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LAtIn AMeRIcA

Meteroic hopes to resume drilling at its
Juruena project in Central Brazil from July

Meteoric hits refresh

eteoric Resources NL managing di- stock retreat to levels only slightly higher
Mrector Andrew Tunks is confident his than 12 months ago.
company can win back the support of the Meteoric did however bank $7 million
investment community after a disappoint- during its run and Tunks is determined
ing end to an otherwise promising first to use the downtime created by the
year exploring for gold in Central Brazil. COVID-19 shutdown to carefully plot the Andrew Tunks
It has been 12 months since Meteoric company’s next move and restore faith
acquired the Juruena and Novo Astro among investors. its own, but the next hole was 50m below
projects from Crusader Resources (since “We need to get some runs on the that again, so we’re going to go back and
renamed Big River Gold Ltd) and while board again, we need to convince the try and extend it further.
drilling results at the former exceeded market that we have what we say we “Our second target is Crentes…that’s
expectations, exploration at the latter fell have,” Tunks said. quite an impressive multi-element inter-
short of the mark. “I still think we can do that. I think it was cept. We drilled over the top of that and
“I’m really gutted by the Novo stuff,” a a great decision to pick up these projects. didn’t get a lot but we got sniffs, so clear-
candid Tunks told Paydirt last month. A lot of people made a lot of money over ly we’ve got go back and drill underneath
“When we drilled into Novo and we the last year in this stock. It was traded that. This has long been thought of as po-
saw the core in November…before the very heavily, we had very high volumes tential porphyry area – there’s been sev-
results came back, I was convinced we and you had the opportunity to get in and eral porphyry discoveries along this Alta
had made a really significant discovery. out and make some money. And really Floresta belt – so we are quite excited by
I still see the potential there, but those that’s what this whole business is about.” the potential around and down-dip of that
results…I really took that hard. Meteoric had planned to resume drill- hole on the Crentes structure.”
“As a pretty experienced explorer, you ing at Juruena last month, but access Tunks said the market response to the
learn not to get too ahead of yourself be- to parts of Brazil is currently restricted results at Novo Astro meant the compa-
cause exploration is a tough business, due to the global coronavirus pandemic. ny had no choice but to prioritise its best
but I really thought looking at that core Tunks has tentatively pencilled in July for high-grade above all others, meaning the
we had made a discovery. There was so a formal return to work, pending further likes of Querosene and Tomate – both
much veining and sulphides and altera- advice from the Brazilian Government. part of the Juruena licence – would be
tion. Everything we knew about those Dona Maria and the nearby Crentes placed on the backburner for the time be-
systems said we were in the sweet spot, target will be the main areas of focus ing and revisited at a later date.
but we weren’t.” when the company is back on the ground. A review of the multi-element data col-
Meteoric’s share price ran from less “We drilled the second-best hole on lected from the recent drilling at Novo As-
than 1c at the time of the acquisition to the ASX last year [20.6m @ 94.9 g/t at tro is also ongoing.
as high as 8c during the peak of a drilling Dona Maria] – it was a bloody cracker – With $7 million in the bank, Meteoric
programme at Juruena which produced and we drilled a couple of others not far is also entertaining other project acquisi-
intercepts such as 20.6m @ 94.9 g/t gold off that as well,” Tunks said. tions, including in Australia.
from 96.8m (including 3.65m @ 508.4 “What we were really excited about is “We feel there are going to be some
g/t from 107.5m) and 14m @ 81.7 g/t having clearly defined a steeply plunging companies who are really hurting during
gold from 142m (including 2m @ 71.6 g/t high-grade shoot and that is absolutely and after this period, so we’ve started
from 144.5m and 2.5m @ 287.4 g/t from continuing on at depth. Our last hole was to evaluate some opportunities,” Tunks
149m) at the Dona Maria prospect. well below the current resource model. said. “We’re certainly seeing some things
Unfortunately for the Tolga Kumova- The second-last hole clipped the re- that I think are pretty interesting.”
backed company, the underwhelming re- source model right at the base and that – Michael Washbourne
sults at Novo Astro late last year saw the would normally extend the resource on

Page 38 MaY 2020 aUSTRaLIa’S PaYDIRT