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Bonanza gold hits for Meteoric in Brazil

Meteoric Resources has drilled stupendous gold grades at its new Juruena prospect in Brazil, with managing director, experienced geologist Andrew Tunks describing one of the hits as “the best drilling intercept I have ever been involved with in my career”.
Bonanza gold hits for Meteoric in Brazil Bonanza gold hits for Meteoric in Brazil Bonanza gold hits for Meteoric in Brazil Bonanza gold hits for Meteoric in Brazil Bonanza gold hits for Meteoric in Brazil

Meteoric Resources on the hunt for gold in Brazil

Michael Quinn

The intercept of 20.6m grading 94.9gpt gold from 97m included an interval of 3.6m at 508.4gpt.

Eight holes were drilled, with assaying of the balance underway.

Juruena is in the Alta Floresta Belt of Brazil and was one of two projects acquired earlier this year from ASX-peer Crusader Resources, now called Big River Gold.

The other project, Novo Astro, is set to begin later this month.

Meteoric issued 50 million shares to Big River as part consideration for the deal, with the vendor announcing this week it had sold the shares for $2.75 million.

When issued by Meteoric the shares were priced at 1c, versus the sale price this week of 6c.

Big River is focused on its Borborema project in Brazil where a definitive feasibility study is due to be completed by the end of 2019.

Meteoric raised $2.7 million last month to fund its exploration by issuing new shares priced at 3.2c each.

Shares in Meteoric are up 100% since the start of August at A6c, capitalising the company at $63 million.