Meteoric Resources (ASX: MEI) has discovered high-grade copper, nickel and platinum during the maiden drilling campaign at its wholly-owned Midrim project in Quebec, Canada.
The Canadian explorer completed 2270m of diamond drilling in November and December last year, with a total of 512 core samples from 15 holes submitted for analysis.
The company returned “outstanding” shallow mineralised intersections, including 22.1m grading at 2.38% copper, 1.64% nickel and 2.56 grams per tonne of platinum from a depth of 28m.
Other highlights included 9.4m at 4.25% copper, 3.52% nickel and 4.59 g/t platinum from 56m; 16.8m at 1.79% copper, 1.01% nickel and 2.95 g/t platinum from 23m; and 7.7m at 0.66% copper, 0.42% nickel and 0.81 g/t platinum from a depth of 104m.
Meteoric managing director Andrew Tunks said the drilling program confirmed the high-grade nature of the mineralisation as seen in historical drilling and provided new information to finalise a three-dimensional model for Midrim to guide any further work.
“Importantly, the new core will supply fresh sample material for a detailed metallurgical study supplementing the preliminary metallurgical study we are due to announce in the coming weeks,” he added.
The company reported it was also finalising a bulk sample study utilising data from the completed drilling program.
Exploration in Canada
Meteoric has two other projects located in Canada – Mulligan and Iron Mask, both in Ontario. In late November, the company announced its plan to raise A$4.34 to fund its 2018 exploration activities at all three projects.
At the end of last year, Meteoric announced the recovery of high-grade cobalt from initial sampling at its Mulligan project, returning grades up to 9.71% cobalt.
Upon completion of its geological mapping and sampling program at Mulligan in early February, the company moved quickly to commission a ground-based induced polarisation geophysical program, aimed at generating highly defined primary cobalt targets for drilling.
“My exploration philosophy is only drilling can create true project value and it is our goal to drill test our targets as soon as practicable,” Tunks said.
Shares in Meteoric were up 4.8% on today’s drill results by afternoon trade.