Meeka identifies more Circle Valley gold, REE targets

Aircore drilling has defined multiple gold and rare earth element targets at Meeka’s Circle Valley project in Western Australia’s Albany-Fraser mobile belt.

This drilling intersected two new zones of regolith gold that are coincident with a magnetic feature that extends to the Fenceline prospect 5.5km to the east.

Aircore drilling also intersected a regolith profile of 10-20m thick orange/red coloured upper saprolite clays within the +20m thick saprolite layer that corresponds with a similar layer intersected about 3km to the west in 2021 which returned results such as 12m grading 1,003 parts per million (ppm) total rare earth oxides (TREO).

Separately, Meeka Gold (ASX:MEK) has started a program of deeper reverse circulation drilling to test the interpreted shear zone at Anomaly A that was defined by more focused aircore drilling to the east and west of the RC drill hole completed in January that returned a 36m intersected at 2.69 grams per tonne (g/t) gold.

This earlier RC hole had lent credence to the company’s belief that Circle Valley is a lookalike of the giant 7.1Moz Tropicana deposit located within the same Albany-Fraser Mobile Belt.

“These results are very exciting for the team as we are beginning to understand the geology and the various styles of mineralisation, both gold and REE, that exist at Circle Valley,” chief executive officer Tim Davidson said.

“We expect to receive further gold and REE results from the laboratory in the coming week and look forward to updating shareholders with respect to these results as they are received.”

REE results pending, more drilling to come

Meeka is currently waiting on assay results from its REE drilling in 2021 and 2022.

These are potentially significant as the REE mineralisation sits on the margin of a large paleodrainage feature identified in airborne electromagnetic survey data acquired by a previous operator that was exploring for uranium.

Paleodrainage features could also result in significant deposition of REE at the margin of the channel.

The company is also waiting on assay from 4,700m of gold drilling and plans to follow-up on the new gold targets with follow up lines of aircore drilling to test the shear system to the east, toward the Fenceline prospect, in the second half of the year.

This article was developed in collaboration with Meeka Gold, 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.