Meeka increases gold resource

MEEKA Gold has increased its total gold inventory to 1.2 million ounces after its latest resource update.
Meeka increases gold resource Meeka increases gold resource Meeka increases gold resource Meeka increases gold resource Meeka increases gold resource

The resource for the Turnberry deposit, part of the Murchison project in Western Australia, has increased by 12% to 10.6 million tonnes at 2 grams per tonne for 685,000 ounces of gold.

Almost two thirds of the Turnberry resource is in the indicated category.

The shallow deposit averages about 1600oz per vertical metre from surface to a depth of 200m.

The resource includes an underground component of 3.1Mt at 3.6gpt gold for 355,000oz, limited by drilling at depth.

Turnberry has a strike length of 1.7km and remains open to the north, south and at depth.

"Drilling over the last 18 months has targeted the high-grade core of Turnberry, in addition to expanding the shallow oxide gold on the western flank," Meeka managing director Tim Davidson said.

"In addition, the open pit optimisation used to constrain the mineral resource reflects recent mining cost escalation in the industry.

"This approach has reduced the size of the open pit portion of the mineral resource, which now stands at 330,000oz. Cost escalation was mitigated somewhat through the addition of shallow oxide gold on the western flank which falls within the pit optimisation. Planning is in place to further extend the strike of this shallow gold in 2023."

Assays are pending for extensional drilling on the eastern flank.

"Shallow, high-grade oxide mineralisation added to the mineral resource through this drilling will continue to have a meaningful impact on the outcome of the upcoming prefeasibility study expected in June 2023," Davidson said.

The total Murchison resource now stands at 12.4Mt at 3gpt gold for 1.2Moz.

An initial resource for the St Anne's deposit is due in the current quarter.

Shares in Meeka dropped 1.5% yesterday to A6.7c, giving the company a market capitalisation of $69.5 million.