Annual Report on EL 23764 for the period 26 November 2014 to 25 November 2015 Warrego North

Abstract

Exploration Licence 23764, Warrego North, comprises 23 sub-blocks covering an area of 74.5sq km near Tennant Creek in the Northern Territory, targeting Tennant Creek-style Cu and Au ore deposits. EL 23764 was granted on 26 November 2003. In 2009 the tenement was subject to a farmin and joint venture agreement with Sipa Exploration NL which terminated in 2013. A total of $39,473 was spent on the tenement between 26 November 2014 and 25 November 2015. Meteoric has carried out exploration including geochemical sampling, ground magnetic and gravity surveys and RC drilling of targets to depths of up to 200m below surface. 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 and gravity data identified a number of combined magnetic and gravity anomalies that warrant further exploration, including a large, pronounced anomaly at Parakeet west of the Warrego Granite and anomalies at Cuddihy and Pipeline east of the Warrego Granite. These anomalies are similar to those known to be associated with Cu-Au mineralisation in the Tennant Creek mineral field. Modelling of the magnetic and gravity data at Parakeet indicates that the source of the anomalies is below the existing drilling and that this drilling may have intersected the copper halo above a large copper-gold system at depth. During the year the tenement was farmed out to Bulletin Resources with the aim of drilling the Parakeet target at depth, however Bulletin withdrew from the farmin during the year without completing any drilling. Meteoric has subsequently commenced negotiations with another company with the objective of drilling Parakeet. Future work is expected to involve diamond drilling of target PKT1 at Parakeet.