Meteoric Resources now has a rig in place and is ready to begin drilling in Canada’s historic “Cobalt Camp” in Ontario.

Maiden drilling will comprise 1570m across 16 holes and is focused on the seven targets previously identified that are highly prospective for cobalt-rich polymetallic veining at the Mulligan project.

“We are thrilled to be commencing our maiden drilling program at Mulligan, which is the culmination of an intense target generation program completed on the ground in Canada by the Meteoric team,” Meteoric (ASX:MEI) managing director Andrew Tunks said.

“The Mulligan project includes significant historical workings along with seven new geophysical targets and is an ideal place to complete our first drilling program.

“With the drill rig now on site, we can truly commence advanced exploration and we look forward to following up the maiden Mulligan program with further drilling across our entire Canadian portfolio comprising seven very exciting projects.”

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.

Here’s a map showing Meteoric’s Mulligan project 50km north of the town of Cobalt, Ontario:

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.

A bulk sample of 8 tonnes taken from the area returned an average grade of 10 per cent cobalt.

By industry standards, a good deposit is one with grades starting at between 0.2 per cent and 0.4 per cent cobalt.

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.
Meteoric expects drilling to take two to three weeks to complete.


This special report is brought to you by Meteoric Resources.

This advice has been prepared without taking into account your objectives, financial situation or needs. You should, therefore, consider the appropriateness of the advice, in light of your own objectives, financial situation or needs, before acting on the advice.

If this advice relates to the acquisition, or possible acquisition, of a particular financial product, the recipient should obtain a disclosure document, a Product Disclosure Statement or an offer document (PDS) relating to the product and consider the PDS before making any decision about whether to acquire the product.