Meteoric Resources (ASX: MEI) has continued to pursue an ambitious Canadian land acquisition strategy, picking up new cobalt-copper-gold ground in north-western Ontario at Joyce River.
Meteoric, which last week picked up the Lorrain cobalt-silver prospect and ditched Gillies, said its new Joyce River project covered 4.6 square kilometres.
The A$21.63 million company said the land was “highly prospective for cobalt, copper and gold mineralisation”.
The Canada-focused explorer, which also has the Mulligan, Iron Mask, Burt and Mulligan East prospects in the country, has picked up a different type of mineralisation to its other Canadian prospects, revealed Meteoric Resources managing director Dr Andrew Tunks.
“Joyce River hosts mafic-ultramafic intrusive rocks with mapped semi-massive to massive sulphides, with the potential for high grade cobalt, copper and gold mineralisation,” he said.
“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.”
Dr Tunks said the project was another string to Meteoric’s bow.
“The project demonstrates real potential for significant tonnes of cobalt mineralisation at high-grades,” he said.
Rock chip assay values from the site have graded up to 0.3% cobalt, 11.0% copper and 8.1 grams per tonne gold, with Meteoric also staking another 10 claim cells around the existing project to take in anomalies identified from a 2012 AeroTEM survey.
Meteoric reported its Joyce River pick-up contained large bodies of mafic and ultramafic intrusive rocks of cobalt-copper-gold mineralisation housed in semi-massive to massive sulphides.
Dr Tunks said the company had secured an impressive land-holding and it was time for it turn its attention to exploration and development to implement its strategy to become a “serious Canadian cobalt producer”.
Meteoric’s exploration team was on-site at Lorrain last week, with Dr Tunks today revealing the company’s cobalt project manager Tony Cormack would stay on in Canada.
“Tony Cormack will remain in Canada to oversee the exploration activities focused on defining drill targets for every project in our cobalt portfolio, with drilling on schedule to commence at the Mulligan project in July 2018,” he said.
Meteoric’s rock-chip sampling program at the site turned up to 9.71% cobalt, 14.3g/t gold and 0.3% nickel.
Historic drilling delivered 19% cobalt, 1.03% nickel, 56.7g/t gold and 39.7g/t silver.
Meteoric securities were 5.26% higher at A$0.036 by late morning.