Annual Report on EL 23764 for the period 26 November 2015 to 25 November 2016 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 $40,631 was spent on the tenement between 26 November 2015 and 25 November 2016. 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 anomalous copper-bismuth+/- gold mineralisation above a copper-gold system at depth. During 2016 Meteoric entered into a JV with CGM (WA) Pty Ltd. As the current operators, CGM intends to drill the Parakeet prospect with two 400m diamond holes incorporating 150m of RC pre-collar. These holes will test two separate targets; the first being a coincident magnetic and gravity anomaly situated below existing drilling, the second being an interpreted mineralisation trend linking existing drilling to the north and south. Approval for the land-access agreement and Mine Management Plan have delayed the program until first quarter 2017.