Annual Report for EL 23764 for the period 26 November 2012 to 25 November 2013 Warrego

Abstract

Meteoric has carried out exploration including geochemical sampling, ground magnetic and gravity surveys and RC drilling. This and previous exploration has demonstrated the presence of mineralised ironstones in several locations on the tenements. In addition, previous JV partner Sipa Resources carried out a high-resolution aeromagnetic survey. Interpretation of the aeromagnetic data identified a number of magnetic anomalies that warrant further exploration and one classic 'bulls eye' Tennant Creek style magnetic anomaly which are known to host Cu - Au mineralisation in the Tennant Creek mineral field. Modelling of both the ground magnetic and aeromagnetic data has indicated multiple ironstone targets below the targets drilled to date. Some of these untested targets are large with high magnetic susceptibilities typical of ironstone overprinting associated with Tennant Creek-style copper - gold mineralisation. In addition, historical records indicate geochemical anomalies and shallow copper drill intersections associated with magnetic anomalies which have not been followed up. These prospects, coupled with the proximity of known mineralisation, provide drill targets for potentially high value mineralisation.