Meteoric Resources NL (ASX:MEI) has received pleasing results from a high-powered induced polarisation (IP) survey to 200 metres’ depth at its Palm Springs Gold Project.
The results show prospective chargeability anomalies along strike of the resource at Butchers Creek, Golden Crown and Faugh-a-Ballagh prospects, which represent drill targets.
Additionally, new targets defined by IP chargeability and resistivity responses have been defined at Mt Bradley to the east of Butchers Creek and at a new prospect to the north of the historic tailings dam west of Butchers Creek.
New RC drilling on the horizon
A reverse circulation (RC) program is being designed to test these anomalies and build on the significant progress made in the company’s first two years.
This has included maiden global JORC 2012 resources at the Palm Springs Gold Project of 5.7 million tonnes at 1.94 g/t gold for 355,000 ounces of gold with more than 40% of the resource classified in the indicated category.
Significant finds uncovered by Meteoric’s exploration team include:
- 69 metres at 4.4 g/t gold from 181 metres including 19 metres at 7.2 g/t from 204 metres;
- 56 metres at 2.7 g/t from 181 metres including 18 metres at 4.9 g/t from 203 metres;
- 45 metres at 2.3 g/t from 259 metres including 5 metres at 10.8 g/t from 261 metres;
- 53 metres at 2.1 g/t from 147 metres; and
- 8 metres at 10.4 g/t from 156 metres including 2 metres at 34.4 g/t from 160 metres.
“The IP survey has generated several chargeability anomalies that represent excellent drill targets.
“The Kimberley Region remains significantly underexplored, particularly in terms of drill testing the multitude of historic gold workings and gold geochemical anomalies.
“On our ground, we have several significant zones of highly anomalous rock chips, and soil geochemistry anomalies associated with major structural features such as the Halls Creek Fault and one of our primary goals is to test these areas.”
IP surveys measure the chargeability and resistivity of the subsurface in the vicinity of survey lines. Chargeability anomalies are commonly due to sulphides, plus carbonaceous shales and clay minerals.