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MENAFN - ProactiveInvestors - Australia - 09/10/2012

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(MENAFN - ProactiveInvestors - Australia) Meteoric Resources (ASX: MEI) will soon start reverse circulation drilling at its Bluebird copper-gold prospect near Tennant Creek, Northern Territory, to follow up on encouraging early exploration results.

This include a strong localised conductor, BRK1-C1, that occurs on a 1.8 kilometre long coincident anomalous magnetic, radiometric and gravity trend within which a bedrock copper anomaly has been defined as well as previous drilling that demonstrated the Bluebird trend has potential to host high grade Tennant Creek-style mineralisation.

BRK1-C1 is also within 100 metres of a drill hole that intersected 8 metres at 1% copper from 72 metres and 12m at 0.29 grams per tonne (g/t) gold from 68 metres to the end of hole, though this did not appear to have tested the conductor.

Four other possible EM anomalies have been identified on the trend, two of which coincide with mineralised rotary air blasting intercepts of 12 metres at 0.16% copper from 68 metres and 16 metres at 0.35g/t gold from 64 metres as well as 4 metres at 0.10% copper from 20 metres and 4 metres at 0.11g/t gold from 44 metres.

The drill program will target BRK1-C1 and other targets defined by both the EM drilling and previous drilling.

Bluebird prospect

Bluebird is located 30 kilometres east of Tennant Creek, a major gold mining province that was once Australia's third largest gold producer and still remains highly productive.

Meteoric holds a 100% interest in an exploration licence covering the southeast extension of the Tennant Creek mineral field, which has in its lifetime produced 5 million ounces of gold and 350,000 tonnes of copper.

The Bluebird prospect forms part of the Barkly project, part of which is held in joint venture with Emmerson Resources.

Emmerson retains a 30% interest in one graticular block of the licence and over nine mineral leases within this licence.

 






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