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Meteoric Resources assesses DSO potential at Coorara iron project in South Yilgarn

Meteoric Resources (ASX: MEI) is assessing the direct shipping ore potential of hematite-goethite enrichments of magnetite banded iron formation at its Coorara iron project with further reverse circulation drilling.

Mapping and sampling has identified several areas with encouraging iron grades and where the geomorphology suggests that the iron oxide enrichments may be preserved to a greater extent than encountered in Meteoric’s initial drilling.

Meteoric has a 40 kilometre strike length of banded iron formation at the Coorara project, located just 50 kilometres from the Kalgoorlie-Kwinana standard gauge railway and east of Cliffs Natural Resources' (NYSE: CLF) Yilgarn tenements and iron ore mine.
Significantly, the 40 kilometre-long banded iron formation sequence has potential for magnetite ore similar to Macarthur Minerals’ (TSXV: MMS) identified magnetite resource of 1.3 billion tonnes at 30.1% iron situated immediately north along strike from Coorara.

Meteroic has identified an exploration target of 500 million tonnes of predominantly magnetite with a hematite alteration.

An initial 22 hole, 1,455 metre reverse circulation program returned intersections of 4 metres at 59.1% iron, 2 metres at 54.5%  and 2 metres at 58.6%.

Drilling identified several new targets with the potential for thicker hematite enrichments.

The 1,300 metre reverse circulation drilling program has begun and is expected to be completed in early November.