Meeka’s newest WA Murchison project assays show the company can’t stop finding gold

Meeka Metals (ASX:MEK) has once again come back from its WA Murchison gold project bearing good news, with a new raft of assay results providing further evidence of high-grade and significant mineralisation underground on-site. 

Let’s dive straight into results. 

What has Meeka found at Murchison? 

Investor information provider Undervalued Equity labels high-grade gold as samples with concentrations higher than 5 grams of gold per tonne (5g/t), but many Australian operations boasting 4g/t grades are also widely accepted as high grade. 

Also worth noting is that ‘bonanza’ grade gold is that over 35g/t. Meeka has previously hit a pocket of bonanza grade gold at its Western Lode target. 

Today it reports the following at Western Lode:

• 01m @ 28.23g/t gold from 330m depth, including: 

  • 0.9m @ 190.8g/t gold

While 190g/t gold is clearly eye catching, it’s important to note the core intersections are very brief in nature, and at over 300m depth, you’d want more evidence of gold than that before spending the money to dig that deep. 

Currently, Meeka is banking on an open pit mine at Murchison, but describes the potential for an underground mine, starting at the bottom of the pit, to access deep mineralisation associated with western lode. 

The Turnberry prospect, meanwhile, provides a small amount of depth relief: 

• 18m @ 4.41g/t gold from 252m depth, including: 

  • 10m @ 7.26g/t gold

  • 23m @ 2.5g/t gold from 281m depth 

  • 10m @ 4.31g/t gold 

• 19m @ 2.62g/t gold from 364m depth, including: 

  • 03m @ 5.46g/t gold 

• 16m @ 2.18g/t from 301m depth, including: 

  • 05m @ 4.41g/t gold 

Ultimately, today’s results will go towards updating Meeka Metals’ mineral resource estimate for the Murchison project. That documentation is set for delivery before the end of the year. 

Of course, the inclusion of the St. Anne's target into the JORC resource is likely to be the real driver boosting estimates.

St. Anne’s on company radar 

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. The St. Anne’s prospect is not currently included in the existing JORC resource and will likely form part of the updated estimate set for delivery by late 2022. 

Previous intersections discovered at St. Anne’s had 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. 

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. 

Diamond Drilling to start in October 

“These results continue to demonstrate broad zones of gold at Turnberry below the 2021 scoping study pit design…the high-grade western lode was confirmed to extend 150m to the south of previous intersections where visible gold was also logged,” Meeka MD Tim Davidson said. 

That comment comes after the Turnberry prospect was already expanded in size earlier this year back in July. A week later, the company found more gold at North Turnberry. 

“The western lode is a potential underground mine below the planned open pit,” Davidson added. 

“Our focus is now on drilling out St. Anne’s…diamond drilling at St. Anne’s will commence in early October 2022.”

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Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Meeka Metals 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.