MEI stakes additional cobalt project in Canada
Canadian explorer, Meteoric Resources NL (ASX:MEI) today announced it has staked the Burt Cobalt Project in Ontario, Canada.
Comprising 9.34 square kilometres of highly prospective primary cobalt ground, the Burt Project is situated seven kilometres directly along strike from Battery Minerals Resources’ and Golden Valley Mines’ (TSX-V:GZZ) ‘Island 27 Project’.
The Burt Project hosts three major, north-south trending faults identified as being the key hosts of primary cobalt mineralisation throughout the district. These faults, which cross-cut the same andesite unit hosting the cobalt mineralisation at Island 27, represent over 5.7 kilometres of strike length potential for high-grade primary cobalt mineralisation.
These cobalt fertile structures will be the focus for MEI’s exploration program of mapping, geochemistry, geophysics and drilling, which is planned for the second quarter of the year.
While things look promising for MEI, it is early stages here and investors should seek professional financial advice if considering this stock for their portfolio.
Potential for primary cobalt mineralisation here has been identified by Orix Geoscience’s proprietary asset identification software, and confirmed by a recent review completed by Tony Cormack.
The cobalt-silver-nickel-gold anomalies generated at the Island 27 Project were identified through an induced polarisation geophysical survey (IP) and diamond core drilling in 2013, which intercepted high grade cobalt mineralisation in a breccia associated with the regional fault zone.
This brecciated fault zone included a sulphide-rich zone returning high-grade cobalt assays in association with strongly elevated silver, nickel and gold. The weighted average of the four-metre downhole intercept is 4.18 per cent cobalt, 12.1 grams per tonne of silver, 0.38 per cent nickel and 0.098 per cent gold.
MEI managing director, Andrew Tunks said: “Leveraging off our strong relationship with Orix (a leading Canadian geology consulting group), allowing us access to their proprietary asset identification system, the Meteoric team has moved quickly to stake highly prospective primary cobalt and nickel-copper-platinum ground in Canada.
“The Burt Cobalt Project fits our exploration model and adds value to our carefully selected portfolio. Meteoric is actively targeting further copper-cobalt-nickel-platinum opportunities both in Canada and across the globe.
“The company is continuing to refine its exploration strategy, with a strong focus towards expenditure in the ground and an active exploration program over the coming months. We now have the right team in place, we are fully funded, and will hit the ground hard, aiming to add significant value to our exciting projects,” he said.
S3 Consortium Pty Ltd (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 only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.