Meteoric Resources has unearthed ‘bonanza grades’ at the Juruena project’s Dona Maria prospect in Brazil.
At the first diamond drill hole, JUDD001, the company intersected a 3.65-metre interval of 508.4 grams per tonne (g/t) gold, which is part of the 20.6-metre span of visible gold at 94.9 g/t.
JUDD002, the second drill hole, found 1.1m of 22.68 g/t of gold along with 4.5m of 6.20 g/t gold.
Meteoric managing director Andrew Tunks said the company had contracted and mobilised two drill rigs and struck bonanza grades quickly.
“We were expecting something special from our first holes at Juruena after we intersected visible gold and intense alteration, however, the results have exceeded even my expectation,” Tunks said.
“This is the best drilling intercept I have been involved with in my career.”
The company has now completed eight drill holes with results currently being processed. Drilling at the Novo Astro project is expected to begin late September.
Big River Gold, owners of 50 million Meteoric shares, has sold its stake in the company for 5.5 cents per share, raising $2.75 million.
Big River executive director Big River said the company took advantage of the recent strong performance in share price to raise funding for exploration and resource extension drilling.