Meteoric Resources identifies thick hematite potential at Coorara iron project

Meteoric Resources' (ASX: MEI) has unveiled several areas of hematite-altered banded iron formation (BIF) from recent geological mapping and sampling at the Coorara iron project.

Following the initial drilling program at Meteoric's wholly-owned Coorara project in the South Yilgarn iron ore province, the company has been seeking additional drilling targets for hematite-goethite mineralisation with direct shipping potential.

Some of these target areas comprise elevated laterite-covered BIF considered to have potential for thicker hematite-goethite mineralisation.

Meteoric has a 40 kilometre strike length of BIF at the Coorara project, tellingly located just 50 kilometres from the Kalgoorlie-Kwinana standard gauge railway and east of Cliffs Natural Resources Inc (NYSE: CLF) Yilgarn tenements and iron ore mine.

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

In addition, the company said "mapping identified several occurrences of cemented detrital hematite goethite mineralisation on the flanks of the BIF sequence."

Meteoric has an exploration target of 1 billion tonnes of predominantly magnetite with hematite alteration. The significant advantage enjoyed by Coorara is the closeness to standard gauge rail and access to either Esperance or Kwinana ports.

Meteoric is planning a 2,500 metre scout rotary air blast (RAB) drilling program to test both the elevated hematite-goethite targets and the soil covered detrital iron target in order to identify specific targets for follow-up reverse circulation (RC) drilling.

The company expects drilling to commence in August subject to completion of permitting and sourcing of a suitable drill rig.

In other news, at the Tiboobura gold Project where Meteoric has the right to earn 75%, a 3,000 metre RAB drilling program is scheduled to commence in late July, following permitting and heritage clearances.

The drilling will test gold and multi-element anomalies at the New Bendigo, Kink and Mt Poole prospects for the presence of high grade quartz veins and/or bulk tonnage stockwork styles of mineralisation.

On June 1, Meteoric reached an agreement with North Australian Diamonds (ASX: NAD) for NAD to explore a 500 square kilometre package of tenements in the unexplored West Arunta region of Western Australia for diamonds (Meteoric 100% diluting).

The agreement is subject to completion of an access agreement on to aboriginal reserves. The company expects clearance surveys to commence in July prior to NAD starting field work to test these conceptual targets.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/17770/meteoric-resources-identifies-thick-hematite-potential-at-coorara-iron-project-17770.html