(MENAFN - ProactiveInvestors - Australia) Meteoric Resources (ASX: MEI) has intersected higher grades of copper below a previous drill hole at its Bluebird copper-gold prospect near Tennant Creek in the Northern Territory.
Drilling intersected 8 metres at 2.2% copper and 0.26g/t gold from 112 metres including 4 metres at 3.7% copper and 0.3g/t gold from 116 metres.
The intersection occurred below a previous rotary air blast intersection of 8 metres at 1% copper and 0.29g/t gold.
Importantly, these new results indicate the copper grades are increasing compared to previous results and they are becoming wider at depth.
George Sakalidis, executive director " exploration, told Proactive Investors today: "We hit 8 metres at 1% copper at 50 metres depth and now we've got 8 metres at over 2% copper, but also it is actually wider as well."
The new drill results confirm a mineralised ironstone associated with a 600 metre long geochemical copper anomaly, which is open to the east, situated on a gravity ridge interpreted to reflect extensive hematite ironstone.
The copper anomalism, hematite ironstone and talcchlorite alteration are considered to be favourable indicators of Tennant Creek-style copper-gold mineralisation within this 1.6 kilometre-long gravity ridge target.
Bluebird is showing all the hallmarks of being a Tennant Creek-style deposit, which are pipelike and quite difficult to locate.
"It has the signs of being a typical Tennant Creek orebody where it is very copper rich at the top and potentially gold rich as you go to depth," Sakalidis said.
The new drill hole formed part of a 3-hole, 392 metre reverse circulation drilling program to test an electromagnetic conductor target and to test below two previous anomalous rotary air blast intersections on the Bluebird gravity ridge.
Tennant Creek is a major gold mining province and was once the third largest gold producer in Australia and is still 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.
Meteoric has previously carried out an extensive program of magnetic and gravity surveys followed by geochemical sampling.
Sampling defined a 600 metre-long bedrock copper anomaly, open to the east, along strike from the shallow, historical Bluebird gold workings.
Meteoric plans to follow up the recent drilling with deeper drilling and drilling along strike to determine the size of the orebody.