Meteoric Resources Nl (ASX:MEI) Update on Coorara Iron Project
Perth, July 11, 2011 AEST (ABN Newswire) - Following Meteoric Resources's (
ASX:MEI) initial drilling programme at Coorara in the South Yilgarn iron ore province, the company has carried out further geological mapping and sampling to identify additional drilling targets for hematite-goethite mineralisation with direct shipping potential. The mapping identified several areas of hematite-altered BIF that had not been identified by the previous mapping. Some of these target areas comprise elevated laterite-covered banded iron formation (BIF) considered to have potential for thicker hematite-goethite mineralisation.
In addition, the mapping identified several occurrences of cemented detrital hematitegoethite mineralisation on the flanks of the BIF sequence. Erosion of some of the hematite-altered BIF may have resulted in the formation of more extensive detrital iron ore deposits and a broad valley on the western margin of the northern part of the BIF sequence has been targeted for testing for detrital iron ore accumulations below cover.
A 2,500m scout drilling programme (RAB hammer) is being planned in order to test both the elevated hematite-goethite targets and the soil covered detrital iron target. The intent of the drilling programme is to identify specific targets for follow-up RC drilling. Drilling is anticipated to commence in August subject to completion of permitting and sourcing of a suitable drill rig.
The 40km-long BIF sequence has significant potential for magnetite ore as evidenced by Macarther Minerals' (CVE:MMS) identified magnetite resource of 1.3Bt @ 30.1% Fe situated immediately north along strike from Coorara. Meteoric has yet to commence an assessment of Coorara's magnetite potential pending assessment of the direct shipping potential of the hematite-goethite mineralisation.
TIBOOBURRA GOLD (Meteoric right to earn 75%)
A 3,000m RAB drilling programme is scheduled to commence in late July, following permitting and heritage clearances. The drilling will test gold and multi-element anomalies at the New Bendigo, Kink and Mt Poole prospects for the presence of high grade quartz veins and/or bulk tonnage stockwork styles of mineralisation.
WEBB DIAMONDS (Meteoric 100% diluting)
As previously reported, Meteoric reached an agreement with North Australian Diamonds Limited (ASX:NAD) for NAD to explore a 500sq km package of tenements in the unexplored West Arunta region of WA for diamonds (MEI ASX release 1 June 2011).
The agreement is subject to completion of an access agreement on to aboriginal reserves. Meteoric has reached such an agreement with the traditional owners and heritage clearance surveys are expected to commence in July prior to NAD starting field work to test these conceptual targets.
For the complete Meteoric Resources announcement including maps, please view the following link:
http://www.abnnewswire.net/media/en/docs/548498.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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