Meteoric Resources NL (ASX:MEI) Enters Joint Venture With Black Ridge Mining On Unaly Hill Magnetite-Vanadium-Titanium Project
Perth, May 19, 2010 AEST (ABN Newswire) - Meteoric Resources NL (
ASX:MEI) has reached agreement in principle with Black Ridge Mining NL (ASX:BRD) on Meteoric's 100%-owned exploration licence (E57/760) situated adjacent to Black Ridge's Unaly Hill magnetite-vanadium-titanium project south of Sandstone, WA. Black Ridge has reported significant grades of magnetite, vanadium and titanium in drill intersections on its Unaly Hill project. The Unaly Hill mineralisation occurs within magnetite lenses in layered metagabbros of the Atley Igneous Complex some 30km east of the Windimurra Igneous Complex where similar mineralisation is known to occur. Preliminary Davis Tube Recovery test work by Black Ridge has produced encouraging grades of Fe, V2O5 and TiO2.
The magnetite-vanadium-titanium mineralisation at Unaly Hill is associated with a pronounced aeromagnetic anomaly which can be traced for about 11km in Black Ridge's exploration licence. This magnetic anomaly extends for at least 2km along strike within the Meteoric tenement, as shown on the attached map. The cause of the magnetic anomaly is obscured by surface cover and is interpreted to be an extension of the magnetite lenses within the Atley Igneous Complex. Black Ridge plans to carry out a detailed aeromagnetic survey to define the target area, followed by drilling to test this target.
Meteoric has also identified anomalous gold values in shallow historical drilling on its tenement. The anomalous gold occurs in a favourable structural setting close to the Youanmi Fault, a major structure known to host or control gold mineralisation in the district.
Under the terms of the agreement Black Ridge may earn a 60% interest in the tenement by expenditure of A$1 million within three years, with a minimum commitment of A$100,000 within six months. Black Ridge may elect to earn a further 10% interest by expenditure of an additional A$0.5 million within a further one year period. Meteoric will retain all rights to gold and silver on the tenement.
Meteoric welcomes the testing of a new target on its Unaly Hill South tenement while being able to focus on drilling of promising iron oxide-copper-gold (IOCG) targets on its Webb project in the West Arunta region of WA. Drilling of the first IOCG target at Webb is scheduled to commence at the end of May.
For the complete Meteoric Resources announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/62904-ASX-MEI-491706.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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