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.
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.”
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.