Meteoric Resources intersects DSO grade ore of 8m at 60.9% iron at Coorara

Meteoric Resources’ (ASX: MEI) drilling program at its Coorara project in the South Yilgarn iron province is revealing the direct shipping ore (DSO) potential of the deposit with the intersection of shallow DSO-grade hematite-goethite.

Reverse circulation drilling at Coorara returned intersections of 8 metres at 60.9% iron from 10 metres and 8 metres at 59% iron from 14 metres.

These intersections, plus an additional zone of 8 metres at 50.7% iron, are open at depth and to the south and are being targeted for further drilling.

Meteoric has completed five shallow reverse circulation drill holes as part of its Phase 2, 1,300 metre reconnaissance drilling program. Another nine DSO targets remain to be tested.

The drilling is designed to test for hematite-goethite alteration of the magnetite banded iron formation and is targeting areas where surface sampling has indicated grades in excess of 50% iron.

Three of the drill holes intersected hematite-goethite enrichment of moderately dipping magnetite banded iron formation in the northern part of the project, representing only a small part of the 40 kilometre banded iron formation strike length within the project area.

Significantly, the 40 kilometre-long banded iron formation sequence has potential for magnetite ore similar to Macarthur Minerals’ (TSXV: MMS) identified magnetite resource of 1.3 billion tonnes at 30.1% iron situated immediately north along strike from Coorara.

Meteoric began the Phase 2 drilling program earlier this week and expects it to be completed early next month.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21257/meteoric-resources-intersects-dso-grade-ore-of-8m-at-609-iron-at-coorara--21257.html