‘Significant cobalt mineralisation’: Meteoric heads west to diversify Canadian portfolio
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Special report: Canadian cobalt play Meteoric Resources is diversifying its cobalt interests with yet another acquisition – this time in the west of Ontario.
This week’s announcement is the third new ground picked up by Meteoric (ASX:MEI) this month, taking its portfolio to seven projects across the central-eastern Canadian province.
But this time, the 4.6 sq km of Joyce River Cobalt Project is different – both in location and mineralisation.
“Securing the Joyce River Cobalt Project adds another string to our bow,” managing director Andrew Tunks said.
“The Project demonstrates real potential for significant tonnes of cobalt mineralisation at high-grades.”
“Located in Western Ontario, the project is a different mineralisation style to our high-grade vein style cobalt-silver projects in the Ontario Cobalt Belt.”
The latest addition hosts a different type of rock, part of what is known as the famous Uchi Archean Greenstone Sub-province – where numerous copper, nickel, gold, chromium and platinum group element occurrences have been reported previously.
Previous prospecting unearthed rock chip assays of grades up to 0.3 per cent cobalt, 11 per cent copper and 8.1 grams per tonne of gold.
Three trenches have already been completed at the project to date and an aerial study back in 2012, which Meteoric hopes will give it a head start.
It plans to start with a full 3D interpretation of the raw data to rank potential targets and then more detailed mapping – focusing on cobalt.
The broader area is one of the world’s most metal endowed “greenstone belts” on a square kilometre basis, that is, an area of ancient volcanic rock that is well known to host economic deposits of minerals.
It’s the same that bears host to major operations the likes of Red Lake Gold Camp – where more than 60 million ounces of gold has been produced and the Rice Lake Gold Camp in Manitoba.
Meteoric says the area is still prime real estate for mineral exploration in the country.
After a flurry of acquisitions in the past month the company is getting down to business, starting with drilling at the Mulligan project in July but with the aim to define drill targets for each of its projects.
“Meteoric has now secured an impressive land holding and it’s time to focus our attention to the exploration and development of these exciting assets and implementing our strategy of becoming a serious Canadian Cobalt producer,” Dr Tunks said.
“Our team has been on-site now for the past week and our Cobalt Project Manager Tony Cormack will remain in Canada to oversee the exploration activities focussed on defining drill targets for every project in our Cobalt portfolio.”
This special report is brought to you by Meteoric Resources.
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