Meteoric Resources (ASX:MEI) Announce Five Hematite Targets at Coorara
Perth, Sep 8, 2010 AEST (ABN Newswire) - Following the acquisition of rights to a 100% interest in the Coorara iron project situated 90km north east of Koolyanobbing (MEI ASX release 31 May 2010), Meteoric Resources (
ASX:MEI) has completed a detailed aeromagnetic survey and has completed systematic rock sampling.
Final assay results have been received from the rock sampling carried out over the 40km-long strike length of banded iron formations (BIF), evident in either outcrop or from the aeromagnetic data.
A total of 236 samples were collected at 20m intervals on traverses nominally 400m apart where outcrop was found to exist. Of the samples collected, 63 samples (26%) reported more than 50% Fe; this is viewed as being extremely encouraging as the sampling was first pass exploration. This exploration was planned to objectively indicate the potential presence of hematite-goethite alteration and resulted in definition of widespread and coherent areas hematite-goethite alteration of the quartz-magnetite BIF.
Five priority exploration zones have been defined based on the preliminary rock sampling where samples contain over 50% Fe and where the values define a coherent trend over several of the nominally 400m spaced traverses. All of these priority zones appear to have strike lengths greater than 1km and will be assessed in detail; other samples containing greater than 50% Fe exist within in the project area indicating the possibility of defining additional priority exploration zones.
Significant results from sampling completed to date are shown in Table 1 and the sample locations and priority zones are shown in Figure 1 (refer to the link at the bottom of the release).
The priority zones defined based will be further assessed based on the results of the programme of detailed geological mapping to commence shortly, with the aim of assessing the nature and extent of the hematite-goethite alteration and to identify structurally favourable locations for further sampling. These programmes are anticipated to provide Meteoric with numerous drill targets in its search for high grade hematite deposits in a location only 50km from the standard gauge railway line to the port of Kwinana.
For the aeromagnetic survey (figure 1) please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63683-ASX-MEI-20100908.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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