Special Report: Canadian cobalt-focused explorer Meteoric Resources says new modelling results suggests positive signs for one of its Canadian projects.

The company (ASX:MEI) told investors this morning the latest results from 3D geophysical modelling revealed nine electromagnetic anomalies that are prospective for Cu-Co-Au (Copper, Cobalt, Gold) at its Joyce Project in Ontario.

Meteoric says it will soon commence with surface sampling over the anomalies to further define targets, ahead of drilling.

This is just one of the company’s seven projects in the country.

Results from its Beauchamp, Iron Mask and Mulligan East projects are expected in the coming week.

Meteoric had announced it has signed up Canada’s Geotech to undertake aerial surveys of the projects in August, using an innovative “Versatile Time Domain Electro-Magnetic (VTEM)” technology.

VTEM Plus system 
VTEM Plus system

The VTEM Plus technology — which Geotech has been developing since 2002 — can penetrate through rock to depths of 300 metres to identify moderate to excellent conductor materials.

Joyce contains the host rock type for cobalt, copper and gold mineralisation and has historical high-grade assays of 11 per cent copper, 0.3 per cent cobalt and 8.07 grams per tonne of gold, indicating the potential of this system.

During a recent Joyce site visit Tony Cormack, the company’s Cobalt Project Manager, also observed massive sulphide mineralisation.

Read up on how miners grade mineral discoveries.

Managing Director Dr Andrew Tunks says he is enthusiastic of the prospective nature of the region and their projects.

“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 cover over 1.8km of strike.”

“Our ongoing exploration program across our entire portfolio is highlighting some very exciting results that will be further supplemented by the new geophysics programs carried out in the last few weeks.”


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