It’s a win-win as Meteoric and TopTung team up to play to their strengths
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Special report: Canadian cobalt explorer Meteoric Resources has entered into a conditional agreement to sell its Canadian nickel-copper projects, Midrim and LaForce, to ASX-listed TopTung.
Meteoric (ASX:MEI) is commencing an initial 8-hole, 500m program for its Joyce project in the western part of Ontario. This is the company’s highest priority target in one of the world’s most prospective cobalt districts.
In order to maintain focus on cobalt, Meteoric has offloaded their Canadian nickel-copper projects to TopTung (ASX:TTW). TopTung recently moved to acquire Australian explorer Zeus Minerals, which has two advanced nickel and copper sulphide projects in Quebec, Canada.
With both companies playing to their strengths it places them in strong positions to further their respective projects.
The deal is valued at $1,531,250 based on the last trading price of TopTung. This takes Meteoric’s cash and listed shares to the value of approximately $4,000,000.
Managing Director Andrew Tunks said, “This is a fantastic result for Meteoric. Following our move into the Canadian cobalt space, our focus had shifted from Midrim and LaForce as key assets, so we are thrilled to have entered into an agreement with TTW, which is focused more on the Nickel-Copper space and as such, better positioned to further these projects. Our shareholders will benefit from TTW’s future success.”
All systems drill
Meteoric is currently drilling at Joyce, their highest priority target with some promising indicators.
The latest results from 3D geophysical modelling revealed nine electromagnetic anomalies that are prospective for Cu-Co-Au (Copper, Cobalt, Gold) as well as positive rock chip assays at the highly prospective Joyce Project.
In addition to these results, 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.
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