Meteoric Resources is on the cusp of drilling in one of the world’s most prospective cobalt districts outside the Congo.

The company (ASX:MEI) has finalised an initial 16-hole, 1570m program for its Mulligan project, which is located in Canada’s historic “Cobalt Camp” in Ontario.

Meteoric will have plenty to drill in its maiden campaign after a recent ground-based survey pinpointed at least seven targets highly prospective for cobalt-rich polymetallic veining at the Mulligan project.

“We have diligently and systematically been working through target generation across our entire Canadian cobalt portfolio and whilst we kick off with drilling at Mulligan, we will continue to advance our other projects through both air and ground geophysics programs,” managing director Andrew Tunks said.

“As I have said many times before, drilling for an exploration company like Meteoric is truly the most exciting stage, as it is the only through drilling, that you can make a discovery.”

Cobalt-rich Canada

Meteoric has been rapidly expanding its portfolio of cobalt projects in the Cobalt Camp.

Meteoric's portfolio of projects in Canadia.
Meteoric’s portfolio of projects in Canadia.

The company has also picked up land to the west, which it says is still prime real estate for mineral exploration in Canada.

All of Meteoric’s projects are historical producers.

Canada is the third largest producer of cobalt globally, after China and the Congo, according to the US government’s 2017 geological survey.

The Cobalt Camp is historically the most prolific cobalt landholding in the country, having produced 50 million pounds of cobalt and 600 million ounces of silver over six decades.

The area had been largely forgotten for more than half a century and only seen limited exploration since the 1980s.

It was originally the site of a silver mining rush, but in more recent times the electric vehicle revolution has sparked an increase in exploration for cobalt.

Airborne geophysical programs will soon begin at the Iron Mask and Mulligan East prospects, with ground geophysics at the Burt, Joyce Lake and Lorrain set to follow.

These programs are expected to generate targets that will be drill tested over the coming months.


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