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Meteoric Resources Director Buys More Shares On Market

Meteoric Resources (ASX: MEI) executive director - exploration George Sakalidis has increased his shareholding in the company with the acquisition of 275,000 more shares.

Sakalidis purchased the shares on-market for a consideration of $16,720, or an average entry price of around $0.06.

He now holds about 5.2 million fully paid shares, 2.7 million partly paid shares and 1.5 million options.

Earlier this month Meteoric completed infill and step out drilling at three prospects within the Tibooburra Gold Project in New South Wales.

The rotary air blast and aircore program comprised follow up drilling at the New Bendigo and Kink prospects and initial drilling at the Phoenix prospect, with best intercepts of:

- 7 metres at 8.08 grams per tonne (g/t) gold from 12 metres;
- 2 metres at 1.95g/t gold from 9 metres; and
- 1 metre at 1.95g/t gold from 37 metres.

Very little modern exploration has been completed at Tibooburra, with only two of the numerous vein systems identified in the district drilled previously, and no drilling below a depth of 60 metres.

The depth potential of mineralisation at the three prospects remains untested and is open along strike in some areas.

Meteoric has the right to earn an initial 51% interest in the 450 square kilometres of tenements covering most of the Tibooburra goldfield by spending A$500,000 by late 2013, and can elect to earn up to a 75% interest by spending a further A$1 million by late 2016.