Meteoric Resources adds Lorrain Cobalt Project to portfolio
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Meteoric Resources NL (ASX:MEI) has continued its acquisition of Canadian cobalt assets, announcing it has signed a binding agreement to acquire 100% ownership of the Lorrain Cobalt Project.
The Lorrain Cobalt Project is situated just 9km from the town of Cobalt in Ontario, and is located within the famous ‘cobalt camp’ (see below).
The strategic acquisition bolsters MEI’s dominance in the prolific cobalt-silver belt in Ontario. The region is historically the most productive cobalt mining camp in Canada, having produced 50 million pounds of cobalt and 600 million ounces of silver over a 60-year period.
However, this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
Exploration at the project will begin immediately, with MEI geologists mobilising on site this week to commenced detailed mapping and undertake a comprehensive rock chip sampling program, which will include sampling from historical shafts and pits.
MEI Managing Director Andrew Tunks commented on the acquisition, “Meteoric continues to grow its cobalt exploration tenure of the most prospective cobalt ground in the Ontario Cobalt Belt.
Our cobalt manager Tony Cormack has been working closely with the Orix Geoscience team and this new Project fits our model perfectly. Lorrain is located close to the historical production centre of the Cobalt township, it has significant historical workings and abundant visible cobalt mineralisation.
“Our expanding Ontario Cobalt Belt portfolio is second to none, with every one of our projects specifically targeted on these criteria. The Ontario Cobalt Belt is perhaps the most active jurisdiction on the planet for cobalt exploration and over the coming weeks, our focus will shift towards exploration activities designed to detect mineralisation and target our upcoming drilling programs,” he said.
About the Lorrain Cobalt Project
The project covers an area over 4.9km2, which is highly prospective for primary cobalt mineralisation. The project contains large areas of Nipissing Diabase, the host rock type for cobalt/silver mineralisation.
It encompasses the same major fault structure, the Cross-Lake Fault, which runs directly through the Cobalt Camp and onto MEI’s recently staked Beauchamp Cobalt Project. The Cross-Lake Fault is interpreted as the controlling structure for cobalt/silver mineralisation in the Cobalt Camp area and will form the target for MEI’s cobalt exploration.
The site also features numerous historical workings, including trenches and shafts for high-grade silver-cobalt mineralisation.
MEI’s exploration plans include a comprehensive program of geophysics over the project area, focusing on the Cross-Lake fault within the Nipissing Diabase.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
