Meeka Gold (ASX:MEK) has revealed gold mineralisation at Murchison extends beyond known boundaries of the mineral system, giving Meeka targets for its ongoing infill activities.
Meeka’s shares are up 6.9% in morning trade as the market absorbs the news.
Diamond drills at the Turnberry prospect (contained within the larger Murchison project) returned some eye opening results.
Drill hole 21TBRCDD011, which ran deep at 300m, did find an anomalous pocket of gold at a whopping 62 grams per tonne (g/t).
While the core section responsible was only one metre long, it does provide possible evidence that further high-grade gold sits deep underground.
A second drill hole, and the only other to reach over 300m in the latest program, also found a two metre long core section with a density of 11.53g/t.
Grades of 62g/t and 11.5g/t, regardless of core length, are still eye-catching, given they easily blow normal grades of 2g/t - 5g/t out of the water.
Meeka Gold has confirmed what it already knew, that mineralisation comprising the Turnberry prospect hugs a 1.5km long strike with an additional 7km gold shear system.
The lion’s share of core samples at Turnberry reflect lower grades, compared to deep lying anomalies.
In the 200m range, Meeka retrieved three long cores over 20 metres which all contained low-mid grade gold.
While this may not capture the imagination in the same way a reading of 62g/t, investors are likely looking at those larger cores.
And what they provide is by no means a boring story: Meeka believes it has 610,000 ounces of gold to produce over the years to come.
The company continues to drill shallow targets at the St. Anne’s prospect removed from Turnberry but still part of the Murchison project.
Meeka Gold notes St. Anne’s, which contains evidence of high-grade gold at relatively easy to reach depths, does not yet part of a mineral estimate.
Once that process is complete, investors can rest comfortably knowing Meeka will provide an update to its gold JORC estimates in the not too distant future.
A Pre-Feasibility Study for the Murchison project remains set to hit the public in September.
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