Meteoric Resources fires into cobalt exploration at Canadian projects

Meteoric Resources (ASX: MEI) has fired itself full force into a comprehensive exploration program across its four cobalt projects in Canada’s renowned cobalt province in Ontario.

Drilling at the company’s Mulligan and Iron Mask projects is scheduled to begin mid-year, with mapping and other preliminary exploration activities planned for the other two projects – Burt and Mulligan East.

“The Meteoric team has successfully executed the project acquisition phase of the company’s strategy by securing 100% ownership of four impressive primary cobalt projects in Ontario, Canada,” Meteoric managing director Dr Andrew Tunks said.

“Meteoric’s cobalt properties fall into two groups: Mulligan and Iron Mask where mapping and preliminary work has been completed, and Burt and Mulligan East which are at an earlier stage of exploration,” Dr Tunks said.

He added geophysical works at Mulligan and Iron Mask would begin as soon as possible with drill rigs on site by mid-year.

Dr Tunks said earlier stage projects would be explored over the northern summer with targets firmed up for drilling during the next winter.

Historic drilling at Mulligan returned up to 19% cobalt, 1.03% nickel, 56.7 grams per tonne gold and 39.7g/t silver.

Meteoric’s own rock chip sampling program uncovered up to 9.71% cobalt, 14.3g/t gold and 0.3% nickel.

Over at the Iron Mask project, rock samples graded up to 16% cobalt and a 6-tonne bulk sample of ore from the project revealed 15% cobalt and 279g/t silver. Iron Mask is situated 500m along strike from the old cobalt shaft, which is where the bulk sample was extracted.

Meanwhile, the company’s third cobalt project, Burt, is in proximity to the Island 27 project where a historic drill hole intersected 4m grading 4.18% cobalt, 12.1g/t silver, 0.38% nickel and 0.98g/t gold.

At Mulligan East, Meteoric has planned mapping, geochemistry and geophysics activities to define drill targets.

In addition to advancing its four cobalt projects, Meteoric claims it is still on the hunt for further cobalt assets in the area, which also have access to infrastructure, skilled workers and are situated in a mining-friendly jurisdiction.

“Our plan now is cobalt, cobalt, cobalt and to get the drill rigs turning as soon as possible,” Dr Tunks said.

Shares in Meteoric sparked an upward trajectory in early morning trade, with the share price sitting at A$0.042 – up 5%.