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Projects
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Summary
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Following a successful IPO and listing on the ASX in
July 2004, Meteoric embarked on an aggressive
exploration programme on its joint venture with Image
Resources. Under the terms of this joint venture
Meteoric has earned 100% of Image’s interest in eight
projects at Wilthorpe, Ruby Well, Bullfinch, Jarbora
Hill, Junction Lake and Ularring in WA and at Warrego
North and Murchison Range in the NT by spending $2
million, with Image retaining 1% gross royalty
interest. Image held a 100% interest in the tenements
with the exception of Wilthorpe (90%), Bullfinch (90%)
and Ruby Well (60%). |
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In July 2005 Meteoric entered into a joint venture with
Giants Reef Mining (now Centralian Minerals Ltd, in
administration) on the 400sq km Barkly project in the
southeastern part of the Tennant Creek field in the NT.
Under the terms of the venture Meteoric may earn a 50%
interest in the tenements by expenditure of $300,000
within three years. Centralian may elect to contribute
at the 51%/49% level but if it does not make this
election Meteoric may then elect to earn a further 19%
interest by expenditure of $200,000 within a further two
years. Centralian retains the right to toll treat, on
normal commercial terms, any mineable deposits
containing less than 100,000oz of gold identified by
Meteoric up to a maximum of 200,000ozs of contained
gold.
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