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METEORIC RESOURCES NL Capital/Financing Update 2006
65311_rns_2006-01-09_1df239ac-ce17-4ac4-ab42-a4068eeec643.pdf
Capital/Financing Update
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ASX Release 10 January 2006 ASX code: MEI
18894852836 f 08 9485 2840 e [email protected] w meteoric.com.au
2nd floor 35 outram st west perth wa 6005 po box 963 west penth. western australia 6872
NEW 800m-LONG GOLD ZONE AT HARRODS SOUTH
As previously reported (ASX release 8 December 2005), Meteoric recently completed a 14,597m RAB drilling programme at its 90%-owned Wilthorpe project situated 25km south of the 1Moz Fortnum gold mine where Gleneagle Gold recently announced a 1Moz resource. The RAB drilling completed coverage of the 2.4km-long Harrods bedrock gold anomaly on N-S lines 100m apart with drill spacings along the lines ranging from 25m to 40m and succeeded in defining a new zone of gold mineralisation at Harrods South.
The remaining 4m composite sample assay results have now been received and are shown in Table 1. These results have identified high-grade mineralisation in several areas, with best intercepts of 8m at 9.7g/t Au from 48m in WDRB-851 (including 4m at 18.3g/t Au from 48m) at the extreme southern end of the drilled area and 4m at 11.4g/t Au from 12m in WDRB-887. This latter intercept may represent a northern extension of Harrods Central.
Table 1
| 4M COMPOSITE RAB SAMPLE RESULTS | ||||||
|---|---|---|---|---|---|---|
| Hole No | Collar Coordinates | From | Т٥ | Interval | Gold Grade | |
| Е | N | m | m | m | g/t | |
| WDRB-832 | 6860 | 3678 | 20 | 24 | 4 | 0.9 |
| WDRB-836 | 6860 | 3684 | 8 | 12 ° | 4 | 3.4 |
| WDRB-837 | 6860 | 3560 | 12 | 16 | 4 | 9.5 |
| WDRB-851 | 6700 | 2990 | 48 | 56 | 8 | 9.7 |
| includina | 48 | 52 | 4 | 18.3 | ||
| WDRB-886 | 6660 | 4588 | 51 | 54 | 3 | $3.8$ eoh |
| WDRB-887 | 6660 | 4563 | 12. | 16 | 4 | 11.4 |
| WDRB-889 | 6660 | 4523 | 32 | 36 | 4 | 1.4 |
| WDRB-890 | 6660 . |
4503 | 36 --- |
40 $\mathbf{r}$ . The set of $\mathbf{r}$ |
4 | 1.1 |
HARRODS
4m composite samples, uncut, drill azimuth 180o, dip -60o, eoh ; end of hole
Samples analysed using an aqua regia digestion followed by solvent extraction and flame absorption spectrometry
Additional 1m sample results from previously reported 4m sample composite samples are shown in Table 2. The results have identified a larger number of plus 1g/t Au mineralised intercepts than indicated by the initial 4m sampling with a best intercept of 4m at 38.0g/t from 31m in WDRB-803 including a spectacular 1m at 140.5g/t (4.5oz/t) from 31m and representing a probable western extension of Harrods Central.
| anı | |
|---|---|
| Hole No | Collar Coordinates | From | Т٥ | Interval | Gold Grade | |
|---|---|---|---|---|---|---|
| Е | Ν | m | m | m | g/t | |
| WDRB-627 | 6103 | 2988 | 45 | 46 | 1 | 2.0 |
| WDRB-629 | 6104 | 2948 | $\overline{12}$ | $\overline{13}$ | 1 | 1.7 |
| 17 | 18 | 1 | 1.7 | |||
| WDRB-630 | 6100 | 2923 | $\overline{47}$ | 49 | $\overline{2}$ | 4.9 |
| 55 | 58 | 3 | 1.2 | |||
| WDRB-633 | 6300 | 3160 | $\overline{5}$ | 6 | 1 | 1.9 |
| WDRB-634 | 6302 | 3125 | 44 | 46 | $\overline{2}$ | 1.9 |
| WDRB-635 | 6299 | 3011 | $\overline{54}$ | $\overline{55}$ | 1 | 1.0 |
| WDRB-636 | 6300 | 3075 | $\overline{31}$ | $\overline{32}$ | 1 | 4.5 |
| WDRB-689 | 6660 | 3797 | 8 | $\overline{9}$ | 1 | 1.5 |
| WDRB-692 | 6660 | 3725 | 36 | $\overline{37}$ | 1 | 1.5 |
| WDRB-693 | 6660 | 3700 | 22 | 23 | 1 | 1.7 |
| WDRB-695 | 6659 | 3650 | $\overline{24}$ | $\overline{25}$ | 1 | 1.1 |
| WDRB-699 | 6660 | 4435 | 42 | 47 | $\overline{5}$ | 2.4 |
| $\overline{52}$ | 58 | $\overline{6}$ | 1.9 | |||
| 61 | 62 | 1 | 1.4 | |||
| WDRB-700 | 6660 | 4406 | 33 | 34 | 1 | 1.1 |
| WDRB-711 | 6660 | 4376 | 39 | 40 | 1 | 1.2 |
| WDRB-714 | 6600 | 4460 | 54 | $\overline{55}$ | 1 | 1.5 |
| WDRB-715 | 6660 | 4578 | 38 | 39 | 1 | 2.3 |
| WDRB-716 | 6600 | 4548 | 31 | 32 | 1 | 1.6 |
| WDRB-721 | 6660 | 4523 | 48 49 |
50 50 |
$\overline{2}$ 1 |
$8.5$ eoh 15.4 eoh |
| WDRB-734 | 6700 | including 5070 |
31 | 32 | 1 | 1.5 |
| WDRB-735 | 6700 | 5032 | 42 | 43 | 1 | 1.1 |
| WDRB-740 | 6700 | 4997 | $\overline{13}$ | $\overline{15}$ | $\overline{2}$ | 1.6 |
| WDRB-754 | 6700 | 4688 | 31 | $\overline{32}$ | 1 | 4.0 |
| WDRB-755 | 6700 | 4667 | 19 | 20 | 1 | 1.0 |
| 41 | $\overline{42}$ | 1 | 1.3 | |||
| WDRB-756 | 6700 | 4646 | 12 | $\overline{13}$ | 1 | 1.0 |
| 23 | 24 | 1 | 2.3 | |||
| WDRB-757 | 6700 | 4626 | $\overline{28}$ | $\overline{30}$ | $\overline{2}$ | 1.6 |
| 32 | 33 | 1 | 1.3 | |||
| WDRB-759 | 6900 | 5300 | 36 | 38 | $\overline{2}$ | 7.6 |
| WDRB-799 | 6460 | 4355 | 45 | 47 | $\overline{2}$ | 1.7 |
| WDRB-800 | 6460 | 4330 | 44 | 46 | $\overline{2}$ | 1.1 |
| WDRB-801 | 6460 | 4309 | 16 | 17 | 1 | 2.6 |
| 41 | 42 | 1 | 3.0 | |||
| WDRB-802 | 6460 | 4283 | $\overline{17}$ $\overline{37}$ |
$\overline{18}$ | 1 | 4.7 |
| WDRB-803 | 6460 | 4263 | 7 | 38 9 |
1 2 |
1.2 8.3 |
| 31 | 35 | 4 | 38.0 | |||
| including | $\overline{31}$ | $\overline{32}$ | 1 | 140.5 | ||
| $\overline{43}$ | 44 | $\overline{1}$ | 11 |
HARRODS 1m RAB SAMPLE RESULTS
1m samples, uncut, drill azimuth 180°, dip 60°, eoh : end of hole
Samples analysed using an aqua regia digestion followed by solvent extraction and flame absorption spectrometry
A significant result of the drilling programme has been the definition of a new 800m-long, ENEtrending gold zone at Harrods South, as shown on the attached map, where some 20 drill holes define a broad zone of gold mineralisation and anomalism ranging from 30m to 100m in width. Significant gold intercepts within this zone include; 1m at 8.2g/t from 38m in WDRB-630, 1m at 3.9g/t from 23m in WDRB-399, 5m at 4.2g/t from 28m in WDRB-419, 2m at 4.9g/t from 47m in WDRB-630, 1m at 4.5g/t from 31m in WDRB-636, 2m at 3.1g/t from 19m in WDRB-644, 4m at 20.9g/t from 26m in WDRB-645 and 1m at 8.1g/t from 38m in WDRB-652. In addition, the RAB drilling has identified numerous smaller zones of mineralisation, particularly in the area between Harrods Central and Harrods South.
A 13-hole, 1,396m RC drilling programme was completed at Harrods Central with the aim of testing interpreted positions of higher grade mineralisation. Preliminary 4m composite sample results are shown in Table 3 with follow-up sampling of selected 1m samples currently in progress. The drilling has confirmed significant gold mineralisation in several holes including 4m at 6.4g/t from 116m at end of hole in WDRC-47, 4m at 7.3g/t from 84m in WDRC-49 and 4m at 18.8g/t from 68m in WDRC-53. A detailed ground magnetic survey over the Harrods-Cartier area started in December and is scheduled to be completed by mid January.
Table 3
HARRODS 4m COMPOSITE RC SAMPLE RESULTS
| Hole | Collar Coordinates | From | Τo | Interval | Gold Grade | |
|---|---|---|---|---|---|---|
| Number | Е | N | m | m | m | git |
| WDRC-47* | 6535 | 4355 | 4 | 8 | 4 | 3.8 |
| 116 | 120 | 4 | 6.4eoh | |||
| WDRC-48* | 6475 | 4355 | 4 | 8 | 4 | 1.2 |
| 64 | 68 | 4 | 1.2 | |||
| WDRC-49 | 6475 | 4365 | 52 | 56 | 4 | 2.0 |
| 84 | 88 | 4 | 7.3 | |||
| WDRC-50 | 6515 | 4375 | 36 | 40 | 4 | 2.3 |
| WDRC-51 | 6535 | 4410 | 92 | 96 | 4 | 3.0 |
| WDRC-52 | 6580 | 4390 | 52 | 56 | 4 | 1.0 |
| WDRC-53 | 6515 | 4420 | 68 | 72 | 4 | 18.8 |
| WDRC-54 | 6565 | 4480 | 64 | 68 | 4 | 1.7 |
| 80 | 84 | 4 | 2.3 | |||
| WDRC-55 | 6525 | 4280 | 4 | 16 | 12 | 1.3 |
| WDRC-57 | 6455 | 4303 | 44 | 48 | 4 | 1.3 |
| WDRC-58 | 6455 | 4343 | 64 | 68 | 4 | 1.2 |
| WDRC-59 | 6535 | 4360 | 48 | 52 | 4 | 1.3 |
| 56 | 60 | 4 | 3.6 |
4m composite samples, uncul, drill azimuth 180°, dip -60° unless otherwise shown, * azimuth 090°, dip -60°, eon : end of hole. Samples analysed using an aqua regia digestion followed by solvent extraction and flame absorption spectrometry
Receipt of all the sampling results for the recent RAB and RC drilling will provide important information on the extent and tenor of the mineralisation, however further drilling of the numerous mineralised zones identified to date will be required to assess such factors as nugget effect, supergene enrichment and continuity of mineralisation. In the meantime a study is being carried out to examine possible similarities of mineralisation styles and controls between Harrods and the 2Moz Callie gold deposit in the NT. The board of directors continues to be encouraged by the results received to date and anticipates further substantial RAB and RC drilling programmes at Wilthorpe in the near future.
For more information on the company visit www.meteoric.com.au
Please direct enquiries to: Roger Thomson Managing Director Phone (08) 9485 2836 Mob 0419 969 183
George Sakalidis Executive Director - Exploration Phone (08) 9485 2836 Mob 0411 640 337
The information in this report that relates to exploration results is based on information compiled by Roger Thomson BSc, ARSM, MAusIMM, who is a Member of the Australian Institute of Geoscientists. Roger Thomson is an employee of Meteoric Resources NL. Roger Thomson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Roger Thomson consents to the inclusion of this information in the form and context in which it appears in this report.
HARRODS PROSPECT - BEDROCK GEOCHEMISTRY AND DRILLING