Meeka Metals hits eye-boggling gold grades at its WA Murchison project

Thu 03 Nov 22, 10:56am (AEST)
Gold nuggets resting on dirt in shallow water
Source: iStock

Key Points

  • Meeka Metals has hit one small pocket of gold at nearly triple bonanza grade at 170m depth
  • Discovery expands mineralisation at depth on-site Murchison project at St. Anne’s prospect ahead of December initial resource estimate
  • Drilling remains ongoing at the project with first of many assay results to start trickling back from December to March 2023

Meeka Metals (ASX:MEK) has knocked some of its previous results from the Murchison project out of the park today with the latest batch of RC and diamond drill results spelling positive things for the company’s 100% owned WA-based gold play. 

Let’s just dive straight into grades today pulled from the St. Anne’s prospect. 

Investor information provider Undervalued Equity classifies high-grade gold as that in concentrations over five grams of gold per tonne of ore (5g/t). 

Compare that to the below result: 

  • 04m @ 87.5g/t gold from 172m depth (22SARC005)

The drill hole 22SARC005 is particularly notable for producing a gold grade over 85g/t of gold, nearly triple bonanza grade. Two other results announced today fell short of the high-grade cut-off. 

Promising things deep underground

The company notes it sunk shallower holes over 22SARC005 and hit quartz and sulphide, often coincident with gold mineralisation. 

Further exploration will target the area immediately adjacent this drill hole; a diamond drill rig is currently perforating step-out holes around the target.

The notable depth at 22SARC005 has also allowed Meeka to confirm mineralisation extends beyond previously known accumulations at-depth at Murchison. 

This ultimately bodes well ahead of the company’s initial mineral resource to be published for St. Anne’s in December this year. The more gold the company can feasibly produce, the better the bankability of the project. 

Assays inbound 

The company’s diamond drilling rig has turned off after completing five drillholes at the project and samples have been sent off for assay, results of which Meeka expects to receive between December 2022 and March 2023. 

Alongside assay results for five diamond drill cores, the company is also awaiting results from 71 aircore drill holes, too, for a total 7,860m of core equivalent. 

That is also on top of the ongoing drilling near 22SARC005, which will also likely produce its own samples for assay. 

Next assays in December: Management 

“Diamond drilling remains ongoing with step out holes currently being drilled below and the south of 22SARC005,” Meeka Metals MD Tim Davidson said. 

“All five diamond drill holes completed to date have intersected the shear zone with intervals of sulphides and quartz marking the lode position.”

“Core processing is underway with first assay results expected in December.”

Meeka Metals' three month charts
Meeka Metals' three month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Meeka was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


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.

Get the latest news and insights direct to your inbox

Subscribe free