Materials

Meeka hits high grades of gold at shallow depths in WA

Tue 19 Jul 22, 11:30am (AEST)
Gold ingots are laid out in a square with two ingots placed diagonally on top
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Key Points

  • Meeka Gold’s Murchison project has provided more evidence of strong commercial opportunity
  • Meeka’s recent aircore drill run hit thick intersections of gold with high-grades included
  • Mineralisation sits at shallow depths, boosting prospects for open pit operations

Meeka Metals (ASX:MEK) shares jumped in the first hour of trade on the company’s latest WA gold drilling data. 

An aircore drill run at the company’s Murchison project has proven the existence of gold underground at shallow depths. 

Investor information service Undervalued Equity notes gold grades between 2.5 grams per tonne (4g/t) and 5g/t are considered middle-upper grade.

Meeka is today reporting:

Core Length

Grade

32m (22SAAC009)

2.20g/t

20m (22SAAC009)

3.31g/t

16m (22SAAC018)

3.59g/t

08m (22SAAC005)

3.46g/t

 

In January, Meeka hit a 24m thick core with gold mineralisation at 4.8g/t. 

“Exceptional opportunity”

Meeka's managing director Tim Davidson highlighted the attractive commercial prospects embedded within the acreage. 

“The inclusion of St. Anne’s in our mineral resource will have a meaningful impact on the robust outcomes of our December 2021 scoping study,” Davidson said. 

“Results are showing St. Anne’s has good geological and grade continuity and drilling continues.” 

Further drilling rolling out at St. Anne’s

Aircore results today come from the St. Anne’s target at Murchison which boasts numerous areas still untested by the company. 

Further drilling is now underway at St. Anne’s testing the extent of southward and northward mineralisation, with results to be released in the near future. 

Worth noting is that Meeka’s existing mineral resource does not yet include mineralisation from St. Anne’s. 

Should strong results at Anne’s continue, it is likely the company is well placed to boost its JORC mineral resource estimate; enhancing the likelihood of investment and development. 

That upgrade is set to hit the books before 2023. 

Meeka Metals' three month charts show it currently outperforming the materials index (XMJ)
Meeka Metals' three month charts show it currently outperforming the materials index (XMJ)
Meeka Metals 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]ex.com.au.

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