MEI 2.08% 24.5¢ meteoric resources nl

Despite the substantial decrease of the share price and perhaps...

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    Despite the substantial decrease of the share price and perhaps even more in the next few weeks if the results from Brazil are not brilliant, I still believe in Dr.Tunks and his team. Cannot forget what the newly appointed director had to say not long ago.


    Dr Carvalho said, “I am delighted with the opportunity to join the Meteoric Board. I have been working for Meteoric since its acquisition of Juruena and am very excited about the future of this project. As soon as I set foot out there, I knew Juruena had untapped potentialand what has transpired with the upgrade to the Mineral Resource Estimate andthe identification and initial drilling of a quality porphyry copper target isvery impressive”.


    “The excellent work MEI has carried out over the last 2 years has undoubtedly unlocked the potential for a major discovery. In my opinion, the work carried out by Meteoric to date has discovered anew Porphyry System at Juruena. We do not know yet how big it is and whataverage grade it will deliver, but initial signs indicate that it is strong andlarge.

    Porphyry mineralisation was discovered a few years ago at the eastern end of the Alta Floresta Belt by Anglo American. That discovery led to a new exploration rush to the region with license applications covering the entire region and the area getting a dominant share of the investment in exploration in Brazil in recent times. Our discovery, 400km to the west of the above mentioned project, is changing exploration ideas along the entire belt”.


    Needless to say exploration on this part of the country is very difficult, some roads are in top condition others not, heavy rain is a feature in some months of the year so is flooding. Even with the best intentions in mind, these type of climatic conditions will interfere with the operations.

    In my opinion, expectations should be low to moderate whilst the team achieve their targets and wait for assays. The fact that Molybdenite was found in over 600 metres, could be a terrific by product since Molybdenum is selling at $42.75 per kilo and with the presence of the Copper Sulphides such as Chalcopyrite and Bornite says it all. Patience is all we need.


    The project in WA should be a lot easier to get results within 12 months and then make the decision to go on or dump it, the visible gold in last year drill core was a plus.


    I would like MEI to explore the possibilities of other projects in South America and perhaps emulate the success of HCH, E2M, LCL and CEL all of them junior Aussie companies. At the moment, I will leave out Peru and Venezuela because their governments will be hard to deal with.

 
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