Meteoric confirms several new cobalt targets setting it up for maiden drilling in Canada
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Special report: Explorer Meteoric Resources will have plenty to drill in its maiden campaign set to begin very soon after it discovered numerous targets in Canada’s historic “Cobalt Camp”.
A recent ground-based survey has pinpointed at least seven targets highly prospective for “cobalt-rich” polymetallic veining at the Mulligan project.
“The initial ground-based geophysics results achieved at Mulligan have certainly exceeded our expectations,” managing director Andrew Tunks said.
“The survey has defined numerous highly prospective targets for our first drilling program for the cobalt rich polymetallic veining.”
Meteoric’s (ASX:MEI) share price has come off the 52-week high of 9.5c it hit in November last year and is trading at a bargain 2.7c.
According to industry commentators, the best time to invest in junior mining companies is during the exploration phase – and what better time than right before drilling possibly delivers the next big discovery?
Chartered market technician Jordan Roy-Byrne says “the big money is made in exploration”.
Mr Roy-Byrne said many big-name investors had earned their wealth in exploration and not production.
“The road to riches in this industry is more attainable through exploration than through an actual mining company,” he said.
Earlier grab samples taken from the project show grades of up to 9.71 per cent cobalt, 16.5 grams per tonne (g/t) silver and 14.3 g/t gold.
Samples collected by the Ontario Department of Mines in 1952 yielded 12.6 per cent cobalt, 1.03 per cent nickel, 29.76 g/t gold and 39.69 g/t silver.
Meanwhile, samples collected by Conwest Exploration delivered grades of as high as 19 per cent cobalt and 56.69 g/t gold.
Meteoric will begin drilling at its Mulligan project in about three to four weeks.
“We are continuing to quickly work through the target generation phase of exploration at all of our prospective cobalt assets in Ontario and we are very much looking forward to getting drill rigs on-site to test these outstanding targets,” Mr Tunks said.
“Drilling is on track to commence at Mulligan in July.”
This special report is brought to you by Meteoric Resources.
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