Meteoric finishes Canadian cobalt drilling ahead of schedule; assays expected soon
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Special report: Meteoric Resources has completed a maiden drilling program at its Mulligan cobalt project in Ontario, Canada.
Mulligan is a fully-owned site within Canada’s historic “Cobalt Camp” that’s highly prospective for cobalt-rich polymetallic veining.
The project — which drilled 11 holes for a total depth of 970m — was completed ahead of schedule and intersected several sulphide rich veins.
Samples have now been sent off for assays (or lab tests). Results are due in late September.
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.
The Cobalt Camp is Canada’s most prolific cobalt area, having produced 50 million pounds of cobalt and 600 million ounces of silver over six decades.
The area was largely forgotten for half a century and has only seen limited exploration since the 1980s.
Here’s a map detailing the locations of Meteoric’s (ASX:MEI) Ontario based cobalt projects:
“Our drilling contractors G4 Forage were outstanding, and along with fantastic field support from Orix Geoscience, the program has been completed ahead of schedule,” said Meteoric’s managing director Dr Andrew Tunks.
Meteoric will now develop a 3D model for the site and plan follow-up drilling at Mulligan as well as three of its nearby projects Burt, Lorrain and Joyce River.
“With results from the drilling eagerly awaited along with our extensive airborne program commencing across multiple projects and drilling planned for Burt, Lorrain and Joyce, we certainly have a lot ahead of us and have demonstrated that we have the right team in place to execute,” Dr Tunks said.
Meteoric announced last week it had signed up Ontario-based Geotech to undertake aerial surveys of its Iron Mask, Mulligan East and Beauchamp cobalt projects using an innovative “Versatile Time Domain Electro-Magnetic (VTEM)” technology.
The patented survey technology — which Geotech has been developing since 2002 — can penetrate through rock to depths of 300 metres to identify moderate to excellent conductor materials.
This special report is brought to you by Meteoric Resources.
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