MEI SETTLE ON W.A. PALM SPRINGS

METERORIC SETTLE ON W.A. PALM SPRINGS, BUTCHERS CREEK PROJECT

Meteoric (ASX MEI) announced on 1st July, they have finally settled the deal on its acquisition of the Palm Springs Gold Project 30 klms west of Halls Creek. On June 15th Company announced the signing of an agreement to acquire an advanced exploration play, for a total consideration of $750,000 cash and 12.5million shares in MEI. (to be escrowed for 6 months). The total area of the tenements cover 12,000Ha and consists of 3 Mining Leases, 4 Exploration Licences, and 6 Prospecting licences. The Company said it has already lodged a “program of works” (POW) to the Department of Mines. The POW includes, an extensive drilling program at the historical Butchers Creek prospect area and intends to commence this program in August 2020.

Palm Springs is a coup for Meteoric who slipped under all the radar of the majors to get this deal done. Palm Springs may be the Company maker for MEI. There is no one questioning the possibility of the Butchers Creek being a major Gold Deposit, especially, when reviewing the historical drill holes intersecting up to 73m of high grade Gold. Palm Springs is an advanced exploration play and has had some exceptional thick intersections reported from the previous drilling. Some of the results from drilling programs are:

Drill Hole BCP36: 68m @ 2.5g/t Au from 44m, BCR250: 19m @ 8.8g/t Au and BCPO17: 50m @ 3.31g/t Au from 50m. These are shallow and easily accessible for open cut mining for quick cash flows.

These results spell Meteoric maybe onto something of considerable tonnage and grade, certainly a prospect that deserves some serious exploration and drilling. The Butchers Creek Prospect was mined historically by open cut mining on shear zone hosted high grade Gold mineralisation, that is still open at depth and down plunge to the south. In 1996 an RC drill intercepted 73m @ 2.6g/t Au from 169m. The hole was located 100m south of the Butchers Creek open cut mine and indicates that the down plunge potential remains untested.

Butchers Creek prospect and the multiple other historical workings and mines within the MEI ground give way to massive exploration and potential in these substantially untested areas not being tested for over 100 years.

Goldman

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