Materials

Meeka Gold hits broad mineralisation at Murchison

Wed 06 Jul 22, 11:32am (AEST)
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Key Points

  • Diamond drill results find gold mineralisation outside boundaries of 2021 scoping study
  • Implies gold mineralisation at Meeka’s Murchison project larger than thought
  • Updated PFS for Murchison project due in September

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. 

What lies underneath? 

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. 

A schematic showing the results of drilling at Turnberry. A legend bottom left provides a way to interpret results
A schematic showing the results of drilling at Turnberry. A legend bottom left provides a way to interpret results

1.5km strike length 

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. 

St. Anne’s to update resource; PFS pending 

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. 

For the last three months, Meeka Gold has outperformed its peers comprising the materials index
For the last three months, Meeka Gold has outperformed its peers comprising the materials index
Meeka Gold was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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