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.
Meteoric rise for high-grade explorer Meteoric rise for high-grade explorer Meteoric rise for high-grade explorer Meteoric rise for high-grade explorer Meteoric rise for high-grade explorer

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%.