Meteoric Resources NL (ASX:MEI) Reports Tibooburra Gold Encouragement
Perth, Nov 15, 2010 AEST (ABN Newswire) - As recently reported, Meteoric Resources NL (
ASX:MEI) completed a geochemical survey (1818 soil samples and 733 stream sediment samples) over several target areas prospective for gold mineralisation at Tibooburra, about 300km north of Broken Hill, NSW. The Tibooburra goldfield comprises several inliers of Cambrian metasediments which host many hundreds of quartz veins in an area extending from the town of Tibooburra for some 50km to the south west. Historic gold workings occur on several of the vein systems, including the Phoenix, Elizabeth, Rosemount, Warratta Creek, New Warratta, New Bendigo and Mt Poole reefs. Very little systematic gold exploration has been completed in the Tibooburra goldfield, with only two of the numerous vein systems drilled and no drilling below a depth of 60m.
The soil sampling (mostly on 500m x 50m spacing) identified several large, coherent areas of elevated gold-arsenic-antimony responses summarised as follows:
- Evans Gully: 3.5km x 0.5km +3ppb Au envelope containing several gold peaks ranging from 10-40ppb Au (background <2ppb Au). An antimony anomaly of 0.3-0.6ppm Sb (background 0.1ppm Sb) remains open to the south.
- New Bendigo: 4km x 200m-800m +3ppb Au envelope containing five gold anomalous zones, three of them more than 1km in length, ranging from 10-120ppb Au and open to the north. Old gold diggings in this area show evidence of sericitealtered quartz stockworks.
- Mt Poole Diggings: 4.5km x 0.5km +3ppb Au envelope containing three gold anomalous zones, one of them more than 1.5km in length, ranging from 10-20ppb Au.
- Kink (between New Bendigo and The Peak): 5km x 100m-200m +3ppb Au envelope with a pronounced 2km-long antimony anomaly ranging from 0.3-3ppm Sb and open to the south. This area is characterised by extensive deposits of both residual and transported quartz float and very little outcrop.
The cover in the anomalous areas ranges from thin soils on weathered Cambrian sediments to gravel-covered outwash plains derived from younger Cretaceous sediments. The multi-element character of these anomalies suggests a bedrock rather than an alluvial source for the gold.
Under the terms of an agreement with Awati Resource Pty Ltd, Meteoric may earn up to a 75% interest by expenditure of A$1.5 million within six years. Alluvial rights to a depth of 5m on two of the exploration licences are held by Proto Resources and Investments Ltd.
Further soil sampling to define these anomalies is planned to start in the next month prior to RAB drilling of the most prospective anomalies in the new year once the necessary permitting processes are completed.
For the complete Meteoric Resources announcement including maps, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64176-ASX-MEI-515212.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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