Meteoric Resources (ASX: MEI)

Mere Exploration company Meteoric Resources has confirmed that a deep drilling program immediately below the high-grade Juruena gold deposit within Brazil’s Alta Floresta Belt has reached the tip of a giant copper-gold rich porphyry target.

The first of three drill holes started in February has reached a 500m depth and is close to intersecting a large geophysical IP (induced polarisation) chargeability anomaly interpreted to be associated with the target, which was identified in geological, geophysical and geochemical data.

Drilling is expected to then hit the copper-gold rich Crentes-style breccia-hosted mineralisation within the Juruena Fault system, at a depth of approximately 1,000m. One of the final holes of Meteoric’s 2020 campaign at this target intersected significant shallow epithermal-style gold-copper breccia mineralisation with results including 51m at 1.4 grams per tonne gold and 0.25% copper from 118m.

The Juruena deep drilling program started in mid-February with the first of three 1,200m-long holes designed to follow up positive results from a deep IP survey carried out in the region at the end of last year.

The survey was definitive in highlighting Juruena’s potential to contain various major magmatic hydrothermal-related porphyry and epithermal styles of copper-gold mineralisation. It returned a large, high-chargeability anomaly centred at the Uilliam/Mauro target, just below the outcropping deposits.

The anomaly was interpreted to be located approximately 500m below the surface and associated with a potential giant porphyry copper-gold target, expected to be intersected by the first hole within the next few days.

Creso Pharma (ASX:CPH)

Medical marijuana company Creso Pharma has just entered the emerging $100 billion global market for psychedelic medicine with the acquisition of Canada-based Halucenex Life Sciences.

Halucenex is focused on developing novel psychedelic molecules to treat post-traumatic stress disorder (PTSD), depression and other mental illnesses.

Halucenex — which operates a 6,000 square feet (557 square metre) medical clinic in Windsor, Nova Scotia, located next to an emergency hospital — is working on beginning a phase 2 clinical trial this year evaluating the use of psilocybin (“magic mushrooms”) to alleviate treatment-resistant depression.

The company is focused particularly on treating military veterans, who suffer from a higher rate of PTSD than the general population.

The Canadian government has budgeted over $C25 million ($25.7 million) over the next decade to support research on veterans’ health.

With interest in psychedelic-assisted medicine exploding, Halucenex will have an early advantage with a Controlled Substances License currently pending. The License will allow it to research psychedelic drugs including Psilocybin. The company is also one of about 11 with a supply agreement with Psygen Industries, one of Canada’s only pharmaceutical-grade psychedelics manufacturers, for a supply of synthetic psilocybin for use in clinical trials.

‘A major milestone’

The “transformational” acquisition also makes Creso the only 100 per cent owned psychedelic medicine company on the ASX. “This is a major milestone for Creso Pharma and marks our evolution into a broader based pharmaceutical business,” says Creso non-executive chairman Adam Blumenthal.

“Creso will now sell its trusted cannabis products and progress the commercialisation of a range of psychedelic-assisted psychotherapy treatments. Our entry into this market provides the Company with another lucrative vertical and an additional near-term revenue stream.

“Mental health and PTSD are becoming detrimental to our society and this has been highlighted in the last 12 months. These conditions have been exacerbated by COVID-19 and the available treatments are shown to have limited effectiveness and many side effects. Psychedelic-assisted therapy is a new alternative route, which has considerable promise.”

Creso strategic advisor Bruce Linton, the founder of Canopy Growth (NYSE:CGC), the world’s largest cannabis company, said while he was first interested in Creso because of its hemp oil animal health products for pets, he’s also very excited about this latest acquisition.

And if a company gets in early enough, people start using your brand name to describe the solution, rather than the ingredient, Linton said.

“So there’s this massive opportunity that’s both backwards and upside down, and I thought that they really nailed how to look at it and work on it, and the more you dig in, there’s an aggressiveness of the company, looking to win. So those are good combinations.”

Financial indicators

The VIX fear gauge down since 28 March by 1.36 points to 17.33.

The Dow Jones Industrial Average up 79.24 points or 0.31% since 21 March to 33,153.21, the STOXX 600 up 3.56 points or 0.82% to 432.22 and the Shanghai Composite index up 66.67 points or 1.75% to 3,484.39.

Gold on 1,730.10. US 10-year Treasury Bonds rising up to 1.720 and oil up to 61.24. Cryptos Bitcoin up by 3,002 points or 5.96% to 58,463.

ASX 200 up 4.50 points or 0.01% since 28 March to 6,828.70 today. The Aussie dollar down to 76.11US cents.

Eco Market Spot Prices

LGC $33.25

STC $38.75

ESC $30.20

VEEC $51.85

ACCU $18.50

Sources: RenewEconomy, demandmanager,  Reuters, SMH, Market Watch, Stockhead