Proactiveinvestors Australia Meteoric Resources NL https://www.proactiveinvestors.com.au Proactiveinvestors Australia Meteoric Resources NL RSS feed en Wed, 27 Mar 2019 01:31:16 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Meteoric Resources begins evaluation program at Juruena Gold Project in Brazil ]]> https://www.proactiveinvestors.com.au/companies/news/217172/meteoric-resources-begins-evaluation-program-at-juruena-gold-project-in-brazil-217172.html Meteoric Resources NL (ASX:MEI) has begun evaluating high-grade resources at the Querosene and Dona Maria deposits within its Jurena Gold Project in Brazil.

The company is putting in place a drilling and exploration program that aims to convert existing inferred resources to the indicated category as well as grow the resource base at these deposits.

Jurena hosts a resource estimate of 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t, comprising primarily of 436,000 tonnes at 14.7 g/t for 205,000 ounces at Dona Maria and Querosene.

READ: Meteoric Resources to acquire high-grade gold projects in Brazil

The company has entered into a binding terms sheet with Crusader Resources (ASX:CAS) to acquire the Juruena and Novo Astro gold projects in the state of Mato Grosso.

These projects cover an area of about 770 square kilometres, comprising 24 contiguous tenements on the western end of the highly prospective Alta Floresta Belt, which hosts major miners including Anglo American (LON:AAL) and Vale (NYSE:VALE).

Meteoric Resources managing director Andrew Tunks said: “The Juruena and Novo Astro projects represent a step-change in the company’s strategy from greenfields exploration to resource definition expansion.

“Based on the enormous database of previous exploration results, we can take a bold approach with our drilling which will be designed for maximum impact into and adjacent to known bonanza gold ore zones.

“At Querosene and Donna Maria, we will be taking a three-fold approach that looks to firstly improve confidence in the resource and grow the percentage of indicated resources by drilling within the current resource boundaries.

“Two, test along strike and down dip outside the resource boundaries to potentially grow the resource and three, collect sufficient sample material from known portions of the ore bodies to characterise the metallurgy of the ore zones and confirm the optimum process route.”

High-grade indicated and inferred mineral resources

The Juruena deposits are hosted in a district scale gold mineralised system, linked by a structural corridor hosting multiple gold prospects such as Querosene and Dona Maria.

 Location of the high-grade Querosene and Dona Maria resources along the Jurena fault

Two distinct styles of primary gold mineralisation are apparent:

Discrete steeply dipping generally narrow quartz veins with minor sulphides and high-grade gold both as free gold and associated with sulphide alteration and vein selvedges; and

Zones of sheeted quartz veins, stockworks and minor breccias, which contain 3-5% sulphides.

Proposed work to increase confidence and grow resources

Only 24% and 34% of the resources at Querosene and Dona Maria respectively are in the indicated category.

The main objective of the initial exploration will be to convert ounces from inferred to indicated in order to enable more detailed economic studies to occur.

The company plans to:

Increase confidence in the resources at shallow depths with additional drill holes in the near-surface, especially below the artisanal pits;

Generate accurate (survey) 3D surfaces of the base of current artisanal working, which don’t currently exist; and

Carry out additional specific gravity (SG) measurements.

 List of significant mineralised intersections for Querosene and Dona Maria deposits 

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Tue, 26 Mar 2019 11:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217172/meteoric-resources-begins-evaluation-program-at-juruena-gold-project-in-brazil-217172.html
<![CDATA[News - Meteoric Resources to acquire high-grade gold projects in Brazil ]]> https://www.proactiveinvestors.com.au/companies/news/216723/meteoric-resources-to-acquire-high-grade-gold-projects-in-brazil-216723.html Meteoric Resources NL (ASX:MEI) has entered into a binding terms sheet with Crusader Resources (ASX:CAS) to acquire the Juruena and Novo Astro gold projects in the state of Mato Grosso in Brazil.

Juruena hosts a JORC compliant resource of 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t and has had more than $25 million of expenditure including over 50,000 metres of drilling.

The Novo Astro Project is located 25 kilometres to the southeast of Juruena and contains a massive soil anomaly (+15 square kilometres) with multiple rock chip samples grading >10 g/t gold.

The Juruena and Novo Astro projects cover an area of about 770 square kilometres, comprising 24 contiguous tenements on the western end of the highly prospective Alta Floresta Belt, which is host to major miners including Anglo American (LON:AAL) and Vale (NYSE:VALE).

Geologically, the Alta Floresta belt is a Paleoproterozoic, east-west trending, continental magmatic-arc, estimated to have produced over 7 million ounces of gold to date.

It is arguably the most desirable gold exploration destination in Brazil.

Outstanding high-grade drill intercepts

The total cost of the acquisition is $1 million in cash upon acquisition completion and $2 million in shares issued across three stages.

Meteoric Resources managing director Dr Andrew Tunks said: “The acquisition of the Juruena and Novo Astra Projects is a wonderful opportunity for the company. It’s a pivotal point in developing our work/mission/identity, from explorer to miner.

“The truism “Grade is King” is often thrown around and Juruena is a prime example.

“We’ve seen outstanding high-grade drill intercepts within a large mineralised system, which remains largely open with areas untested. I am confident there will be exciting exploration results from Juruena once we mobilise to site.”

Significant untapped potential

“Concerning Novo Astra, we can see a massive gold anomaly, identified through extensive artisanal mining extending over 15 square kilometres.

“We have multiple high-grade rock chip results above 10 g/t gold with the highest in excess of 250 g/t, which constitutes a large, high-grade opportunity of enormous untapped potential.

“Across Juruena and Novo Astra we are presented with a fascinating array of first-class targets which have been pinpointed by in excess of US$25 million in exploration expenditure to date including over 50,000 metres of drilling.

Drilling planned at two advanced targets

Tunks added: “As part of the acquisition process, we are committed to retaining the existing technical staff working on the project in order to hit the ground running.

“Further, we have formed a partnership with an experienced Brazilian exploration management group, Target Latin America, who have a strong track record in successful exploration throughout Brazil.

“Initially our work with them will be further exploration at the two most advanced targets - Querosene and Donna Maria.

“This initial work program will include resource definition and resource extension drilling.

“At Novo Astra, we will commence a program of ground-based geophysics over the enormous geochemical anomaly involving magnetics and an induced polarisation survey (IP).”

Diversification of commodity risk

“This acquisition culminates an extensive worldwide review of potential gold assets.

“It will add immediate value for our shareholders and expose them to the vast upside potential of the projects.

“It will also serve to diversify our commodity risk, by adding a high-grade gold resource to the company’s portfolio.”

Capital raising and share purchase plan

Meteoric is raising of up to $2.64 million via an underwritten issue of shares at 1 cent each to sophisticated and professional investors.

In conjunction with the placement, Meteoric will offer eligible shareholders the opportunity to participate in a share purchase plan (SPP) to raise up to $750,000 via the issue of shares at the same price.

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Thu, 21 Mar 2019 10:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216723/meteoric-resources-to-acquire-high-grade-gold-projects-in-brazil-216723.html
<![CDATA[Media files - Meteoric Resources pivots to promising Brazilian gold find ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12671/meteoric-resources-pivots-to-promising-brazilian-gold-find-12671.html Wed, 20 Mar 2019 21:36:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12671/meteoric-resources-pivots-to-promising-brazilian-gold-find-12671.html <![CDATA[News - Meteoric Resources reveals maiden drilling results from Joyce Copper-Cobalt-Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/216525/meteoric-resources-reveals-maiden-drilling-results-from-joyce-copper-cobalt-gold-project-216525.html Meteoric Resources NL (ASX:MEI) has received the results from its recently completed diamond drill program at the Joyce Copper-Cobalt-Gold Project in West Ontario, Canada.

Drill hole JR-19-04 intersected 1.845% copper over 0.61 metres from 50.19 metres downhole.

The drilling program, the first ever drilling to be carried out at the Joyce Project, comprised four holes for a total of 492 metres and was completed in January 2019.

Drilling targeted historical trenching results containing values up to 0.3% cobalt, 11% copper and 8.07 g/t gold, in addition to coincident airborne electromagnetic (EM) and magnetic anomalies.

READ: Meteoric Resources focuses on Canadian cobalt assets with view to expandportfolio

Meteoric managing director Dr Andrew Tunks said: “The maiden drill program at Joyce River was truly maiden, being the first ever drilling to be carried out at the project of the copper-cobalt occurrence which was originally discovered in 2007.

“The results from the drilling do not support the encouragement we received from surface sampling, particularly in relation to the gold and cobalt values which are low.

Multiple prospective cobalt projects

“Whilst this program tested only the western most geochemical and EM anomalies, additional coincident EM-magnetic anomalies located beneath thin cover in the east are anticipated to be the focus of future exploration programs.

“The company is continuing to progress its exploration programs at other prospective projects within the cobalt portfolio, namely Beauchamp, Iron Mask and Mulligan East, where the company has recently completed an extensive airborne geophysics program.”

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Fri, 15 Mar 2019 17:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216525/meteoric-resources-reveals-maiden-drilling-results-from-joyce-copper-cobalt-gold-project-216525.html
<![CDATA[News - Meteoric Resources in trading halt ahead of potential acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/216518/meteoric-resources-in-trading-halt-ahead-of-potential-acquisition-216518.html Meteoric Resources NL (ASX:MEI) has been granted a trading halt by the ASX pending release of an announcement regarding a potential acquisition.

Shares in the company will remain halted until the earlier of, the release of relevant information, or, the commencement of trading on Tuesday 19 March 2019.

Meteoric is developing a portfolio of cobalt assets in Canada’s Ontario province with a program of systematic exploration.

READ: Meteoric Resources focuses on Canadian cobalt assets with view to expandportfolio

The priority target within Meteoric’s cobalt portfolio is the Joyce Copper-Cobalt-Gold Project in western Ontario.

An eight-hole diamond drilling program for 500 metres was started in January with initial samples submitted for analysis.

The company also holds interest in several joint venture projects in northern Australia, which are prospective for kimberlite, gold and copper.

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Fri, 15 Mar 2019 13:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216518/meteoric-resources-in-trading-halt-ahead-of-potential-acquisition-216518.html
<![CDATA[News - Meteoric Resources focuses on Canadian cobalt assets with view to expand portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/214226/meteoric-resources-focuses-on-canadian-cobalt-assets-with-view-to-expand-portfolio-214226.html Ongoing exploration across cobalt portfolio with 38 targets areas identified;

Drill program underway, designed to intersect target zones below massive sulphide outcrops;

Samples submitted to laboratory for assay; and

Renewed focus on potential acquisitions and investments with an emphasis on gold and base metals.

What does Meteoric do?

Meteoric Resources NL (ASX:MEI) is developing a portfolio of cobalt assets in Canada’s Ontario province with a program of systematic exploration.

The company also holds interest in several joint venture projects in northern Australia, which are prospective for kimberlite, gold and copper.

Managing director is Andrew Tunks, who has had 30 years’ experience within the resource and academic sectors and is a member of the Australian Institute of Geoscientists.

Tunks holds degrees from Monash and the University of Tasmania and has held senior executive positions in range of companies including: Auroch Minerals Ltd (ASX:AOU); A-Cap Resources Ltd (ASX:ACB); IAMGOLD Corporation (NYSE:IAG); and Abosso Goldfields.

What does Meteoric own?

The priority target within Meteoric’s cobalt portfolio is the Joyce Copper-Cobalt-Gold Project in western Ontario.

An eight-hole diamond drilling program for 500 metres was started in January with initial samples now submitted for analysis.

Historical assays at Joyce include 11% copper, 0.3% cobalt and 8.07 g/t gold, confirming the potential of the system.

Meteoric’s six other cobalt projects are in eastern Ontario including Mulligan and Mulligan East, Burt, Beauchamp, Iron Mask and Lorrain.

In December the company received results from a 374-kilometre airborne versatile time-domain electromagnetic survey (VTEM) which defined 11 targets at Beauchamp.

An airborne electromagnetic survey undertaken at Mulligan East and Iron Mask last year also identified a further 18 targets.

3D modelling has confirmed that the prospective cobalt and polymetallic mineralisation targets were near surface.

Priority targets will initially be followed up with detailed ground geophysics and geochemistry leading to the definition of drill targets.

Exploration at the Webb Diamond joint venture project in Australia, in which Meteoric has an 18% interest, is focused on the evaluation of a large kimberlite field comprising about 280 bullseye magnetic targets.

Meteoric has drill tested 23% of these targets and identified 51 kimberlite bodies.

A successful surface loam sampling program undertaken recently resulted in the recovery of 24 microdiamonds.

This provides the company with a geological interpretation of a broad surface microdiamond dispersion anomaly in the northern portion of the field.

Meteoric’s other two Australian joint venture projects, the Warrego North iron oxide copper-gold (IOCG) project and the Babbler Gold Project, had no exploration work completed in the last quarter.

Warrego was the largest deposit mined in the Tennant Creek Mineral Field, with historical production of 1.3 million ounces of gold and 90,000 tonnes of copper.

Chalice Gold Mines Limited (ASX:CHN) can earn up to 70% interest in Warrego by sole funding $800,000 of exploration.

Meteoric is well-funded with more than $2 million in cash on hand at the beginning of 2019.

Inflection points

Continued exploration success at cobalt-prospective targets within its Canadian portfolio;

Further gold and base metals project acquisitions; and

Upside from earn-in and joint venture Australian projects.

Managing director Andrew Tunks notes Joyce as most prospective Canadian target

“It’s great to kick off the new year for Meteoric with drilling so early in January,” Tunks said.

“Statutory approvals were received late in December and we were able to mobilise the rig to site and test our high-priority Joyce target.”

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Thu, 07 Feb 2019 22:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214226/meteoric-resources-focuses-on-canadian-cobalt-assets-with-view-to-expand-portfolio-214226.html
<![CDATA[News - Meteoric Resources begins diamond drilling program at Joyce in Canada ]]> https://www.proactiveinvestors.com.au/companies/news/212453/Meteoric-Resources-begins-diamond-drilling-program-at-Joyce-in-Canada-212453.html Meteoric Resources NL (ASX:MEI) has started drilling at its Joyce Copper-Cobalt-Gold Project in western Ontario, Canada.

The eight-hole drill program for 500 metres begun after the drilling rig was mobilised to site last week.

Meteoric Resources managing director Andrew Tunks said: “It’s great to kick off the new-year with drilling so early in January.

“Statutory approvals were received late in December and we were able to mobilise the rig to site and test our high priority Joyce target.”

 

Results expected in coming weeks

Tunks said: “Drilling is being carried out by Chibougamau Diamond Drilling company under the supervision of our partners Orix Geoscience.

“We look forward to reporting results to shareholders in the coming weeks as the program is completed and assay results are received.”

Historical high-grade assays

Historical high-grade assays include 11.0% copper, 0.3% cobalt and 8.07 g/t gold, which confirm the potential of the system.

READ: Meteoric Resources to drill high priority Joyce project

Joyce is Meteoric’s highest priority target based on thick sequences of undrilled massive and disseminated sulphides exposed at surface.

Tunks said previously: “Over recent months we have completed regional project reviews and concluded Joyce to be our most prospective target across our Canadian cobalt portfolio.

“This has been driven largely by Tony Cormack’s mapping of significant zones of massive sulphide exposed at surface and their close correlation to the major EM anomalies.

“Incredibly these targets have never been drilled.”

Eastern Ontario portfolio

The company has also built a portfolio of six projects in eastern Ontario including Mulligan and Mulligan East, Burt, Beauchamp, Iron Mask and Lorrain in the Cobalt Town region.

READ: Meteoric Resources defines 11 new cobalt targets in Ontario, Canada

In December last year the company received results from a 374 line kilometre airborne versatile time domain electromagnetic survey (VTEM), which defined 11 targets at its Beauchamp project.

Tunks said: “Beauchamp has the right rock types combined with the right geological structures, including the regional scale Cross Lake fault zone, which is a key ingredient of the cobalt potential that exists at the project.”

READ: Meteoric Resources survey identifies 18 cobalt targets in Canada

The mineral explorer also identified 18 cobalt targets from an airborne electromagnetic (EM) survey at its Mulligan East and Iron Mask projects last year.

3D modelling confirmed that the prospective cobalt and polymetallic mineralisation targets were near surface.

- Jessica Cummins

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Sun, 13 Jan 2019 21:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212453/Meteoric-Resources-begins-diamond-drilling-program-at-Joyce-in-Canada-212453.html
<![CDATA[News - Meteoric Resources NL set to begin initial drilling at Joyce project in Canada ]]> https://www.proactiveinvestors.com.au/companies/news/212007/meteoric-resources-nl-set-to-begin-initial-drilling-at-joyce-project-in-canada-212007.html Meteoric Resources NL (ASX:MEI) is set to begin an initial drilling program shortly at the highly prospective Joyce Copper-Cobalt-Gold Project in the west of Ontario in Canada.

The 8-hole program for around 500 metres will target shallow EM targets immediately beneath outcropping massive sulphides.

READ: Meteoric Resources to drill high priority Joyce project

Joyce is a high priority target for Meteoric based on the recognition of broad zones of massive and disseminated sulphides exposed at surface.

Historical high-grade assays from grab sampling of 11.0% copper, 0.3% cobalt and 8.07 g/t gold confirm the potential of this system.

Meteoric’s managing director Dr Andrew Tunks said recently: “We have completed regional project reviews and concluded Joyce to be our most prospective target across our Canadian cobalt portfolio.”

He said this was driven largely by Tony Cormack’s mapping of significant zones of massive sulphide exposed at surface and their close correlation the major EM anomalies.

“Incredibly these targets have never been drilled,” he added.

Meteoric well-funded

The company is well funded with in excess of $2 million in cash net of liabilities enabling it to pursue exploration of its highly prospective cobalt portfolio as well as other investment opportunities.

This is despite being advised by TopTung Limited (ASX:TTW) that it will not be completing the acquisition of Meteoric’s non-core Midrim and LaForce nickel-copper projects, also in Canada.

READ: Meteoric Resources survey identifies 18 cobalt targets in Canada

TopTung has advised that it has made this decision owing to present market conditions and a decision to focus on evaluating its current Canadian portfolio rather than the prospectivity of Midrim and LaForce.

The proposed sale was announced last November and was intended to involve the issue to Meteoric of 31.25 million TopTung shares which, at the time was valued at more than $1.531 million.

Of the Joyce drilling, Tunks said: “Effectively we will be drilling at shallow EM targets that sit immediately below massive and disseminated sulphide mineralisation mapped at surface.

“Although the initial plan is to test the western end of the system for only 500 metres of drilling, we will continually evaluate our success during the program and as such, elect to extend the program further.”

In addition, the company is assessing a number of gold projects.

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Mon, 07 Jan 2019 13:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212007/meteoric-resources-nl-set-to-begin-initial-drilling-at-joyce-project-in-canada-212007.html
<![CDATA[News - Meteoric Resources survey identifies 18 cobalt targets in Canada ]]> https://www.proactiveinvestors.com.au/companies/news/211441/meteoric-resources-survey-identifies-18-cobalt-targets-in-canada-211441.html Meteoric Resources NL (ASX:MEI) has identified 18 cobalt targets areas from an airborne electromagnetic survey at its Mulligan East and Iron Mark Projects in Canada.

In addition, 3D modelling at the projects has interpreted the prospective cobalt and polymetallic mineralisation targets to be near-surface.

All targets areas are to be followed up with tightly spaced geochemical sampling and ground-based geophysics.

15 targets at East Mulligan

3 targets at Iron Mask

READ: Meteoric Resources defines 11 new cobalt targets in Ontario, Canada

Meteoric’s managing director Andrew Tunks said: “These latest results from Mulligan East and Iron Mask complement our recently released airborne geophysics results at Beauchamp and we have now generated 29 new cobalt and polymetallic mineralisation target areas across our three largest projects in Ontario.

“We have a great portfolio of cobalt focussed projects and the team is systematically working through the process of active on-ground exploration.

Permit for Joyce project received, drilling to commence early 2019

“We are also pleased to advise we have received the environmental approval from MNDM for the Joyce Project and as such, are looking forward to commencing the drilling as soon as we can get a rig to site.”

Joyce is a high priority target for Meteoric based on the recognition of broad zones of massive and disseminated sulphides exposed at surface.

An initial 8-hole drill program for 500 metres has been planned to intersect target zones immediately below massive sulphide outcrops and within the recently remodelled EM conductivity targets.

Historical high-grade assays from grab sampling of 11.0% copper, 0.3% cobalt and 8.07 g/t gold confirm the potential of this system.

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Wed, 19 Dec 2018 11:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211441/meteoric-resources-survey-identifies-18-cobalt-targets-in-canada-211441.html
<![CDATA[News - Meteoric Resources defines 11 new cobalt targets in Ontario, Canada ]]> https://www.proactiveinvestors.com.au/companies/news/210825/meteoric-resources-defines-11-new-cobalt-targets-in-ontario-canada-210825.html Meteoric Resources NL (ASX:MEI) has received the results from a 374 line-kilometre airborne versatile time-domain electromagnetic (VTEM) survey at its Beauchamp Cobalt Project in Ontario, Canada.

Beauchamp is located just 40 kilometres to the north of the famous Cobalt Camp in Ontario.

Significantly, Meteoric has identified 11 highly prospective cobalt target areas on the contact zones between mafic intrusions and Cobalt Group sediments being the same geological setting as found in the Cobalt Camp.

All conductors are near surface and interpreted to be associated with cobalt/polymetallic mineralisation.

READ: Meteoric Resources puts Geotech in a plane as Ontarian cobalt surveys begin in Canada

Meteoric Resources managing director Dr Andrew Tunks said: “We are pleased with these outstanding airborne geophysical results for Beauchamp, they certainly validate the company’s strategy to acquire this project located in the heart of Ontario’s cobalt belt.

“Beauchamp has the right rock types combined with the right geological structures, including the regional scale Cross Lake fault zone, which is a key ingredient of the cobalt potential that exists at the Project.

“Now the VTEM has demonstrated strong geophysical anolmalies which confirms Beauchamp as a priority area for cobalt / polymetallic mineralisation.

“We will continue to work through the target generation process, and we very much look forward to drilling holes into these exciting targets in 2019.”

READ: Meteoric Resources to drill high priority Joyce Project

Meteoric anticipates that all required approvals for the Joyce River Project will be received shortly with drilling now expected to commence in early 2019.

Joyce is a high priority target for Meteoric based on the recognition of thick zones of massive and disseminated sulphides exposed at surface.

Historical high-grade assays from grab sampling of 11% copper, 0.3% cobalt and 8.07 g/t gold confirm the potential of this system.

An initial 8-hole drill program for 500 metres has been planned to intersect target zones immediately below massive sulphide outcrops and within the recently remodelled electromagnetic conductivity targets.

READ: Meteoric Resources divests non-core Canadian assets for more than $1.5 million ]]>
Mon, 10 Dec 2018 12:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210825/meteoric-resources-defines-11-new-cobalt-targets-in-ontario-canada-210825.html
<![CDATA[News - Meteoric Resources divests non-core Canadian assets for more than $1.5 million ]]> https://www.proactiveinvestors.com.au/companies/news/209421/meteoric-resources-divests-non-core-canadian-assets-for-more-than-15-million-209421.html Meteoric Resources NL (ASX:MEI) has entered into a conditional sale agreement with TopTung Ltd (ASX:TTW) to dispose of its non-core Canadian nickel-copper projects.

The transaction comprises the sale of the Midrim and LaForce projects for an issue of 31.25 million TopTung shares which, at the last trading price of 4.9 cents a share, is valued at $1,531,250.

Meteoric will hold about $4 million in cash and listed shares following completion of the transaction, enabling it to pursue both exploration of its cobalt portfolio and other investment opportunities.

READ: Meteoric Resources to drill high-priority Joyce project

Meteoric managing director Andrew Tunks said the asset disposal was a fantastic result for the company.

“Following our move into the Canadian cobalt space, our focus has shifted from Midrim and LaForce as key assets.

“We are thrilled to have entered into an agreement with TopTung which is focused more on the nickel-copper space and as such, better positioned to further these projects.

“Our shareholders will benefit from TopTung’s future success.”

READ: Meteoric Resources discovers more drill targets with geophysics

Meteoric’s sale agreement will dispose of its assets to Canadian Nickel Corporation Pty Ltd (CNC) which, as part of a broader play in Quebec’s Belleterre-Angliers greenstone belt, will be wholly acquired by TopTung.

CNC also has the option to acquire the Lac Kelly project, in the same district as TopTung’s existing Alotta project, from Globex Mining Enterprises Inc (TSX:GMX).

A total of 47 million shares will be issued by TopTung to acquire the three advanced projects.

 

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Sun, 18 Nov 2018 23:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209421/meteoric-resources-divests-non-core-canadian-assets-for-more-than-15-million-209421.html
<![CDATA[News - Meteoric Resources NL shares enter a halt on asset divestment news ]]> https://www.proactiveinvestors.com.au/companies/news/209338/meteoric-resources-nl-shares-enter-a-halt-on-asset-divestment-news-209338.html Meteoric Resources NL (ASX:MEI) has gone into a trading halt as it prepares to announce a divestment by early next week.

Trade in the company’s securities was paused by the Australian Securities Exchange at 2.06pm market time.

The trading halt is expected to be lifted by start of trade next Tuesday, November 20, 2018.

READ: Meteoric Resources to drill high-priority Joyce project

Meteoric company secretary Matthew Foy requested the halt in the company’s securities in a letter to ASX Ltd (ASX:ASX).

Foy wrote: “Meteoric Resources NL hereby requests a trading halt pending release of an announcement regarding a disposal of an asset.”

READ: Meteoric Resources discovers more drill targets with geophysics

Four days ago the West Perth-based company reported it was due to start drilling at its Joyce Copper-Cobalt-Gold Project in Western Ontario, Canada.

An initial 8-hole diamond drill program at Joyce River will take in 500 metres.

Meteoric’s managing director Dr Andrew Tunks said: “Although the initial plan is to test the western end of the system for only 500 metres of drilling.

“Effectively we will be drilling at shallow EM targets that sit immediately below massive and disseminated sulphide mineralisation mapped at surface.

“We will continually evaluate our success during the program and as such, elect to extend the program further.”

READ: Meteoric Resources developing Canadian cobalt portfolio

The company’s portfolio of seven Canadian cobalt projects in Ontario is a focus for the company.

Its Joyce River project features high-grade cobalt-copper-gold mineralisation and is in West Ontario.

Meteoric’s six other projects in Ontario — Mulligan and Mulligan East, Burt, Beauchamp, Iron Mask and Lorrain — are in East Ontario and contain high-grade cobalt mineralisation in areas historically known for silver and cobalt production.

The company also holds a project on the Belleterre-Angliers Greenstone Belt in Quebec, Canada.

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Thu, 15 Nov 2018 23:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209338/meteoric-resources-nl-shares-enter-a-halt-on-asset-divestment-news-209338.html
<![CDATA[News - Meteoric Resources to drill high priority Joyce Project ]]> https://www.proactiveinvestors.com.au/companies/news/208965/meteoric-resources-to-drill-high-priority-joyce-project-208965.html Meteoric Resources Ltd (ASX:MEI) is scheduled to commence drilling at the Joyce Copper-Cobalt-Gold Project in Western Ontario, Canada.

Joyce is Meteoric’s highest priority target based on thick sequences of undrilled massive and disseminated sulphides exposed at surface.

An initial 8-hole diamond drill program for 500 metres is to commence at Joyce imminently.

READ: Meteoric Resources discovers more drill targets with geophysics

Meteoric’s managing director Dr Andrew Tunks said: “Over recent months we have completed regional project reviews and concluded Joyce to be our most prospective target across our Canadian cobalt portfolio, driven largely by Tony Cormack’s mapping of significant zones of massive sulphide exposed at surface and their close correlation the major EM anomalies.

“Incredibly these targets have never been drilled.

“The Joyce drill target generation program is now complete and we plan to commence drilling as soon as final government approvals arrive.

READ: Meteoric Resources developing Canadian cobalt portfolio

“Effectively we will be drilling at shallow EM targets that sit immediately below massive and disseminated sulphide mineralisation mapped at surface.

“Although the initial plan is to test the western end of the system for only 500 metres of drilling, we will continually evaluate our success during the program and as such, elect to extend the program further.”

Outcropping massive sulphides coincide with electromagnetics

Recently modelled zones of high electromagnetic (EM) conductivity are coincident with outcropping massive sulphide mineralisation and mineralised rock chips.

Based on these observations, Joyce is the highest priority target.

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Mon, 12 Nov 2018 11:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208965/meteoric-resources-to-drill-high-priority-joyce-project-208965.html
<![CDATA[News - Meteoric Resources discovers more drill targets with geophysics ]]> https://www.proactiveinvestors.com.au/companies/news/206529/meteoric-resources-discovers-more-drill-targets-with-geophysics-206529.html Meteoric Resources Ltd (ASX:MEI) has defined nine strong electromagnetic (EM) cobalt-copper-gold targets anomalies at its Joyce Cobalt Project in Ontario, Canada.

The targets were generated from 3D geophysical modelling of the 2012 AeroTEM survey data.

Positively, all anomalies are coincident with regional magnetic highs and outcropping massive sulphide mineralisation mapped across numerous prospects.

READ: Meteoric Resources seeks to prioritise cobalt targets at Canadian tenements

Meteoric’s manaing director Dr Andrew Tunks said: “We are excited about what our target generation program has highlighted to date at Joyce, with the modelling of the AeroTEM data defining nine distinct EM targets linked to polymetallic geochemical anomalies covering over 1.8 kilometres of strike.

“We will shortly be commencing an extensive program of surface sampling over the anomalies aimed at further defining targets before proceeding to drilling.”

High-grade potential confirmed by historical assays

A recent site visit to Joyce by Tony Cormack observed massive sulphide mineralisation and an extensive rock chip sampling program is set to commence immediately.

Notably, high-grade historical assays taken from the project graded 11.0% copper, 0.3% cobalt and 8.07 g/t gold further confirming the project’s potential.

READ: Meteoric Resources developing Canadian cobalt portfolio

The 100% owned Joyce Project is one of seven cobalt projects located in the Canadian state of Ontario.

Dr Tunks added: “Our team is running an extensive data collection and compilation program across the portfolio and each of the projects contained within are independent of one another and we anticipate our target generation and drilling programs to uncover different results at each.  

“We will continue to update our shareholders as we progress our target generation to firm up our next priority drilling targets across the portfolio.”

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Mon, 08 Oct 2018 11:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206529/meteoric-resources-discovers-more-drill-targets-with-geophysics-206529.html
<![CDATA[News - Meteoric Resources seeks to prioritise cobalt targets at Canadian tenements ]]> https://www.proactiveinvestors.com.au/companies/news/205392/meteoric-resources-seeks-to-prioritise-cobalt-targets-at-canadian-tenements-205392.html Meteoric Resources NL (ASX:MEI) continues to progress target generation work across its suite of cobalt prospects in Ontario, Canada.

The company remains confident of exploration success despite receiving disappointing results from an 11-hole maiden drilling program at the Mulligan Cobalt Project.

Most drill holes intersected the targeted fault and vein structures, however, the results indicate the system lacks the geological scale and metal grades to host sufficient polymetallic mineralisation.

 

Meteoric managing director Andrew Tunks said, “The assays for the maiden drilling program at Mulligan confirm we hit the targeted structures, however they did not intersect any major cobalt mineralisation.

“As such we will move our focus away from Mulligan and continue to progress our target generation program across our entire highly prospective portfolio.”

Geophysical surveys completed

The company has completed geophysical surveys at the Mulligan East, Iron Mask and Beauchamp prospects with results expected in the coming weeks.

Upcoming work programs will prioritise new geophysical targets and test the strike extension of historical cobalt mining north of Iron Mask.

READ: Meteoric Resources puts Geotech in a plane as Ontarian cobalt surveys begin in Canada

Tunks said, “Whilst it is disappointing to not have success at our maiden drilling program, we have demonstrated that we have a strong technical team capable of systematically and efficiently exploring our cobalt projects.

“We will immediately turn our focus to the recently flown airborne geophysics at Iron Mask, Mulligan East and Beauchamp where we are expecting strong targets based on existing historic working, associated with strong geochemical signatures.

“On top of this,” he said, “we have acquired, and are remodelling, airborne EM flown in 2012 to plan an extensive surface sampling program across multiple mineralised copper gold cobalt targets.”

Focus shifts away from Mulligan

The Mulligan drilling program was designed to test geophysical and geochemical targets as well as historical workings.

Most prospective targets were drilled so the company believes it has effectively tested the cobalt targets identified at Mulligan.

Four holes intersected narrow potentially mineralised zones and these were assayed for a multi-element suite.

Meteoric’s cobalt strategy is to acquire multiple projects with historical production and previous work in the world-class cobalt district in Ontario.

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Thu, 20 Sep 2018 22:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205392/meteoric-resources-seeks-to-prioritise-cobalt-targets-at-canadian-tenements-205392.html
<![CDATA[News - Meteoric Resources puts Geotech in a plane as Ontarian cobalt surveys begin in Canada ]]> https://www.proactiveinvestors.com.au/companies/news/204290/meteoric-resources-puts-geotech-in-a-plane-as-ontarian-cobalt-surveys-begin-in-canada-204290.html Meteoric Resources NL’s (ASX:MEI) (FRA:RNF) contractor Geotech Ltd has started geophysical surveys at the listed company’s three largest cobalt projects — Beauchamp, Mulligan East and Iron Mask in the Canadian state of Ontario.

Geotech’s fly-overs of Beauchamp have begun, with Mulligan East to follow before Iron Mask goes last.

READ: Meteoric Resources developing Canadian cobalt portfolio

The versatile time-domain electromagnetic surveys will use the VTEM Plus system to fly 714 line-kilometres.

Meteoric said the latest system provided “unparalleled resolution and depth of investigation” as the sensors continuously detected high-magnetic areas to define the Nipissing Diabase potential cobalt host sequence in the grounds’ sub-surface.

The company will feed the data into 3D models and expects to follow up the work with exploration programs that include drilling.

 

The Ontarian-focused company has seven projects in the Canadian state and began a target generation exploration program across the Ontarian cobalt portfolio in the June 2018 financial quarter.

West Perth-based Meteoric drilled 11 diamond holes for 970 metres at the wholly-owned Mulligan Cobalt Project, intersecting its targeted fault structures and mineralised veins in multiple holes.

READ: Meteoric Resources completes maiden drilling at cobalt project

Meteoric Resources managing director Dr Andrew Tunks said today described Geotech as a world-leader in geophysics programs and noted the VTEM Plus technology it was using was “time efficient and extremely cost effective”.

Tunks said: “As our Beauchamp, Mulligan East and Iron Mask properties cover in excess of 60 km2 of prospective ground for cobalt mineralisation, flying the chopper survey as a first pass is a very economical method for target generation”.

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Wed, 05 Sep 2018 21:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204290/meteoric-resources-puts-geotech-in-a-plane-as-ontarian-cobalt-surveys-begin-in-canada-204290.html
<![CDATA[News - Meteoric Resources developing Canadian cobalt portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/202898/meteoric-resources-developing-canadian-cobalt-portfolio-202898.html Meteoric Resources Ltd (ASX:MEI) has a portfolio of seven cobalt projects located in the Canadian state of Ontario.

During the June quarter of 2018, the company commenced its target generation exploration program across its Ontario cobalt portfolio.

READ: Meteoric Resources completes maiden drilling at cobalt project

During August 2018, Meteoric completed 11 diamond holes for 970 metres at its 100% owned Mulligan Cobalt Project in Ontario, Canada.

Positively, multiple holes intersected the targeted fault structures and mineralised veins.

Assay results due late September

Meteoric’s managing director Dr Andrew Tunks said: “Meteoric’s maiden drilling program at Mulligan of 11 holes has now been safely completed.

“Our drilling contractors G4 Forage were outstanding, and along with fantastic field support from Orix Geoscience, the program has been completed ahead of schedule.

“Tony is currently travelling to site to conduct logging of the core, conduct sampling and generate a 3D model for Mulligan and plan for follow-up drilling.”

READ: Meteoric Resources has high hopes that survey will generate targets at Canadian cobalt projects

Earlier in August 2018, Meteoric commenced preparations to carry out an airborne survey over its three largest cobalt projects with the aim of generating drilling targets.

A 714 line-kilometre helicopter-borne Versatile Time Domain Electro Magnetic (VTEM) survey was to be flown over the Iron Mask, Mulligan East and Beauchamp projects.

Tunks added: “With results from the drilling eagerly awaited along with our extensive airborne program commencing across multiple projects and drilling planned for Burt, Lorrain and Joyce, we certainly have a lot ahead of us and have demonstrated that we have the right team in place to execute.”

Three cobalt projects acquired in June quarter

During the June quarter, Meteoric's Canadian cobalt portfolio strengthened with three further acquisitions.

These were the Beauchamp and Lorrain projects in East Ontario and Joyce River Project in West Ontario.

East Ontario known for cobalt and silver production

Meteoric’s six projects in East Ontario have the potential for high-grade cobalt mineralisation in areas historically known for silver and cobalt production.

The remaining project in West Ontario, Joyce River, is targeting high-grade cobalt-copper-gold mineralisation.

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Wed, 15 Aug 2018 08:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202898/meteoric-resources-developing-canadian-cobalt-portfolio-202898.html
<![CDATA[News - Meteoric Resources completes maiden drilling at cobalt project ]]> https://www.proactiveinvestors.com.au/companies/news/202700/meteoric-resources-completes-maiden-drilling-at-cobalt-project-202700.html Meteoric Resources Ltd (ASX:MEI) completed 11 diamond holes for 970 metres at its 100% owned Mulligan Cobalt Project in Ontario, Canada.

Positively, multiple holes intersected the targeted fault structures and mineralised veins.

Meteoric’s cobalt expert Tony Cormack is now travelling to Mulligan to view the core and coordinate the sampling program with assay results due in late September.

READ: Meteoric Resources has high hopes that survey will generate targets at Canadian cobalt projects

Meteoric’s managing director Dr Andrew Tunks said: “Meteoric’s maiden drilling program at Mulligan of 11 holes has now been safely completed.

“Our drilling contractors G4 Forage were outstanding, and along with fantastic field support from Orix Geoscience, the program has been completed ahead of schedule.

“Tony is currently travelling to site to conduct logging of the core, conduct sampling and generate a 3D model for Mulligan and plan for follow-up drilling.”

VIDEO

Tunks added: “With results from the drilling eagerly awaited along with our extensive airborne program commencing across multiple projects and drilling planned for Burt, Lorrain and Joyce, we certainly have a lot ahead of us and have demonstrated that we have the right team in place to execute.”

Canadian-focused cobalt explorer

During the June quarter, Meteoric's Canadian cobalt portfolio strengthened with three further acquisitions.

A target generation exploration program across the portfolio of projects commenced following commencement of Canadian field season.

 

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Mon, 13 Aug 2018 10:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202700/meteoric-resources-completes-maiden-drilling-at-cobalt-project-202700.html
<![CDATA[News - Meteoric Resources has high hopes that survey will generate targets at Canadian cobalt projects ]]> https://www.proactiveinvestors.com.au/companies/news/202424/meteoric-resources-has-high-hopes-that-survey-will-generate-targets-at-canadian-cobalt-projects-202424.html Meteoric Resources NL (ASX:MEI) is preparing to carry out an airborne survey over its three largest cobalt projects in Ontario, Canada, with the aim of generating drilling targets.

Geotech Limited has been contracted to conduct a 714 line-kilometre helicopter-borne Versatile Time Domain Electro Magnetic (VTEM) survey.

It will be flown over the Iron Mask, Mulligan East and Beauchamp projects.

READ: Meteoric Resources to begin drilling for cobalt at Mulligan project in Canada

Meteoric’s managing director Andrew Tunks said: “With drilling at Mulligan well underway it is crucial we fast track our summer exploration work by commencing airborne surveys across our three largest cobalt projects in Ontario.

Cost “extremely cheap”

“We have found that the cost of flying airborne VTEM surveys in Canada is extremely cheap when compared to other locations globally.

“Given Iron Mask, Mulligan East and Beauchamp cover over 60 square kilometres of ground prospective for cobalt mineralisation, flying the chopper survey as a first pass is a very cost-effective method for generating targets.”

 

Anomalies defined by the survey will be modelled in 3D and provide well-defined, high-resolution geophysical targets allowing for advanced exploration at all three locations.

Tunks added: “In quick time the airborne survey will provide detailed results on the potential for mineralisation in the sub-surface.

“It will allow our field crews to continue to complete our target generation for advanced exploration activities, including drilling at our other projects.”

VTEM an innovative system

The VTEM system is the most innovative and successful airborne electromagnetic system to be introduced in more than 30 years.

The system is coupled with a high dipole moment transmitter which provides unparalleled resolution and depth of investigation.

Geometrics split-beam magnetic sensors will also be utilised on the survey.

These sensors will perform continuously in areas of high magnetic gradient to accurately define the Nipissing Diabase in the sub-surface.

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Wed, 08 Aug 2018 10:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202424/meteoric-resources-has-high-hopes-that-survey-will-generate-targets-at-canadian-cobalt-projects-202424.html
<![CDATA[Media files - Meteoric Resources commences drilling at cobalt site in Canada ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9927/meteoric-resources-commences-drilling-at-cobalt-site-in-canada-9927.html Mon, 23 Jul 2018 16:37:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9927/meteoric-resources-commences-drilling-at-cobalt-site-in-canada-9927.html <![CDATA[News - Meteoric Resources to begin drilling for cobalt at Mulligan project in Canada ]]> https://www.proactiveinvestors.com.au/companies/news/201280/meteoric-resources-to-begin-drilling-for-cobalt-at-mulligan-project-in-canada-201280.html Meteoric Resources NL (ASX:MEI) will begin a maiden drilling program at its wholly-owned Mulligan Cobalt Project in Ontario, Canada, where previously collected samples graded 19% cobalt and 56.69 g/t gold.

Drilling equipment has been mobilised to the site, with drillers to focus their initial efforts on drilling 1,570 metres with 16 NQ diamond-core drill holes.

READ: Meteoric Resources prepares for 16-hole maiden program at cobalt project

Meteoric plans to test seven chargeable anomalies identified during a recent induced polarisation survey across an 8.1-kilometre line.

 

Meteoric managing director Dr Andrew Tunks said: “We are thrilled to be commencing our maiden drilling program at Mulligan, which is the culmination of an intense target generation program completed on the ground in Canada by the Meteoric team.

“The Mulligan project includes significant historical workings along with seven new geophysical targets and is an ideal place to complete our first drilling program.”

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

Efforts on-site are led by the company’s cobalt expert consultant Tony Cormack with geophysical work assisted by geologists from Orix Geoscience Inc.

Historical samples picked up by the Ontario Department of Mines, now the Ministry of Northern Development and Mines, in 1952 graded 12.6% cobalt, 1.03% nickel, 29.76 g/t gold and 39.69 g/t silver.

Conwest Exploration sampling turned up 19% cobalt and 56.69 g/t gold.

Meteoric said a bulk sample of eight tons had graded about 10% cobalt for the project.

The company also reported grab sample assays graded up to 9.71% cobalt, 16.5 g/t silver and 14.3 g/t gold.

READ: Meteoric Resources identifies strong conductors at Mulligan Cobalt Project

Tunks said the company looked forward to following up maiden drilling at Mulligan with further drilling across its Canadian portfolio of “seven very exciting projects”.

Earlier this month, Meteoric reported airborne geophysical programs were due to start at its Iron Mask and Mulligan East projects, with ground geophysics at Burt, Joyce Lake and Lorrain to take place afterwards.

These programs are designed to generate a ranked list of drill targets to be drill-tested over the coming months.

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Sun, 22 Jul 2018 22:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201280/meteoric-resources-to-begin-drilling-for-cobalt-at-mulligan-project-in-canada-201280.html
<![CDATA[News - Meteoric Resources prepares for 16-hole maiden program at cobalt project ]]> https://www.proactiveinvestors.com.au/companies/news/200147/meteoric-resources-prepares-for-16-hole-maiden-program-at-cobalt-project-200147.html Meteoric Resources NL (ASX:MEI) has finalised planning a 16-hole maiden drill program to test seven targets at its 100% owned Mulligan Cobalt Project in East Ontario, Canada.

The 1,570-metre diamond core program was planned using data from the recent 100x25-metre, ground-based induced polarisation (IP) survey across the entire project.

Drilling will test the seven highly chargeable IP modelled anomalies.

READ: Meteoric Resources identifies strong conductors at Mulligan Cobalt Project

Meteoric’s managing director Dr Andrew Tunks said: “The finalisation of the drill program is a culmination of the hard work our team has put in on the ground in Canada, led by our cobalt expert Tony Cormack, since the beginning of the field season and we are very excited to be commencing our maiden drilling program at Mulligan.

“We have diligently and systematically been working through target generation across our entire Canadian cobalt portfolio and whilst we kick off with drilling at Mulligan, we will continue to advance our other projects through both air and ground geophysics programs.

“As I have said many times before, drilling for an exploration company like Meteoric is truly the most exciting stage, as it is the only through drilling, that you can make a discovery.”

Drilling contract to be awarded, airborne program planned

Award of the drilling contract and mobilisation to site is expected in the coming weeks.

Furthermore, airborne geophysical programs are scheduled to commence at other projects Iron Mask and Mulligan East, with ground geophysics at Burt, Joyce Lake and Lorrain set to follow.

These programs will generate drill targets that will be ranked and drill tested over the coming months.

 

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Thu, 05 Jul 2018 09:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200147/meteoric-resources-prepares-for-16-hole-maiden-program-at-cobalt-project-200147.html
<![CDATA[News - Meteoric Resources identifies strong conductors at Mulligan Cobalt Project ]]> https://www.proactiveinvestors.com.au/companies/news/199278/meteoric-resources-identifies-strong-conductors-at-mulligan-cobalt-project-199278.html 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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Thu, 21 Jun 2018 15:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199278/meteoric-resources-identifies-strong-conductors-at-mulligan-cobalt-project-199278.html
<![CDATA[News - Meteoric Resources all set for a re-rating, ahead of drilling on the Mulligan cobalt project ]]> https://www.proactiveinvestors.com.au/companies/news/197833/meteoric-resources-all-set-for-a-re-rating-ahead-of-drilling-on-the-mulligan-cobalt-project-197833.html It’s worth a moment of reflection to consider how the valuation of rock that contains cobalt compare to other types of ore, now that the cobalt price is hovering at around US$100,000 per tonne.

After all, at these levels, ore that grades 2% cobalt can now be considered equivalent to gold ore that grades as much as 40 grams per tonne.

READ: Meteoric Resources 'back on the ground' and keen to get drilling in Canada

Seasoned mining investors will know that such gold grades are exceedingly rare, and cobalt grading at 2% isn’t exactly thick on the ground either.

But Meteoric Resources (ASX:MEI) can go even better than 2%. Historically mined grades at its Mulligan project in Ontario averaged 10% cobalt and at times ran as high as 19%, with associated gold, silver and nickel.

Because the veins in which this ore occurs are very thin there isn’t that much of it, but what there is is likely to be very rich rock indeed.

“These things per tonne are incredibly valuable,” says Meteoric’s managing director Andrew Tunks.

He’s relatively new at the helm of Meteoric, but has no doubts at all about the potential of the portfolio of assets inside the company.

“It’s cobalt, cobalt and cobalt,” he says.

Demand for cobalt continues to wax strong as battery production continues to rise and the main source of supply, from Congolese mines, remains constrained.

Not surprising then that Tunks has been picking up more Canadian cobalt projects to go with Mulligan while he’s been waiting for the snow to thaw so that his teams can get mapping. Recent acquisitions have included Lorrain, nine kilometres to the south of the Ontario town of Cobalt, and Beauchamp, 40 kilometres north.

But now that the snows have gone, work on Mulligan is getting underway, and is likely now to be continuous.

At the moment it’s geophysics, but it won’t be too long before a drilling campaign gets underway.

“Our goal is to start drilling in July,” says Tunks.

The plan is to spend around C$2mln to C$2.5mln on the exploration campaign this year, and it’s “not impossible,” says Tunks, that the company might end up with a maiden resource by then.

However, he cautions that at this stage it’s really too soon to say exactly where the company will be in six months’ time. So much depends on what sort of core comes out of the ground.

But what is clear is that once the company starts putting out results from Mulligan and other prospects, market interest will pick up.

Other cobalt companies that have initiated drilling programmes on prospects have seen significant re-ratings on the Australian market, and in Canada too. Meteoric is likely to be no different.

After all, there aren’t too many easy, high grade cobalt projects to be found in the world. Production from the main sources in the Democratic Republic of Congo is fraught with difficulty, while the cobalt in a lot of the Australian projects is contained in laterite ore, which is famously a challenge in terms of metallurgy.

“Finding a good deposit in the First World is really the ideal,” says Tunks.

Potential buyers are of a similar mind. There are reports that Apple is considering entering the cobalt market in a manner similar to the way tech companies have moved to secure lithium supply.

That kind of news only serves to heighten investor appetite, and means that all eyes will turn to the results from Milligan when they start coming out in a month or so.

After that, the future is open. There may be a resource by the end of the year. And in the event of success, there may be a dual listing in Canada too.

But as always, the drill bit will have the final say.

 

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Tue, 29 May 2018 13:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197833/meteoric-resources-all-set-for-a-re-rating-ahead-of-drilling-on-the-mulligan-cobalt-project-197833.html
<![CDATA[Media files - Meteoric Resources 'back on the ground' and keen to get drilling in Canada ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9318/meteoric-resources-back-on-the-ground-and-keen-to-get-drilling-in-canada-9318.html Thu, 17 May 2018 12:47:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9318/meteoric-resources-back-on-the-ground-and-keen-to-get-drilling-in-canada-9318.html <![CDATA[News - Meteoric Resources extends land package in Canada’s prolific Cobalt camp ]]> https://www.proactiveinvestors.com.au/companies/news/196495/meteoric-resources-extends-land-package-in-canadas-prolific-cobalt-camp-196495.html Meteoric Resources NL (ASX:MEI) is extending its cobalt exploration ground by acquiring the Lorrain Cobalt Project which is within the Cobalt Camp of Ontario, Canada.

The project, which is 9 kilometres from the town of Cobalt, contains a number of historical cobalt-silver mine shafts and open pit workings with abundant visual cobalt mineralisation.

It includes 4.9 square kilometres of highly prospective ground for primary cobalt mineralisation and has never been explored using modern techniques.

WATCH: Meteoric Resources 'back on the ground' and keen to get drilling in Canada

Detailed mapping of the Lorrain project and approvals for ground geophysics and drilling have commenced.

Managing director Dr Andrew Tunks said: “Meteoric continues to grow its cobalt exploration tenure of the most prospective cobalt ground in the Ontario Cobalt Belt.

“The belt is perhaps the most active jurisdiction on the planet for cobalt exploration and over the coming weeks, our focus will shift towards exploration designed to detect mineralisation and target our upcoming drilling programs.”

Productive cobalt mining camp

This area is historically the most productive cobalt mining camp in Canada, having produced 50 million pounds of cobalt and 600 million ounces of silver over a 60-year period.

Cobalt manager Tony Cormack said: “The Lorrain area is famous for high-grade cobalt, with a 1930’s report stating that at 168ft down shaft there was plenty of cobalt, although silver values were not that high.

“Just like the recently acquired Beauchamp Cobalt Project, Lorrain has the regional fault structure known as the Cross-Lake Fault.

“We will have boots on the ground at site this week to commence detailed mapping and sampling with ground geophysics and drilling planned during the 2018 field season.”

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Tue, 08 May 2018 08:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196495/meteoric-resources-extends-land-package-in-canadas-prolific-cobalt-camp-196495.html
<![CDATA[News - Meteoric Resources set to acquire Gillies Cobalt Project in Ontario, Canada ]]> https://www.proactiveinvestors.com.au/companies/news/193835/meteoric-resources-set-to-acquire-gillies-cobalt-project-in-ontario-canada-193835.html Meteoric Resources NL (ASX:MEI) has entered into a conditional agreement to acquire 100% ownership of the Gillies Cobalt Project in Ontario, Canada.

The town has produced 60,000+ pounds of cobalt

The project consists of 11 contiguous claim blocks within the prolific Cobalt Camp mining district.

The Gillies township alone has produced more than 60,000 pounds of cobalt and over 33 million ounces of silver making up a significant proportion of the production from the prolific Cobalt Camp.

Potential underexplored zones of mineralisation

In the Cobalt Camp, considerable cobalt-silver mineralisation is typically encountered in the diabase sill below the contact with Cobalt Group sediments.

Historically, between 80-90% of the cobalt ores were extracted from the Huronian conglomerates that are in contact with the diabase intrusion.

The Gillies Cobalt Project hosts both the lower and upper sill contacts, with both contact zones having the potential to host cobalt and silver mineralisation.

Most historical workings in the area targeted the upper contact of the diabase, leaving the lower contact zone relatively underexplored.

The project has the potential to host significant cobalt mineralisation given the considerable exposed lengths of the upper and lower contact zones.

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Tue, 27 Mar 2018 13:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193835/meteoric-resources-set-to-acquire-gillies-cobalt-project-in-ontario-canada-193835.html
<![CDATA[News - Meteoric Resources to lift cash position for cobalt exploration ]]> https://www.proactiveinvestors.com.au/companies/news/187730/meteoric-resources-to-lift-cash-position-for-cobalt-exploration-187730.html Meteoric Resources NL (ASX:MEI) this week staked additional ground prospective for cobalt 5 kilometres east of the Mulligan Cobalt project, situated in Ontario’s Cobalt Embayment.

The area is renowned for its historic production of over 28 million tonnes of cobalt and 720 million ounces of silver.

To advance the next steps, Meteoric is heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

The halt will remain in place until the opening of trade on Tuesday 28th November 2017, or earlier if an announcement is made to the market.

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Fri, 24 Nov 2017 10:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187730/meteoric-resources-to-lift-cash-position-for-cobalt-exploration-187730.html
<![CDATA[News - Meteoric Resources is the ASX Most Traded late in the session ]]> https://www.proactiveinvestors.com.au/companies/news/178426/meteoric-resources-is-the-asx-most-traded-late-in-the-session-178426.html  

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Mon, 29 May 2017 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178426/meteoric-resources-is-the-asx-most-traded-late-in-the-session-178426.html
<![CDATA[News - Meteoric Resources sits atop ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/178419/meteoric-resources-sits-atop-asx-gainers-intra-day-178419.html  

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Mon, 29 May 2017 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178419/meteoric-resources-sits-atop-asx-gainers-intra-day-178419.html
<![CDATA[News - Meteoric Resources to reveal acquisition details ]]> https://www.proactiveinvestors.com.au/companies/news/177966/meteoric-resources-to-reveal-acquisition-details-177966.html Meteoric Resources (ASX:MEI) has been granted a trading halt by the ASX today, with its shares placed in pre-open.

Meteoric requested the halt pending details in relation to a proposed acquisition of several exploration packages and raising of additional share capital.

The halt will remain in place until the opening of trade on Monday 22nd May 2017, or earlier if an announcement is made to the market.

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Thu, 18 May 2017 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177966/meteoric-resources-to-reveal-acquisition-details-177966.html
<![CDATA[News - Meteoric Resources NL gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/173014/meteoric-resources-nl-gets-ready-to-raise-173014.html Meteoric Resources NL (ASX:MEI) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Wednesday 15th February 2017, or earlier if an announcement is made to the market.

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Mon, 13 Feb 2017 07:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173014/meteoric-resources-nl-gets-ready-to-raise-173014.html
<![CDATA[News - Meteoric Resources NL to update on agreement with People Post ]]> https://www.proactiveinvestors.com.au/companies/news/159099/meteoric-resources-nl-to-update-on-agreement-with-people-post-67523.html Meteoric Resources NL (ASX:MEI) has been granted a trading halt by the ASX, pending an announcement in relation to the signed Heads of Agreement entered into with People Post Pty Ltd.

Under the terms, Meteoric will acquire 100% of the issued capital of People Post for 370 million shares, with additional shares planned on milestones.

The halt will remain in place until the opening of trade on Thursday 17th March 2016, or earlier if an announcement is made to the market.

 

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Tue, 15 Mar 2016 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159099/meteoric-resources-nl-to-update-on-agreement-with-people-post-67523.html
<![CDATA[News - Meteoric Resources to reveal acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/159098/meteoric-resources-to-reveal-acquisition-66742.html Meteoric Resources (ASX:MEI) is preparing to reveal details regarding the acquisition of a new business venture.

The ASX has granted the company a trading halt to prepare details.

The halt will remain in place until the opening of trade on Monday 1st February 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 28 Jan 2016 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159098/meteoric-resources-to-reveal-acquisition-66742.html
<![CDATA[News - Meteoric Resources awaits results from Tennant Creek Mineral Field ]]> https://www.proactiveinvestors.com.au/companies/news/159097/meteoric-resources-awaits-results-from-tennant-creek-mineral-field-56421.html Meteoric Resources (ASX:MEI) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Meteoric requested the halt pending the release of an announcement regarding drilling results from its joint ventured Barkly Project with Blaze International (ASX:BLZ).

Blaze is earning an 80% interest in the Barkly Project, which is located in the Tennant Creek Mineral Field (TCMF) of the Northern Territory.

Adding to the prospectivity of the area, high grades historically produced include Peko (3.6 million tonnes 3.5g/t gold and 4% copper) and Nobles Nob (2 million tonnes at 17g/t gold, 1.1Moz).

Both of these are located within 20 kilometres of the Barkly Project.

The halt will remain in place until the opening of trade on Thursday 24th July 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 22 Jul 2014 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159097/meteoric-resources-awaits-results-from-tennant-creek-mineral-field-56421.html
<![CDATA[News - Meteoric Resources identifies 280 diamond targets in Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/159096/meteoric-resources-identifies-280-diamond-targets-in-western-australia-56310.html Meteoric Resources (ASX:MEI) has completed a high resolution aeromagnetic survey over the main tenement block covering the Webb kimberlite field and over a tenement covering a separate target to the north east, Western Australia.

Interpretation of this dataset by a consulting geophysicist has increased the number of kimberlite targets in the Webb field from 80 to 280.

The significant increase in the number of aeromagnetic targets is a result of the closer line spacing and higher resolution of the recent survey which reveals features not apparent in the previous surveys.

A distinct clustering of some of the numerous targets is evident and further interpretation of this detailed dataset is in progress in order to assess and prioritise targets for drilling.

A program of infill loam sampling has also been completed, to follow up the encouraging results announced from the first pass survey in February, where anomalous trends of indicator minerals, including microdiamonds, were identified.

About 14 tonnes of loam samples have been freighted to Perth for processing to test for indicator minerals and microdiamonds.

Planning of heritage surveys over the new targets is well advanced, following which 5,000-6,000 metres of reverse circulation drilling is anticipated to start in early August.

The drilling strike rate to date has been high with 10 kimberlite bodies identified from drilling of 16 aeromagnetic targets.

Drilling of 6 of these targets did not penetrate the cover rocks and they remain to be tested.

The objective of the next phase of drilling will be to obtain unweathered samples from a spread of target clusters throughout the field and from priority targets identified from the recent aeromagnetic survey and loam sampling.

These samples will then be tested for both micro and macro diamonds.

Joint venture partner GeoCrystal has earned a 51% interest in Meteoric’s tenements and elected to continue to sole fund exploration on the Webb kimberlite field discovery.

Under the terms of the Webb Diamond Joint Venture, GeoCrystal may earn up to 70% of Meteoric’s interest in the JV tenements by sole funding the first $2 million of expenditure.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Jul 2014 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159096/meteoric-resources-identifies-280-diamond-targets-in-western-australia-56310.html
<![CDATA[News - Meteoric Resources free carried at Webb diamond field, Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/159095/meteoric-resources-free-carried-at-webb-diamond-field-western-australia-54379.html Meteoric Resources (ASX:MEI) has received written confirmation from GeoCrystal Limited of their election to sole fund the second earn-in phase of the Webb Diamond Joint Venture in Western Australia.

The second earn-in phase requires GeoCrystal to expend a total of $1.5 million on exploration to earn an additional 19% of Meteoric’s interest.

This will reduce Meteoric’s interest to 30% of the Webb diamond JV tenements, and 24% of the Mt Webb JV tenement.

The next round of exploration will consist of an aeromagnetic survey, collection of 150 loam heavy mineral samples,
and up to 6,000 meters of reverse circulation drilling at 50 prioritised targets.

In February, Meteoric identified four microdiamonds in wide spaced loam sampling, recovered from 67 samples, 30 of which contained diamond indicator minerals.

This outlined a 20 kilometre long, 3-5 kilometre wide anomaly coincident with numerous kimberlite targets, and open to the north-east.

The company is lightly valued at under $4 million, and also controls the Bluebird copper-gold project in the Northern Territory.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Apr 2014 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159095/meteoric-resources-free-carried-at-webb-diamond-field-western-australia-54379.html
<![CDATA[News - Meteoric Resources discovers diamonds in the Gibson Desert, Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/159094/meteoric-resources-discovers-diamonds-in-the-gibson-desert-western-australia--52568.html Meteoric Resources (ASX: MEI) has identified four microdiamonds in wide spaced loam sampling at its Webb kimberlite field in Western Australia's Gibson Desert.

The diamonds were recovered  from 67 samples, with 30 of these samples containing diamond indicator minerals, outlining a
20 kilometre long, 3-5 kilometre wide anomaly coincident with numerous kimberlite targets, and open to the north-east.

An additional microdiamond was recovered from an aircore drill sample over a magnetic kimberlite target, out of the two drill samples processed to date.

Processing of a further 20 drill samples from 7 kimberlite targets in currently in progress.

First pass aircore drilling on the Webb kimberlite field discovery totalled 24 drill holes for 1657 metres over 16 kimberlite targets, and 46 line kilometres of ground magnetic surveys have also been completed.

Three of the five microdiamonds that were recovered exhibit the characteristic crystalline habits of diamonds derived from kimberlite, while the remaining two microdiamonds are fragments

The occurrence of microdiamonds and indicator minerals, coincident with more than 80 magnetic targets, the
majority of which remain untested, provides a compelling case to accelerate the pace of exploration.

A high resolution aeromagnetic survey is currently being planned, together with infill loam sampling, in order to identify and prioritise targets for future reverse circulation drill testing.

Joint venture partner GeoCrystal Ltd has earned 51% of Meteoric’s interest in the project tenements, comprising wholly-owned tenements and one tenement in which Meteoric has the right to earn or acquire a 90% interest by expenditure of $500,000 and completion of 1,000 metres of drilling.

 

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Thu, 06 Feb 2014 10:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159094/meteoric-resources-discovers-diamonds-in-the-gibson-desert-western-australia--52568.html
<![CDATA[News - Meteoric Resources sells interest in Tiboobuura gold asset in New South Wales ]]> https://www.proactiveinvestors.com.au/companies/news/159093/meteoric-resources-sells-interest-in-tiboobuura-gold-asset-in-new-south-wales-49708.html Meteoric Resources (ASX: MEI) has resolved to transfer its 51% interest in the Tibooburra gold project in New South Wales to joint venture partner Awati Resources.

Meteoric will receive $150,000 from proceeds of any sale of the project; or from production, payable when sales revenue exceeds production Costs by least $150,000; or if Awati completes an initial public offering (IPO), successfully raises funds and is admitted to the ASX within 36 months of the agreement date.

In the event that Awati completes an IPO, in addition to $150,000 cash, Meteoric is to be issued Shares in Awati to the value of $150,000 at the IPO price.

Meteoric will also retain a 2% net sales royalty annually when revenue exceeds production costs, calculated as 2% of sales revenue remaining after subtraction of costs.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 31 Oct 2013 14:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159093/meteoric-resources-sells-interest-in-tiboobuura-gold-asset-in-new-south-wales-49708.html
<![CDATA[News - Meteoric Resources to drill diamond targets at Webb field in in Gibson Desert ]]> https://www.proactiveinvestors.com.au/companies/news/159092/meteoric-resources-to-drill-diamond-targets-at-webb-field-in-in-gibson-desert-48438.html Meteoric Resources, (ASX:MEI) with joint venture partner GeoCrystal have recommenced aircore drilling to test further targets within the newly discovered kimberlite field at Webb in Western Australia.

In August, drilling had intersected kimberlitic rocks confirming potential for a large 400sq km kimberlite field in Meteoric’s Webb Diamond JV tenements, located in the West Arunta region of the Gibson Desert in Western Australia.

Tellingly, in June, field-work honed in on aeromagnetic ‘bullseye’ anomalies that discovered kimberlite pipes.

Kimberlite Pipes background

Diamond-bearing kimberlites are volcanic rocks that originate deep in the Earth and are erupted onto the surface.

Most known kimberlites formed in the period between 70 and 150 million years ago, but some are over 1200 million years old.

Kimberlitic magmas form about 150 km below Earth's surface, i.e. at much greater depths than any other volcanic rocks. The temperatures and pressures at such depths are so high that carbon can crystallize in the form of diamonds.

Program at Webb

The current drilling program at Webb will drill test an additional 15 to 20 of the 80 magnetic anomalies defined at Webb, with samples collected from those identified as a kimberlite intrusions and analysed for indicator minerals and microdiamonds.

Meteoric and GeoCrystal will also undertake a regional surface sampling program.

Initial first pass drilling in June tested selected aeromagnetic ‘bullseye’ anomalies resulting in the discovery of kimberlite pipes.

Interestingly, Chalice Gold Mines (ASX:CHN) has recently become a substantial shareholder for GeoCrystal, acquiring a 10% stake.

A total of 1,500 to 3,000 metres will be drilled at the project, expected to be completed in 3 weeks.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

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Wed, 25 Sep 2013 12:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159092/meteoric-resources-to-drill-diamond-targets-at-webb-field-in-in-gibson-desert-48438.html
<![CDATA[News - Meteoric Resources confirms diamond potential at Mt Webb ]]> https://www.proactiveinvestors.com.au/companies/news/159091/meteoric-resources-confirms-diamond-potential-at-mt-webb-47491.html Meteoric Resources (ASX:MEI) has revealed petrological analysis of samples from volcanic intrusions recently intersected at Mt Webb in Western Australia, classifying the intrusions altered kimberlite, a favourable host rock for diamonds.

The rock chips were recovered from a depth of 96 metres; also reported was the probable presence of two generations of olivine, fine grained phlogopite and a calcite groundmass. Additional accessory minerals were identified as apatite, magnetite, chromite and pyrite.

Interpretation of mineral chemistry and petrology, together with previously reported whole rock chemical analyses, continue to confirm the diamond potential of the recently discovered 400 square kilometre Webb kimberlite field.

Only 7 of 80 kimberlite targets were tested during initial exploration due to drilling difficulties. Drilling by Meteoric and joint venture partner GeoCrystal is scheduled to resume later this month.
 
Mt Webb is located in the Gibson Desert close to the remote Western Australian aboriginal community of Kiwirrkurra, near the Northern Territory border.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 03 Sep 2013 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159091/meteoric-resources-confirms-diamond-potential-at-mt-webb-47491.html
<![CDATA[News - Meteoric Resources finalises capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/159090/meteoric-resources-finalises-capital-raising-47193.html Meteoric Resources (ASX: MEI) is poised to release details of a capital raising, with the company's shares currently in pre-open following the ASX granting a trading halt.

Meteoric recently intersected kimberlitic rocks confirming potential for a large 400 square kilometre kimberlite field in the West Arunta region of the Gibson Desert in Western Australia.

The halt will last until the earlier of an announcement being made, or the opening of trade on Thursday 29th August 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 Aug 2013 10:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159090/meteoric-resources-finalises-capital-raising-47193.html
<![CDATA[News - Meteoric Resources shares continue to skyrocket on diamond find ]]> https://www.proactiveinvestors.com.au/companies/news/159089/meteoric-resources-shares-continue-to-skyrocket-on-diamond-find-46310.html Meteoric Resources (ASX: MEI) has built on gains made yesterday with its shares up 50% to $0.060 as of 3.33PM EST with just under 4 million shares trading hands.

Shares in the company had risen from an open of $0.019 yesterday to a close of $0.04 yesterday after it announced the discovery of a large kimberlite field, potentially extending up to 400 square kilometres, in the Gibson Desert in Western Australia. 

Five of the seven holes in the first pass aircore drilling carried out in June intersecting weathered olivine-bearing ultramafic volcanic rocks.

Mineralogical testing of the drill samples also confirm the presence of chrome diopside, pyrope garnet and chromite diamond indicator minerals.

Further drilling is being planned to test a selected number of the remaining untested magnetic targets, with the drilling program likely to resume in the September quarter.

The exploration property in the Gibson, known as the Webb project area, has never been explored for diamonds.

Meteoric had originally started exploring for Olympic Dam-style iron oxide copper-gold deposits and while unsuccessful, realised the magnetic anomalies identified by aerial surveys could be kimberlites that could host diamonds.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 02 Aug 2013 17:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159089/meteoric-resources-shares-continue-to-skyrocket-on-diamond-find-46310.html
<![CDATA[News - Meteoric Resources discovers new kimberlite field in Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/159088/meteoric-resources-discovers-new-kimberlite-field-in-western-australia-46241.html Meteoric Resources (ASX:MEI) and its joint venture partner GeoCrystal have discovered a large kimberlite field, potentially extending up to 400 square kilometres, in the Gibson desert in Western Australia. 

A first pass aircore drilling program which commenced in June was aimed at testing selected aeromagnetic ‘bullseye’ anomalies located within Meteoric’s Webb Diamond joint venture tenements.

Seven targets, each with a single vertical drill hole for a total of 543 metres were drilled, with five of the holes intersecting weathered olivine-bearing ultramafic volcanic rocks. The company had identified 80 magnetic targets.

Mineralogical testing of the drill samples also confirm the presence of chrome diopside, pyrope garnet and chromite diamond indicator minerals.

The joint venture has since increased its tenement holdings to 1000 square kilometres from 500 square kilometres to cover other potential kimberlite targets.

Further drilling is being planned to test a selected number of the remaining untested magnetic targets, with the drilling program likely to resume in the September quarter.
 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 Aug 2013 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/159088/meteoric-resources-discovers-new-kimberlite-field-in-western-australia-46241.html
<![CDATA[News - Meteoric Resources one to watch located near Macarthur Minerals 1.3 billion tonne iron resource ]]> https://www.proactiveinvestors.com.au/companies/news/159087/meteoric-resources-one-to-watch-located-near-macarthur-minerals-13-billion-tonne-iron-resource-13906.html Meteoric Resources (ASX: MEI) should soon move onto the radar with its Coorara Iron Project in Western Australia following recent iron ore exploration acitivity and positive scoping study results at Macarthur Minerals’ (TSXV: MMS) Lake Giles iron ore project.

Macarthur's Lake Giles project is situated immediately north along strike from Meteoric’s Coorara project. The former has a magnetite resource of; 1,316 million tonnes at 30.1% iron and hematite-goethite resources of 18 million tonnes at 55.5% iron.

This should provide plenty of encouragement for Meteoric given the scoping study indicated a significant net present value for the Lake Giles project of $2,525 million, based on a resource of 710 million tonnes at 30.6% iron.

With Meteoric commencing an initial reverse circulation drilling program to test the more readily accessible targets at Coorara and results from this drilling expected within in the next month, this should begin to forge an initial valuation base from which Meteoric can grow.

What is particularly interesting is that the banded iron formations (BIF) stratigraphy hosting the Lake Giles magnetite and hematite-goethite resources extends into the Coorara project.

There it can be traced for some 40 kilometres. Interpretation of aeromagnetic data indicate that the BIF sequence hosting the Moonshine deposits correlates with the Western BIF sequence identified by geological mapping within the Coorara tenement.

In fact, Moonshine and Moonshine North magnetite deposits at Lake Giles are situated just 5 kilometres north of Meteoric’s northern tenement boundary.

A program of mapping and sampling confirmed surface grades of more than 50% iron.

Coorara is also close to standard gauge rail giving access options to Esperance or Kwinana ports.

When you consider that Macarthur Minerals has a market capitalisation of $100 million and Meteoric Resources has a current market valuation of just $15 million, drill results and work in 2011 should start to lift the current miserly Meteoric valuation.

 

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Mon, 14 Feb 2011 14:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159087/meteoric-resources-one-to-watch-located-near-macarthur-minerals-13-billion-tonne-iron-resource-13906.html
<![CDATA[News - Meteoric Resources to raise A$0.9m for iron drilling targets at Coorara ]]> https://www.proactiveinvestors.com.au/companies/news/159086/meteoric-resources-to-raise-a09m-for-iron-drilling-targets-at-coorara-13449.html Meteoric Resources (ASX: MEI) will raise A$900,000 by placing 6,000,000 shares with CPS Securities at $0.15 per share.

The funds raised will be for drilling hematite and magnetite iron ore targets at the Coorara project in Western Australia and for general working capital.

Applicant shareholders will also be issued with 4,000,000 contributing shares (ASX: MEICA) for no consideration, though an amount of $0.20 is due to be paid when called by the company.

Following the placement, Meteoric will have 74,029,251 fully paid shares and 27,504,727 contributing shares on issue and cash and liquid investments of $2.1 million after payment of raising costs.

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Thu, 27 Jan 2011 14:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159086/meteoric-resources-to-raise-a09m-for-iron-drilling-targets-at-coorara-13449.html
<![CDATA[News - Meteoric Resources identifies 4.5km stretch of iron drilling targets at Coorara ]]> https://www.proactiveinvestors.com.au/companies/news/159085/meteoric-resources-identifies-45km-stretch-of-iron-drilling-targets-at-coorara-13077.html Geological mapping has confirmed for Meteoric Resources (ASX: MEI) favourable conditions for what the company said is the formation of direct shipping ore hematite-goethite.

The survey outlined 4.5 kilometres of drilling targets, with a 3000 metre reverse circulation campaign to test high grade outcrops next week.

The drilling will be targeted both on areas of outcropping high grade hematite-goethite and on gravity anomalies where the bedrock is obscured by banded iron formation rubble or laterite cover.

Surface sampling obtained grades up to 35 metres at 58.9% iron, along with plus 50% iron for grades to the south along strike where, detailed mapping has yet to be completed.

 

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Fri, 14 Jan 2011 11:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159085/meteoric-resources-identifies-45km-stretch-of-iron-drilling-targets-at-coorara-13077.html
<![CDATA[News - Meteoric Resources rock samples reveal up to 65.8% Fe at Coorara iron project ]]> https://www.proactiveinvestors.com.au/companies/news/159084/meteoric-resources-rock-samples-reveal-up-to-658-fe-at-coorara-iron-project-11781.html Additional rock sampling by Meteoric Resources (ASX: MEI) has continued to highlight the potential for highgrade hematite-goethite deposits at its Coorara project in Western Australia, indicating potential for direct shipping ore (DSO) grades.

Coorara is situated about 50km north of the standard gauge railway in the emerging South Yilgarn Iron Ore Province.

Meteoric is encouraged by the results that include 64.69% Fe, 1.75% Sio2 and 0.044% P from sample BIF002. The average grade of the 30 higher grade samples shown is 60.7% Fe, 3.6% SiO2, 2.2% Al2O3, 0.05% P and 6.7% LO1 (loss on ignition).

46% of a total of 71 rock samples taken during first phase geological mapping confirmed the presence of significant iron grades (>55% Fe) in hematite-goethite altered quartz-magnetite banded iron formation (BIF) with low impurities.

The samples were taken over a 12km strike length of multiple BIF horizons in the northern part of the project area and continue to reinforce the target areas identified from Meteoric’s detailed aeromagnetic survey.

Geological mapping has confirmed the presence of multiple horizons of folded and highly deformed BIF, particularly in the central and eastern parts of the BIF sequence.

This deformation appears to be favourable for the alteration of quartz-magnetite BIF to hematite-goethite with a low silica and phosphorus content.

These results indicate potential for extensive DSO-grade hematite-goethite deposits at this 40km-long project. Further rock sampling and mapping is in progress, aimed at defining drilling targets.

As part of the permitting process for drilling, flora surveys are being carried out in target areas, with drilling anticipated to start in December/January.

Meteoric has a market capitalisation of A$11.90 million and had 1.9 million cash at the end of the September quarter.

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Wed, 17 Nov 2010 11:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159084/meteoric-resources-rock-samples-reveal-up-to-658-fe-at-coorara-iron-project-11781.html
<![CDATA[News - Meteoric Resources identifies un-explored large gold anomaly in Gibson Desert, WA ]]> https://www.proactiveinvestors.com.au/companies/news/159083/meteoric-resources-identifies-un-explored-large-gold-anomaly-in-gibson-desert-wa-1100.html Meteoric Resources (ASX:MEI) has confirmed priority right of application over a large, 10km x 8km gold anomaly identified by the Geological Survey of WA (GSWA) in the West Arunta region of the Gibson Desert.

- A 10km x 8km gold anomaly identified, being the largest and most coherent gold response in a 6,500sq km regional geochemical survey.
- Up to 20km of coincident multi-element anomalism.
- Strong multi-element association indicative of potential for a major mineralisation system.
- Totally unexplored.
- Negotiations for access in progress.

The anomaly was identified by a helicopter-supported regional geochemical sampling programme carried out by GSWA following field work by Geoscience Australia which highlighted the copper-gold and gold potential of the Mt Webb area in the western part of the Arunta Complex which extends from the NT to WA.

Meteoric has applied for three exploration licences totalling 760sq km covering geochemical anomalies and other targets identified outside the GSWA survey area. No record of previous exploration in these areas has been found and the areas appear to be totally unexplored.

Importantly, the Webb anomaly is supported by a large number of other anomalous elements including As, Cu, Zn, U, Co, Sn, Sc, Ce, Nd, Sm, Tl, Y, La and Ni. Some of these associated anomalies (such as arsenic, cobalt, tin and scandium) are 20km in length.

The large extent and multi-element nature of the anomalism shows characteristics similar to those shown by large hydrothermal alteration and mineralisation systems. For example, of 18 anomalous elements associated with the 20Moz Telfer gold system 17 are present at anomalous levels at the Webb anomaly (however the geological and regolith setting of the anomaly is not well understood and no direct comparison can be made to Telfer at this stage).

The directors of Meteoric "are excited by the excellent potential of this very large, previously unrecognised gold and multi-element target and have initiated discussions regarding access to this highly prospective and unexplored area".

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Thu, 26 Mar 2009 13:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/159083/meteoric-resources-identifies-un-explored-large-gold-anomaly-in-gibson-desert-wa-1100.html