24 Dec 2010other● Neutral
Updated securities trading policy, reviewed 23 December 2010, restating insider trading rules and director dealing notification within 3 days. Administrative document with no new business information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2010joint venture update● Neutral
Black Ridge extends by one month its decision on whether to exercise its option over Meteoric's Four Corners Well licence E57/760. Exercising would earn up to 60% for $1m of spending over three years. It has spent the $100,000 required in the option period.
16 Dec 2010drilling result▲ Good
Rock-chip traverses at Coorara return composites up to 35m at 58.9% Fe; 83 of 194 samples exceeded 55% Fe. These are surface samples used to pick drill targets. Drilling is expected to start in January 2011, and the company calls Coorara a priority.
24 Nov 2010investor presentation● Neutral
AGM presentation repeats known projects. It gives Coorara exploration targets of 100Mt hematite and 1 billion tonnes magnetite (conceptual, not a resource) and shows cash of $1.7m. It also notes a 61,600oz gold resource at Wilthorpe.
17 Nov 2010drilling result▲ Good
More Coorara rock sampling gives up to 65.8% Fe; the 30 higher-grade samples average 60.7% Fe, suggesting possible direct-shipping grades over 12km. Flora surveys are under way and drilling is expected to start December/January. Surface samples only, no drilling yet.
15 Nov 2010drilling result▲ Good
Tibooburra soil and stream sampling (1,818 soil, 733 stream samples) outlines four gold-arsenic-antimony anomalies, the largest 5km long (Kink). Further sampling comes next, then RAB drilling in the new year after permitting. Earn-in terms are stated as up to 75% for $1.5m over six years.
30 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010 describes Meteoric as a gold, iron and base metal explorer. It repeats the Coorara results (63 of 236 samples over 50% Fe, five priority zones) and Webb work already announced.
23 Sept 2010admin correction● Neutral
Black Ridge corrects a typographical error in the hole UHC 106 results in its 22 September Unaly Hill release. Otherwise a re-release of the same drilling results.
22 Sept 2010drilling result▲ Good
Black Ridge reports drilling at Unaly Hill, including 5 holes (850m) on Meteoric's adjacent Four Corners Well licence E57/760, with iron and vanadium intercepts up to 104m. Black Ridge plans a scoping study. Partner's announcement; Meteoric keeps 40% if the earn-in completes.
16 Sept 2010drilling result▼ BadMajor
First Webb T1 diamond hole (604m) hit no massive hematite, breccia or significant sulphides; best was 5m at 0.04% copper. Further T1 drilling awaits modelling. T4 and T5 (>5,000nT) anomalies advance, with gravity surveys and a heritage survey planned.
8 Sept 2010drilling result▲ Good
Final Coorara assays: 63 of 236 rock samples (26%) exceeded 50% Fe, defining five priority hematite zones each over 1km long. Mapping comes next to select drill targets. Surface sampling only; no drilling yet.
1 Sept 2010drilling result▲ Good
First Coorara rock sampling shows widespread hematite-goethite alteration, with listed samples at 50.8-62.2% Fe. Geological mapping is about to start to define drill targets, 50km from the railway. Early surface sampling, not drilling.
2 July 2010farm in farm out agreement▲ GoodMajor
Meteoric can earn 51% of 600sq km of Tibooburra goldfield tenements in NSW by spending $500,000 in three years, then 24% more for $1m. It can exit after $60,000 of sampling. Historic production was at least 60,000oz; sampling has begun.
24 June 2010drilling scheduled● Neutral
Meteoric commissions a 2,500 line-km aeromagnetic survey over Coorara's 40km iron formation, starting within a week, to find hematite and magnetite targets. It plans to accelerate exploration, citing neighbours' hematite resources. No new results yet.
21 June 2010asset acquisition disposition▲ GoodMajor
Meteoric acquires 100% of licence E52/2412 next to its Robinson Range iron project, with 250,000 shares plus 1 million on transfer, and 1 million more on a mine decision or sale. First Webb T1 diamond hole (500m) has started.
31 May 2010asset acquisition disposition▲ GoodMajor
Meteoric agrees to acquire 100% of the 148sq km Coorara iron licence in WA, with a 40km banded iron formation and no prior iron drilling. It sits along strike from a 1.05 billion tonne magnetite resource. A new iron ore thread beyond Webb.
21 May 2010drilling scheduled▲ GoodMajor
Aeromagnetic surveys define three drill targets at the 2.5km-long T1 IOCG body, with holes over 500m deep needed. Drilling is due to start in the first week of June. A very strong 5,000nT anomaly at T5 is also identified.
19 May 2010farm in farm out agreement● Neutral
Black Ridge Mining's own announcement of the Unaly Hill South agreement with Meteoric, repeating terms Meteoric also released. It can earn 60% by spending $1m in three years, with $100,000 minimum in six months.
19 May 2010farm in farm out agreement▲ GoodMajor
Agreement in principle lets Black Ridge earn 60% of Meteoric's Unaly Hill South licence for $1m within three years, rising to 70% for a further $0.5m. Meteoric keeps gold and silver rights. First Webb IOCG drilling is due at the end of May.
16 Mar 2010drilling scheduled● Neutral
Meteoric plans airborne magnetic surveys in April, then drilling of the main T1 IOCG target in May. Infill sampling confirmed isolated gold values up to 67ppb but no large coherent gold anomaly. Robinson Range access talks continue.
15 Mar 2010half year report● Neutral
Half-year to 31 December 2009 shows a comprehensive loss of $822,574, against a net loss of $225,254 a year earlier. The review of operations repeats the Webb results already announced.
13 Jan 2010drilling result▼ BadMajor
Meteoric's Webb sampling could not repeat the Geological Survey's strong gold values, and 112 shallow RAB holes (1,091m) found no significant gold. That undercuts the 80sq km gold anomaly thesis. A 3km-long IOCG gravity and magnetic target now becomes the focus, with drilling envisaged for March or April 2010.
23 Nov 2009farm in farm out agreement▲ GoodMajor
Sipa Resources enters a farm-in with Meteoric over Tennant Creek tenements (about 150sq km). Sipa can earn 51% by spending $600,000 in three years, or 70% for $1.2m in five years. This advances Meteoric's plan to farm out non-core projects.
20 Oct 2009drilling result▲ Good
Sampling on the Beadell JV ground found a 7km-long gold anomaly in the southern Webb area, peaking at 4.9ppb gold against under 1ppb background. Further sampling and, subject to permits, scout drilling are planned. Early-stage result, not a drill intersection.
15 Oct 2009capital raising announcement▲ GoodMajor
Meteoric agrees to place 9,310,000 shares at $0.20 (about $1.8m) with Indian Ocean Capital, up from $0.15 in September. A further 4,655,000 contributing shares need AGM approval. Cash and liquid investments reach $3.3m after costs.
What it means for a shareholder
9.3m new shares at $0.200 to raise about $1.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 Sept 2009annual report● Neutral
Amended version of the annual report to 30 June 2009 already issued on 29 September. The visible text repeats the Webb gold anomaly, the Cazaly and Beadell JVs and the 2,000sq km land position. The nature of the amendment is not stated in the readable text.
29 Sept 2009annual report● Neutral
Annual report to 30 June 2009 highlights a land position over 2,000sq km in the West Arunta, built around the Webb gold anomaly and the Cazaly and Beadell IOCG joint ventures. Largely repeats announcements already made.
23 Sept 2009capital raising announcement● Neutral
Administrative notice that the 7,500,000 shares at $0.15 are issued, with net proceeds of $1,125,000. A further 3,750,000 contributing shares depend on shareholder approval at the AGM. No new information.
What it means for a shareholder
7.5m new shares at $0.150 to raise about $1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Sept 2009capital raising announcement▲ GoodMajor
Meteoric agrees to place 7,500,000 shares at $0.15, about $1.1m, with one contributing share for every two shares subscribed, subject to shareholder approval. This is almost three times the April price of $0.055. Cash and investments reach $1.8m.
What it means for a shareholder
7.5m new shares at $0.150 to raise about $1.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
31 Aug 2009farm in farm out agreement▲ GoodMajor
Agreement in principle with Beadell Resources on four licences (840sq km) near Webb. Meteoric can earn 51% by spending $400,000 within three years, and up to 70% with a further $400,000. It must complete 7,000m of drilling within the first year.