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Meteoric Resources NL: THE INVESTMENT CASE

Meteoric Resources developing Canadian cobalt portfolio

A historical 8-tonne bulk sample from the Mulligan project averaged 10% cobalt grade.
map showing Cobalt belt in East Ontario with projects marked
The six projects in East Ontario are within the Ontario Cobalt Belt

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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