Meteoric releases Canadian Cobalt Strategy
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Meteoric Resources NL (ASX:MEI) has released its updated cobalt strategy for the 2018 field season in Canada.
The company’s strong focus on the acquisition of primary cobalt projects over the past 10 months has seen it secure 100% ownership of four highly prospective cobalt projects (Mulligan, Iron Mask, Burt and Mulligan East) in Ontario.
MEI will commence the following exploration work across these promising holdings:
- Mulligan Cobalt Project (Ground geophysics & drilling)
- Iron Mask Cobalt Project (Geochemistry, airborne/ground geophysics & drilling)
- Burt Cobalt Project (Mapping & geophysics)
- Mulligan East Cobalt Project (Mapping, geochemistry & geophysics)
Advanced Cobalt Project timelines – Mulligan and Iron Mask:
Mulligan and Iron Mask are priority one focus and will receive the greatest exploration during the upcoming program.
The potential of the Mulligan region is reflected in high grade historical samples dating back to 1952. Drilling campaigns by the Ontario Department of Mines and Conwest Exploration yielded returns of up to 19% cobalt, 1.03% nickel, 56.7 g/t gold and 39.7 g/t silver.
Historical data was supported by recent rock sampling undertaken by MEI at the site, which returned 9.71% cobalt, 14.3 g/t gold and 0.3% nickel.
It should be noted that MEI is still in its early stages and investors should seek professional financial advice if considering this stock for their portfolio.
MEI’s schedule for Mulligan is as seen below.
Iron Mask is located approximately 500m along strike, near historical workings where rock samples have graded up to 16% cobalt.
MEI confirmed Iron Mask’s potential in 2017, when a 6-tonne bulk sampling project at the site returned up to 15% cobalt and 279 g/t silver. Scheduled exploration work for the project can be found below.
Early stage Cobalt project timelines – Burt and Mulligan East
Burt and Mulligan East are considered early stage locations and as such are priority two focus.
Burt is located approximately seven kilometres along strike, nearby the Island 27 Project joint-venture (Battery Minerals Resources & Golden Valley Mines), where the reported historical four metre downhole intercept returned 4.18% cobalt, 12.1 g/t silver, 0.38% nickel and 0.098 g/t gold.
As drilling in Ontario is unaffected by snow cover, MEI will focus its efforts on generating additional drill targets at these sites for the northern winter.
MEI Managing Director Andrew Tunks spoke on the updated exploration strategy, “Our plan now is cobalt cobalt cobalt and to get the drill rigs turning as soon as possible,” he said.
“The Meteoric team has successfully executed the project acquisition phase of the Company’s strategy by securing 100% ownership of 4 impressive primary cobalt projects in Ontario, Canada.
“We will commence geophysical works at Mulligan and Iron Mask as soon as practicable and we look forward to having drill rods turning on those projects by Mid-year.
“We have outstanding projects combined with a great exploration team led by Tony Cormack, along with a fully funded exploration field program. We are certainly well on our way to delivering significant value to our shareholders.”
Further acquisitions
MEI will continue to seek out additional primary cobalt projects to add to its burgeoning portfolio. The company will also maintain its strategy to focus on projects located within mining friendly jurisdictions with good access to infrastructure and ample workers.
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