found and the areas appear to be totally unexplored.
The main anomaly is based on regolith samples taken on a grid cell of 5km x 2.5km equating to sample centres of about 3.5km or one sample per 12.5sq km. This wide-spaced sampling has defined a coherent gold anomaly some 10km x 8km in area with gold-in-soil values ranging from 10 to 20 x background (1ppb Au) and one lag sample containing 403ppb Au (0.4g/t Au). This gold anomaly is the largest and most coherent gold response detected by the 6,500sq km GSWA survey.
Importantly, the Webb anomaly is supported by a large number of other anomalous elements including As, Cu, Zn, U, Co, Sn, Sc, Ce, Nd, Sm, Tl, Y, La and Ni some of which are shown in Figures 3 and 4. Some of these associated anomalies (such as arsenic, cobalt, tin and scandium) are 20km in length.
The area is extensively covered by sand and colluvium although small outcrops of granite intruding metamorphic rocks have been mapped close to the anomaly. Significantly, aeromagnetic data indicates the Webb anomaly area to be structurally complex with at least three distinct cross cutting structures evident. In addition, data from a regional 2.5km-spaced gravity survey shows a gravity ridge coincident with the major cross-cutting aeromagnetic structure through the centre of the Webb anomaly.
The Meteoric tenements occur within the remote Ngaanyatjarra aboriginal reserve which in the past has created difficulties in gaining access for mineral exploration. A recent meeting with elders at the Kiwirrkura community resulted in agreement in principle for access to E80/4234, the main target area. This is expected to pave the way for grant of the exploration licence and permitting for entry. In the meantime preparations are in hand for heritage clearance surveys to be carried out on this tenement. Meteoric is hopeful that this progress will facilitate the start of sampling and drilling of the 80sq km gold anomaly later in the year.
ROBINSON RANGE (Meteoric 100%)
The Robinson Range iron project covers a 13 km-long folded sequence of Proterozoic iron formations situated 100km north of Meekatharra in the mid west iron province. Historical ore-grade sampling results indicate significant potential for direct shipping-grade hematite and goethite deposits on these tenements.
During the quarter a heritage agreement was signed with the Jidi Jidi Aboriginal Corporation, paving the way for carrying out heritage surveys and gaining access to these tenements.
BARKLY JV (Meteoric 70%)
An agreement has been signed with joint venture partner Emmerson Resources for Emmerson to take over management of this copper-gold project and for Meteoric to dilute its interest. Under the terms of the agreement Emmerson has elected to sole fund exploration with Meteoric having the right to recommence contributions when its interest is 49% or 30%. Emmerson is required to spend approximately A$950,000 to dilute Meteoric to a 30% interest.
OTHER PROJECTS
In order to focus on the Webb gold project and Robinson Range iron project, Meteoric is seeking to farm out its interest in the Scorpion Well, Mt Remarkable, Top Well, Mertondale and Warrego North projects. No field work was carried out on these projects during the quarter.
CORPORATE
As recently announced (MEI ASX release 6 April 2009), Meteoric placed 6,618,181 fully paid shares with clients of Indian Ocean Capital to raise A$364,000 at an issue price of 5.5 cents per share. The placement brings Meteoric's issued capital to 50,815,290 fully paid shares and 15,101,527 contributing shares, with cash and liquid investments of A$1million after placement costs.
The funds raised will be mainly directed to financing exploration of the Webb gold project and the Robinson Range iron project.
For the complete Meteoric Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60577-ASX-MEI-445406.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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