No meek findings for Meeka Metals with fresh high-grade gold hits logged at St. Anne’s

Fri 30 Sep 22, 12:56pm (AEST)
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Key Points

  • JORC upgrade for project due November
  • Diamond drilling on-site kicks off in October
  • Company also drilling its much further south Circle Valley play

Meeka Metals (ASX:MEK) is continuing to drill for gold at its St. Anne’s prospect within the larger WA Murchison Gold Project, so that the former target can form part of an upgraded JORC due around November. 

A diamond drilling campaign kicks off on-site next month, adding to already strong RC dril data in the company’s possession for the area.

A pre-feasibility study for the project, meanwhile, has been delayed until June 2023.

The company also continues to diamond drill Circle Valley, unrelated to Murchison. 

What has Meeka found at St Anne’s?

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: 

  • 32m @ 16g/t gold from 48m, including:

    • 16m @ 28.5g/t gold 

  • 20m @ 20.7g/t gold from 48m depth, including:

    • 16m @ 24.8g/t gold 

Assays for a further 5 drill holes are pending; shallow strike drilling to the north of St Anne’s remains ongoing. Compare these results to previous intersections at St. Anne’s

  • 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 

Thick intersections of consistent mineralisation do support the company’s thesis St. Anne’s will significantly upgrade the total resource, when it upgrades its JORC resource by December this year. 

Diamond drilling takes off in October.

Further 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) 

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. 

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. 

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.

Meeka Metals' one year charts

Meeka Metals' one year 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.

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