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Meteoric Resources identifies strong conductors at Mulligan Cobalt Project

Published: 15:28 21 Jun 2018 AEST

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Drilling scheduled to commence in July 2018

Meteoric Resources NL (ASX:MEI) has completed its ground-based geophysics program of induced polarisation (IP), resistivity and magnetics at the Mulligan Cobalt Project in Ontario, Canada.

The company has identified a strong north‐south striking chargeability high across the survey area indicating the existence of a potentially mineralised alteration zone.

READ: Meteoric Resources all set for a re-rating, ahead of drilling on the Mulligan cobalt project

Meteoric managing director Dr Andrew Tunks said: “The initial ground‐based geophysics results achieved at Mulligan have certainly exceeded our expectations.

“The survey has defined numerous highly prospective targets for our first drilling program focussing on the cobalt-rich polymetallic veining. 

“We are continuing to quickly work through the target generation phase of exploration at all of our prospective cobalt assets in Ontario and we are very much looking forward to getting drill rigs on‐site to test these outstanding targets.”

The ground-based gradient IP/resistivity and magnetic survey at Mulligan was designed to investigate the location and extent of the cobalt-rich polymetallic veins that were previously mined at Mulligan.

To accomplish this, a detailed ground-based geophysical survey comprising 8.1 line kilometres of surveying was completed.

The survey outlined numerous target regions where very little historical work has been reported and where no modern exploration techniques had previously been applied.

Maiden drill program in July 2018

Geologists from Orix Geoscience will be onsite at Mulligan this week to verify the geophysical anomalies defined by the closely spaced ground‐based program.

Meteoric’s objective is to finalise the details of the maiden drill program at Mulligan, scheduled to commence July 2018.

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