Meeka up 37% as currently uncounted St. Anne’s results suggest huge pending JORC upgrade
Falling just short of 'bonanza' grade qualifications, St. Anne's is looking to be a game-changer
Source: iStock
Mentioned
KEY POINTS
- Meeka Metals has gone up nearly 40% in the first two hours of trade
- The move comes as the company reports thick intersections from the St. Anne’s prospect at the Murchison Gold Project in WA
- St. Anne’s is not yet included in Meeka’s JORC resource; today’s results underscore potential for huge resource growth
Meeka Metals (ASX:MEK) appears set to deliver a huge upgrade to its JORC resource for the company’s WA Murchison Gold Project with results from the currently uncounted St. Anne’s published today.
Meeka is to include St. Anne’s assay data in the near future to its existing mineral resource estimates. The resource upgrade is tipped for the December quarter.
Investors should note the size and nature of gold grades announced today are the driving factor behind market enthusiasm.
Information provider Undervalued Equity notes high grade gold is that over 5 grams of gold per tonne (g/t); many Australian gold operations boasting 4g/t are also considered high grade.
Compare that to the following, and you can see why the market is loving Meeka:
32m @ 16.07 g/t from 48m depth including 16m @ 28.59g/t
20m @ 20.74g/t from 48m depth including 16m @ 24.86g/t
Coarse gold retrieved from some 50m down drillhole 22SAAC061; one of two holes for which outstanding results are announced today (source: Meeka Metals)
Are these results particularly good?
For context: a 32m thick intersection at 16g/t is extremely unusual, and provides evidence of gold mineralisation approaching ‘bonanza’ grades.
The results also dwarf earlier assay data from St. Anne’s for which the best result included 24m @ 4.81g/t.
Also worth noting: Meeka is awaiting the return of assay data for a further 3,615m worth of drilling at St. Anne’s in the coming weeks and months.
What is happening on-site now?
Meeka continues to conduct shallow drilling at St. Anne’s targeting a 400m area between the northmost and southmost ends of the prospect area.
That 400m area is so far untested, underscoring the potential to find further promising results.
Management notes the company will continue to wrap up its drilling activities at St. Anne’s before getting started on the resource upgrade that will see Meeka kick off 2023 with a significant growth to its overall future gold production profile.
Meeka's three month charts clearly demonstrate the sharp upward interest driven by today's results (far right of chart)
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.
