Meteoric Resources NL (ASX:MEI) Identifies New Gold Anomaly At Mt Webb Project
Perth, Oct 20, 2009 AEST (ABN Newswire) - Analysis of geochemical samples from tenements held by the Meteoric Resources NL (ASX:MEI) - Beadell Resources (ASX:BDR) joint venture (MEI ASX release of 31 August 2009) has identified a potentially significant 7km-long gold anomaly in the southern part of Meteoric's Webb project in the west Arunta region of WA.
Under the terms of the joint venture Meteoric may earn up to a 70% interest in four granted exploration licences by expenditure of A$800,000 over a five year period and completing certain drilling obligations. Beadell Resources carried out reconnaissance lag and soil sampling on 1km centres on several target areas and subsequent to the formation of the joint venture Meteoric analysed the soil fractions of this sampling.
Analysis results indicate a broad zone of elevated gold values, the strongest part of which extends for some 7km with a peak gold value of 4.9ppb compared to a background of less than 1ppb.
Weakly elevated copper and arsenic occur within the anomalous gold zone, which coincides with the southern margin of a major WNW-trending structural corridor termed the Central Australian Suture.
A broad zone of weak copper anomalism, with elevated but less coherent gold values, has also been identified over a 15km strike length along the northern margin of this structural corridor. Previous wide-spaced exploration drilling (7 RC holes) by BHP in the late 1990's in this area intersected hematite alteration but did not report any mineralisation. Significantly however, Ashburton Minerals (ASX:ATN) has recently reported intersecting copper mineralisation in drilling at its Pokali prospect about 25km ESE of the Mt Webb gold anomaly.
The Mt Webb gold anomaly is situated about 60km south of Meteoric's main gold target near Dwarf Well where mapping, sampling and drilling is being planned. This major gold anomaly at Dwarf Well also appears to be associated with a WNW-trending structural trend, now termed the Dwarf Well Fault. Interestingly, both the Central Australian Suture and Dwarf Well Fault appear to parallel the Trans Tanami Fault which is associated with multi-million ounce gold deposits in the Tanami goldfield.
Meteoric is planning further geochemical sampling and, subject to the necessary permitting, scout drilling of the new gold target in this under-explored part of the west Arunta region.
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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