Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Meteoric Resources receives applications for $1.76 million in heavily oversubscribed SPP

Proactive Investors Tuesday, 16 April 2019
Meteoric Resources NL (ASX:MEI) has received applications amounting to $1.76 million in a heavily oversubscribed share purchase plan (SPP) aimed at raising up to $750,000 at 1 cent per share. The company is delighted with the response to the SPP, which closed on Friday, April 12, 2019. Meteoric's board is reviewing the SPP applications and will scale back applications using its absolute discretion with the final allocation and allotment of SPP shares to be advised shortly. READ: Meteoric Resources executes formal agreement to acquire gold projects in Brazil The company has recently executed a share sale agreement for the acquisition of the Jurena and Novo Astro gold projects in Brazil from Crusader Resources Ltd (ASX:CAS). All material conditions have been met and completion of the acquisition will occur following the transfer of ownership of the Australian and Brazilian entities that hold the project to Meteoric, a process that has already begun with completion expected shortly. The projects are at the western end of the highly prospective Alta Floresta Belt, host to major miners including Anglo American (LON:AAL) and Vale (NYSE:VALE) and is estimated to have historically produced more than 7 million ounces of gold.   Meteoric is putting in place a drilling and exploration program that aims to convert existing inferred resources at Juruena to the indicated category as well as grow the resource base at the deposits. Managing director Dr Andrew Tunks said the Juruena and Novo Astro projects represented a step-change in the company’s strategy from greenfields exploration to resource definition expansion. “Based on the enormous database of previous exploration results we can take a bold approach with our drilling which will be designed for maximum impact into and adjacent to known bonanza gold ore zones. “At Querosene and Donna Maria we will taking a three-fold approach that looks to firstly improve the confidence in the resource and grow the percentage of indicated resources by drilling within the current resource boundaries,” he said.   The December 2016 Juruena project mineral resource estimate totals 261,000 ounces and is reported at two cut-offs: at 2.5 g/t for Querosene and Dona Maria, which are potential open pit and underground mining zones, and 1 g/t for Crentes.
0
shares
ShareTweetSavePostSend
 

Recent related news from verified sources

Mincor Resources raises $23 million to accelerate nickel sulphide mining in WA

Mincor Resources NL (ASX:MCR) has raised $23 million in a capital raising to fast-track plans to re-start high-grade nickel sulphide mining in the Kambalda...
Proactive Investors

Lithium Australia establishes 185 million tonne vanadium resource at Youanmi

Lithium Australia NL (ASX:LIT) has established a "significant" vanadium resource estimate for a portion of the Youanmi Complex in Western Australia's Mid-West...
Proactive Investors

Havilah Resources obtains three mining leases from regulator for Kalkaroo Copper-Gold Project in SA

Havilah Resources Ltd (ASX:HAV) has obtained three mining leases (MLs) and two miscellaneous purposes licences (MPLs) for its flagship Kalkaroo Copper-Gold...
Proactive Investors

Emmerson Resources to outline exploration plans funded by royalties at Proactive’s CEO Sessions

Emmerson Resources Ltd (ASX:ERM) is both a gold producer and gold and base metals explorer with assets in the Northern Territory and New South Wales. Its...
Proactive Investors

Anson Resources CEO and non-executive director participate in share purchase plan

Anson Resources Ltd (ASX:ASN) chairman and CEO Bruce Richardson and non-executive director Peter (Greg) Knox have both subscribed for the maximum shares allowed...
Proactive Investors

Tyranna Resources study results confirm early gold mining opportunity

Tyranna Resources Ltd (ASX:TYX) has received the results from the review of a restart study at its 100% owned Eureka Gold Project near Kalgoorlie in Western...
Proactive Investors

Prodigy Gold enters $14.5 million Tobruk JV with Newmont Goldcorp

Prodigy Gold NL (ASX:PRX) has signed a binding exploration farm-in joint venture agreement with a subsidiary of the world's largest gold miner Newmont Goldcorp...
Proactive Investors

Metminco in trading halt with capital raising and acquisition news pending

Metminco Limited (ASX:MNC) has been granted a trading halt by the ASX with an announcement pending in relation to a capital raising and proposed acquisition. The...
Proactive Investors

You Might Like


Other recent news in Business

SpaceX LAUNCHES first Starlink satellitesioneer well positioned for US–AUSTRALIA battery mineral alliance
AFGHANISTAN celebrates warmup win with pride and gunfireNARENDRA MODI plots course after landslide Indian election win
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.