Meeka finds high grade gold at Circle Valley

Diamond drilling at Meeka Metals’ Circle Valley project in WA has returned high-grade gold assays below a large 1.2km by 400m zone of regolith gold.

The diamond holes drilled to gather stratigraphic and structural information intersected high-grade at the Anomaly A prospect, with results from hole 22ALDD003 including:

5.6m at 4.63g/t Au from 76.4m including 1.0m at 17.70g/t Au; and
4.2m at 2.90g/t Au from 132.0m including 0.4m at 13.57g/t Au.

The diamond holes were drilled to the southeast of an RC drill program, which returned shallow, high-grade intersections including:

- 23m @ 5.09g/t Au from 13m including 10m @ 9.35g/t Au (22CVRC001)
- 24m @ 1.21g/t Au from 24m (22CVRC010)
- 16m @ 3.06g/t Au from 32m including 4m @ 10.80g/t Au (22CVRC009)
- 10m @ 4.72g/t Au from 120m including 4m @ 10.20g/t Au (22CVRC008)
- 32m @ 1.39g/t Au from 4m including 8m @ 4.96g/t Au (22CVRC025)

Notably, the project is in the Albany-Fraser Mobile Belt which is also host to the Tropicana gold mine (3Moz past production).

Gold mineralisation has been identified in four separate locations at Circle Valley to date which Meeka Metals (ASX:MEK) believes presents an exciting growth opportunity.

Circle Valley ‘a significant gold opportunity’

The diamond drilling highlighted at least two parallel lodes plunging at ~30 degrees to the northeast, cross-cutting the relatively flat stratigraphy.

RC drilling is currently underway targeting high-grade extensions to the northeast and other parallel lodes.

“This short diamond drilling program was designed to give our team insight into the underlying geology and structural setting at Circle Valley,” MD Tim Davidson said.

“The high-grade gold in this drilling, and the broad gold zones returned from RC drilling in 2022 support our view that Circle Valley is a significant gold opportunity.”

“Follow up drilling is now underway based on vectors from the diamond drilling, with results expected in March and April 2023.”

Rare earth resource in June quarter

Rare earth infill and extensional drilling has also been completed at Circle Valley.

“This drilling targeted ~15km2 in the northwest of Circle Valley, where shallow high-grade rare earth mineralisation grading up to 6,894ppm TREO was intersected in 2022,” Davidson said.

“Assays will be reported through March and April 2023, and will enable delivery of an initial rare earth Mineral Resource during the June 2023 quarter.”

This article was developed in collaboration with Meeka Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.