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Meteoric Resources focuses on Canadian cobalt assets with view to expand portfolio

Meteoric is looking to bolster its portfolio with gold and base metal acquisitions as exploration at its cobalt projects continues.

Meteoric's Canadian cobalt portfolio
  • 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.”

Quick facts: Meteoric Resources NL

Price: 0.047 AUD

Market: ASX
Market Cap: $58.2 m

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