Annual Report on EL 23764 for the period 26 November 2016 to 25 November 2017

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. 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. In 2016 Meteoric entered into a farmin and joint venture agreement with CGM (WA) Pty Ltd. CGM reviewed historical data to generate a series of targets which were followed up during the 2017 field program. One RC and five diamond drill holes with RC pre-collars were drilled for a total of 2331m to test beneath existing holes which encountered mineralised ironstone. Drill holes were positioned to intercept coincident gravity and magnetic anomalies and/or chargeability anomalies based on newly acquired data from the 2017 induced polarisation survey. Results from the drill program were underwhelming with only low-order mineralised ironstone encountered in three out of the six holes. 450m of sporadically outcropping ironstone was delineated during a mapping program and found to align conformably with a region of elevated chargeability. Surface geochemical analysis of this ironstone showed elevated gold of up to 0.14 ppm. This ironstone trend is recommended to be followed up with a small RC drill program due to being untested by historical drilling.