Meteoric Resources (ASX:MEI) Webb Project Aeromagnetics Confirms Iron Oxide-Copper-Gold Drilling Targets
Perth, May 21, 2010 AEST (ABN Newswire) - Meteoric Resources (
ASX:MEI) has completed detailed aeromagnetic surveys (150m line spacing) over several target areas at its Webb project in the West Arunta region of WA. The surveys include the iron oxide-copper-gold (IOCG) targets T1-T5. The West Arunta region has been identified as being prospective for IOCG mineralisation by the Geological Survey of WA.
Modelling of the new aeromagnetic data at IOCG Target 1, together with Meteoric's gravity data, has defined a complex magnetic body some 2.5km in length with three pronounced gravity bodies on the margins of the main magnetic zone. Three drilling targets have been identified, designed to test the strongly magnetic core and two of the adjacent gravity bodies. Meteoric has the right to earn a 70% interest in the T1, T4 and T5 target areas under the terms of a joint venture with Beadell Resources Ltd.
IOCG deposits commonly exhibit coincident or near coincident magnetic and gravity anomalies resulting from magnetite and hematite alteration. A small outcrop close to the T1 target shows an anomalous copper content of 300ppm, the remainder of this area is sand covered. Figure 2 (see link at the bottom) shows the T1 aeromagnetic image together with the plan position of the gravity bodies and the proposed drill hole locations. Figure 3 (see link at the bottom) shows a plan and section of the modelled magnetic and gravity bodies with the proposed drill hole locations.
Roadworks to provide drill access to the T1 drill targets is about to commence in preparation for drilling to commence in the first week of June. The modelling indicates that drill holes in excess of 500m length will be required to test the targets.
Preliminary aeromagnetic data from the T5 target shows a very pronounced (5,000nT), discrete magnetic anomaly in an interpreted favourable structural setting some 11km north of T1. Permitting to test this attractive target is in progress.
The T5 target is situated on Ngururrpa aboriginal land on which Meteoric and its joint venture partner have recently concluded an exploration and access agreement. Meteoric plans to complete a detailed gravity survey together with modelling of the new aeromagnetic data in order to define drilling targets for later in the year. Interpretation and modelling of the remaining aeromagnetic survey data is continuing.
For the complete Meteoric Resources annoucement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/62915-ASX-MEI-491928.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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