After raising $8.8m to fund the drilling, and reminding shareholders to hang on for weeks, Meeka Metals (ASX:MEK) has finally reported the first assay results for drilling at its St. Anne’s prospect; currently absent from the JORC estimate at Murchison.
Between January and August this year, the company revealed much about St. Anne’s to be excited for, including one thick section over 15m that approached bonanza grade (but fell short of that cut off).
Let’s take a look at today’s results.
Investor information provider Undervalued Equity notes gold in concentrations of over five grams per tonne (5g/t) is considered high grade. Many Australian projects boasting 4g/t are also considered high grade.
Compare that to the following:
24m @ 4.73g/t gold from 52m depth, including:
08m @ 11.7g/t gold
36m @ 3.61g/t gold from 44m depth, including:
08m @ 11.0g/t gold
20m @ 1.66g/t gold from 36m depth
Today’s St. Anne’s assay results lack the high-impact appeal previous cores pulled between January and August boasted.
However, thick intersections of consistent mineralisation do support the company’s thesis St. Anne’s will significantly upgrade the total resource.
Previous core results included:
32m @ 16.0 g/t gold from 48m depth, including:
16m @ 28.5 g/t gold
20m @ 20.7g/t gold from 48m depth (different drillhole)
“The ongoing shallow drilling at St. Anne’s continues to expand the footprint of high-grade mineralisation within this large gold system,” Meeka MD Tim Davidson said.
“RC drilling targeting fresh rock has also commenced at St. Anne’s and diamond drilling will commence in early October 2022…[providing] information for the initial St. Anne’s mineral resource, targeted for release in the December quarter.”
“Drilling is also affording the team an improved understanding of controls and highlighting excellent drill targets to the north where no follow up work has ever been completed.”
The October drillwork at St. Anne’s was the subject of a recent capital raising by the company, with over $8.8m secured to get exploration underway.
Previous announcements reporting assays from St. Anne’s have previously pushed the company’s share price up 40%.
As of mid-August, Meeka was waiting on 3.6km worth of drillcore assay data from St. Anne’s, so shareholders would be wise to keep an eye out.
With these first assays received, the company is waiting for another 28 drillholes of assays to come. Worth noting here is the company hasn’t even started diamond drilling yet.
In July, the company also found middle-upper grade gold in aircore drilling at St. Anne’s, occurring at depths less than 50m, suggesting that St. Anne’s could be what is targeted first, in the event open pit operations proceed.
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