PRECIOUS METALS

Meteoric rise for high-grade explorer

METEORIC Resources continued its rapid rise this week after recently releasing two of the best drill hits of 2019.

 An aerial view of Juruena

An aerial view of Juruena

In September, Meteoric's first hole at its newly acquired Juruena gold project in Brazil hit 20.6m at 94.9 grams per tonne gold from 96.8m, including 3.65m at 508.4gpt.

Opaxe rated it as the best global drill hit of September.

 "That was our first hole and we were rightly very pleased about that," Meteoric managing director Dr Andrew Tunks told the Gold and Alternative Investments Conference in Sydney.

Last week, the company followed that up with the release of hole eight, which returned 14m at 8.17gpt gold, including 2.5m at 287.4gpt.

Again, Opaxe rated it as the best hit of the week.

"They're some of the best drill intersections you'll ever see," Tunks said.

"You don't get numbers like this without something significant going on, in my opinion.

"We feel we're onto something really significant here."

Juruena has a current resource of 260,900 ounces at 6.3gpt gold, including a high-grade 205,800oz at 14.7gpt.

After a "short and furious" due diligence process, Meteoric picked up the project for A$1.5 million in cash and shares from Crusader Resources (now Big River Gold) in March.

"I feel like we stole this deposit," Tunks said.

"We just love this project."

The purchase price equates to $7 an ounce, which Tunks said would only get better as the project grew.

The acquisition also included the Novo Astro project, which could be an epithermal deposit.

"Amazingly, this has never been drilled," Tunks said.

The company just started a 21-hole program.

Back in March, Meteoric's share price was 0.7c and 1c when it made the acquisition.

On Wednesday, the stock closed at a new high of 7c and today traded at 6.5c, valuing it at just under $65 million.

Tolga Kumova is the company's largest shareholder with 12%.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.