Page 116 - pd306-July22-mag-web_Neat

REGIONAL ROUND-UP
REGIONAL ROUND-UP
REGIONAL ROUND-UP
REGIONAL ROUND-UP

Meteoric exits Brazil my career has been as an explorer and go-

ing through the studies and getting projects
ready to be developed. Now that’s not to
say the next CEO won’t come in and have a
as Tunks powers back different bent but the company is extremely
well cashed up now because of this deal
and we are out looking for a new advanced
to uranium exploration project which I have committed
to helping find.”
Meteoric forked out just $1 million cash
and $500,000 worth of shares to acquire
Juruena from Crusader Resources (now
e might be returning to his uranium someone local who was interested in taking Big River Gold Ltd) and Tunks estimated
Hroots in Botswana, but outgoing Mete- on the project. We thought we could get a the company had spent about $4 million on
oric Resources Ltd managing director An- pretty fair price given that a few years prior the project, culminating in completion of a
drew Tunks insists he would happily resume a well-known deposit in Brazil not far north scoping study which was never released to
exploring in Brazil for the right opportunity. of us, called Caringa, is an almost identical the market.
Tunks bid farewell to a three-year stint resource and was sold for about $US19 mil- Big River is also in the process of exit-
in the South American country last month lion. ing Brazil having recently entered into a
after Meteoric agreed to sell its flagship Ju- “We also see ourselves as explorers and scheme implemented deed to be acquired
ruena gold project to Keystone Resources while I have been a miner at times, 90% of
Ltd, a wholly-owned subsidiary of Alche-
mist Investments Inc, for up to $US22 mil-
lion ($30 million) in staged payments.
Having been instrumental in securing
the project in early 2019 and then lifting
the resource to almost 400,000oz over the
past three years, Tunks has decided to step
down as managing director of Meteoric and
re-join uranium developer A-Cap Energy
Ltd as chief executive, a role he previously
held from 2006-2011.
Tunks, who will remain with Meteoric as
a non-executive director, said the decision
to part ways with Juruena had largely been
driven by the COVID-19 pandemic and the
inability to travel abroad for the last two
years.
“We went in there with quite high ambi-
tions in terms of the potential for us to devel-
op it ourselves, but the last two years have
shown us how difficult that is to try and run
a project from another continent when you
can’t go there,” Tunks told Paydirt. Devi, Haitham, Meretta, Adam, Kurt
Devi, Haitham, Meretta, Adam, Kurt
“We started a scoping study on the re- and Gabriela warmly welcome you
source – 1.9mt @ 6.3 g/t gold for 387,000oz and Gabriela warmly welcome you
– we produced in 2021, but at the same Meteoric has agreed to sell its Juruena gold project in Brazil for up to $US22 million
time we decided to see if we could find

Mining Solutions
Mining Solutions

Supporting your mining needs

www.slb.com Supporting your mining needs
www.slb.com

Page 108 JULY 2022 aUSTRaLIa’S PaYDIRT aUSTRaLIa’S PaYDIRT JULY 2022 Page 109
Page 108 JULY 2022 aUSTRaLIa’S PaYDIRT
Page 116 JULY 2022 aUSTRaLIa’S PaYDIRT aUSTRaLIa’S PaYDIRT JULY 2022 Page 109