Meteoric personnel including board members and senior management have taken substantial pay cuts to protect the company’s positive cash position at this time.
() is aiming to focus its 2020 drilling program on increasing the existing high‐grade resource at the Juruena Gold Project in Brazil.
Following the receipt of the bulk of the 2019 drill program results in the March 2020 quarter, the company has been focused on generating exciting new drill targets beneath the current resource at the Dona Maria and Crentes prospects.
The 2020 drill program will test the depth extensions of a high‐grade steeply plunging shoot intersected in the 2019 program.
The Dona Maria Prospect demonstrates significant potential which clearly details the interpretation of two separate steeply plunging, high‐grade ore shoots, the Southern and Northern, which both remain open at depth.
Several targets if successful would clearly improve both the quality and size of the current resource.
Meteoric’s first ever drilling program at the Novo Astro Gold Project in Brazil was designed to intersect mineralised corridors at depth.
The drilling assays have been received with no economically significant assays identified.
Meteoric will now review all gold and multi element data from the Novo Astro drilling before making a decision on how to proceed with exploration at the project.
Meteoric managing director Dr Andrew Tunks said: “The Novo Astro results to date have been disappointing especially given the area is the site of substantial artisanal gold production, was associated with a related multi‐element soil, auger and rock chip anomaly combined with strong alteration in drill‐cores.
“Whilst a detailed analysis of all results will be thoroughly undertaken to ascertain if further work is warranted, our strong focus will be on the very exciting targets at Juruena and extending the existing high‐grade resource at Dona Maria and following up the exciting copper‐gold intersection in hole JUDD010 at Crentes.”
Meteoric is monitoring the guidance from the World Health Organization and the Brazilian Government, with the aim of ensuring the safety of its employees and stakeholders.
At Juruena, the Brazilian team have enacted a continuity plan with the result that its staff members are now working productively from home.
Meteoric’s aim is to begin its 2020 drilling program at Juruena as soon as practicable.
Strong cash position
Meteoric maintains a healthy cash position with over $7 million cash in hand as at March 31, 2020.
Other than discharging some final costs associated with the 2019 campaign, as a response to the global COVID‐19 pandemic and acting in the best interest of the company and its shareholders, Meteoric has heavily streamlined its corporate and operational expenditures to ensure the company can maintain its healthy cash balance in these current economic conditions.
As such, senior personnel including board members and senior management have taken substantial pay cuts to protect the company’s positive cash position at this time.