Meteoric Resources NL (ASX:MEI)

Meteoric Resources NL (ASX:MEI)


Share Price
$ 0.02
Change
0.001 (6.25 %)
Market Cap
$12.60 m
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Meteoric Resources NL

Meteoric Resources NL (ASX:MEI) is focused on cobalt and polymetallic exploration and has built a large of projects in highly prospective mineral districts across Canada using extensive existing data and research.

Its East Ontario project portfolio comprises six projects with potential for high-grade cobalt mineralisation in areas historically known for silver and cobalt production,...

EPIC: MEI
Market: ASX:MEI
52-week High/Low: A$0.038 / A$0.007
Sector: Mining
Market Cap: $12.60 m
Website: www.meteoric.com.au
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Big Picture – A Deep Dive Examination of Meteoric Resources NL


Meteoric Resources NL Snapshot

Meteoric Resources listed on ASX in 2004 and has recently build a portfolio of highly prospective cobalt projects in East and West Ontario, Canada. The Company is focussed upon systematically working through target generation across its entire cobalt portfolio and initial drilling is scheduled to commence at the Mulligan Project in July 2018. The Meteoric management team includes experts in the field with previous project specific experience.

East Ontario

Meteoric’s 100%-owned East Ontario project portfolio consists of six projects in the Cobalt Town region and Sudbury Basin of Ontario, Canada. The projects – Mulligan and Mulligan East, Burt, Beauchamp, Iron Mask and Lorrain are located in historic cobalt and silver producing areas of eastern Ontario.

 

MULLIGAN


The Mulligan Project is the most prospective in the East Ontario portfolio. It is 50km north of the prolific silver-cobalt mining town of Cobalt, Ontario and within the Cobalt Embayment, a large 150km2 basin which has cobalt-bearing polymetallic veins. The project area captures eight parallel cobalt-rich polymetallic veins 10m apart over a strike length of 160m.

​Historical production at Mulligan averaged grades of 10% cobalt from an eight-tonne bulk sample, with grades as high as 19% cobalt and 56.7g/t gold.

Meteoric plans to undertake drilling at Mulligan in the second half of CY2018.

IRON MASK


The Iron Mask Project consists of eight contiguous claims covering 14.08km2, located on the western extent of the Sudbury Basin, which has regionally produced more than US$120 billion worth of copper, nickel and platinum group metals (PGMs).

​Iron Mask shows significant cobalt potential at several prospects: the historical Iron Mask and Cobalt shafts as well as the Cobra Showing. Cobra Showing has returned chip sample grades up to 11.3% cobalt and grab sample grades of 21.3% cobalt and 6.19% nickel. A bulk sample from Cobalt Shaft averaged 15% cobalt and 279g/t silver, with grab sampling grades up to 16% cobalt, 4.8% nickel and 17% bismuth. The Iron Mask Shaft returned a channel sample of 3.2% cobalt and 6g/t gold.

​Several geophysical targets have been identified from a compilation of historical data, with magnetic highs interpreted to relate to copper-cobalt mineralisation and magnetic lows relating to zinc mineralisation.

​Meteoric’s claims at Iron Mask are surrounded by tenements staked by Battery Mineral Resources.

OVERVIEW

​Meteoric’s 100%-owned East Ontario project portfolio consists of six projects in the Cobalt Town region and Sudbury Basin of Ontario, Canada. The projects – Mulligan and Mulligan East, Burt, Beauchamp, Iron Mask and Lorrain in historic cobalt and silver producing areas of eastern Ontario.


MULLIGAN EAST
Mulligan East is 5km east of Meteoric’s Mulligan Project and encompasses 90 claims totalling 1371 hectares or 13.7km2.

​It features similar trending structures that hosted the historical high-grade cobalt at Mulligan, where production grades averaged 10% cobalt.

​Aeromagnetic data has identified several major north-east-trending structures in the east of the project area which Meteoric plans to follow up with further exploration. Historical assays graded 4.5% cobalt and 87g/t silver in mineralisation at the nearby Foster Marshall cobalt-silver project held by Canada-based Supreme Metals Corp (C:ABJ).

BURT


The Burt Project consists of 9.34km2 of highly prospective cobalt ground, hosting three major fault/shear zones over a 5.7km strike length, with potential for primary cobalt mineralisation.

​It is 7km along strike from Battery Mineral Resources’ Island 27 Project, where grades of 4.18% cobalt, 12.1g/t silver, 0.38g/t nickel and 0.098g/t gold were intercepted.

LORRAIN


The 4.9km2 Lorrain tenement is highly prospective ground for primary cobalt mineralisation strategically located 9km south-southeast of Cobalt, Ontario. It contains numerous historical cobalt-silver mine shafts and open-pit workings with abundant visual cobalt mineralisation.

BEAUCHAMP


Beauchamp comprises 16 claim cells over 33.5km2 of ground highly prospective primary cobalt mineralisation. It is 40km north of the historic Cobalt camp, Ontario.

​A regional-scale Cross-Lake Fault that controls cobalt/silver mineralisation in the Cobalt camp tracks directly through the Beauchamp Cobalt Project area.

WEST ONTARIO

JOYCE RIVER

Meteoric announced the acquisition of the Joyce River project in western Ontario in May 2018. It has potential for significant tonnes of high-grade cobalt mineralisation, covering 4.6km2 in the Uchi Greenstone Belt of north-western Ontario. This belt is host to the Rice Lake Gold Camp in Manitoba; the prolific Red Lake Gold Camp, which has produced more than 60 million ounces of gold; the South Bay VMS Mine; the Thierry Cu-Ni Mine and the Pickle Lake Gold Camp. The Uchi Subprovince remains prime for Co-Cu-Ni-Au-Cr-PGE mineral exploration.

​Rock chip assays from Joyce River returned grades up to 0.3% cobalt, 11% copper and 8.1g/t gold. Outcropping sulphur mineralisation has potential for high-grade cobalt, copper and gold mineralisation. Magnetic signatures and airborne EM anomaly trends suggest that the sulphide-bearing pyroxenite is approximately 1.6km in strike length. Economically significant Co-Cu-Au values have been established to be coincident with both high magnetics and airborne EM anomalies.

 

 

Patrick Burke - Non-Executive Chairman


Mr Burke holds a Bachelor of Law from the University of Western Australia. He has extensive legal and corporate advisory experience and over the last 12 years has acted as a Director for a  large number of ASX, NASDAQ and AIM listed companies.

His legal expertise is in corporate, commercial and securities law in particular capital raisings and mergers and acquisitions. His corporate advisory experience includes identification and assessment of acquisition targets, strategic advice, deal structuring and pricing, funding, due diligence and execution.

He is currently a Non-Executive Director of ASX listed Tando Resources Limited, Triton Minerals Limited, Bligh Resources Limited and ATC Alloys Limited as well as NASDAQ listed Westwater Resources Inc.

Dr Andrew Tunks - Managing Director


Dr Tunks is a member of the Australian Institute of Geoscientist holding a B.Sc. (Hons.) from Monash and a Ph.D from the University of Tasmania. Dr Tunks has held numerous senior executive positions in a range of small to large resource companies including Auroch Minerals, A-Cap Resources, IMAGOLD Corporation and Abosso Goldfields.

​In his role as CEO and director of A-Cap Resources Dr. Tunks led the discovery of the 10th largest uranium resource in the world and managed four separate capital raisings totalling AUD$45 million. Through his 30-year career within the resource and academic sectors Dr. Tunks has developed a unique skill set including technical, promotional and corporate.

Tony Cormack -Cobalt Project Manager

Mr Cormack is a highly regarded cobalt expert with over 25 years of mine and exploration geology experience across a broad range of commodities.

Having held senior roles with BHP Billiton, Aztec Resources, Atlas Iron, Hexagon Resources and most recently as Chief Operating Officer at Battery Mineral Resources Limited.

Having discovered and developed a number of resource projects, Mr Cormack has a proven track record of taking exploration projects through to production.

Mr Cormack has completed a Bachelor of Science (Applied Geology) at Curtin University in Perth, Western Australia and is a member of the Australian Institute of Mining and Metallurgy.

Shastri Ramnath -Technical Director

Throughout her 15 years in the exploration and mining industry, Shastri has worked on projects in Canada, the United States (Nevada), South America (Chile, Ecuador, and Peru), and Africa (Guinea, Burkina Faso, Zambia, Namibia, and South Africa).

Her experience includes working with Falconbridge Limited in Winnipeg, Manitoba, the Exploration and Resource Group of FNX Mining (now KGHM International) in Sudbury, Ontario, and as the President, CEO and Director of Bridgeport Ventures (junior mining exploration company publically traded on the TSX).  In addition, Shastri is currently on the board of directors of Canadian Silver Hunter, a junior exploration company that focuses on silver exploration in Canada.

Shastri holds a B.Sc. (Hons) in Geological Sciences from the University of Manitoba, a M.Sc. in Exploration Geology from Rhodes University, South Africa and an MBA from Athabasca University.

Matthew Foy -Company Secretary


Matthew is a professional company secretary and active member of the WA State Governance Council of the Governance Institute Australia (GIA). He spent four years at the ASX facilitating the listing and compliance of companies and possesses core competencies in publicly listed company secretarial, operational and governance disciplines. His working knowledge of ASIC and ASX reporting and document drafting skills ensure a solid base to make a valued contribution to Boards.

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