Meteoric finalises cobalt maiden drill program, Canada

By Megan Graham. Published at Jul 5, 2018, in Small Caps

Canadian cobalt focused explorer Meteoric Resources NL (ASX:MEI) has announced the details of a 16-hole maiden drill program for its 100% owned Mulligan Cobalt Project located in East Ontario, Canada.

The company now has 3D induced polarisation anomalies modelled to a depth of 500 metres below surface. Seven high chargeability polymetallic anomalies are set to be drill tested. The 16-hole maiden drill program will total 1,570 metres of NQ diamond drilling, with the company due to award the drilling contract and mobilise equipment to the site in the coming weeks.

MEI recently completed a closely spaced (100m x 25m), ground based Induced Polarisation (IP) survey across the entire Mulligan Cobalt Project.

Data from the geophysical survey was modelled in 3D to support the design of the 16-hole maiden drill hole program at the project. All drilling will be angled diamond holes designed to intersect the IP anomalies between 30 to 90 metres below surface.

It should be noted that MEI is in the early stages of its exploration here and investors should seek professional financial advice if considering this stock for their portfolio.

Oblique view of the Mulligan Project 16 Hole Maiden Drill Program and IP inversion model. Both isolated holes are positioned to test beneath existing workings with a weak IP anomaly.Plan view of the Mulligan Cobalt Project Maiden Drill Program and IP inversion model.

Meteoric Resources MD, Dr Andrew Tunks commented: “The finalisation of the drill program is a culmination of the hard work our team has put in on the ground in Canada, led by our cobalt expert Tony Cormack, since the beginning of the field season and we are very excited to be commencing our maiden drilling program at Mulligan.

“We have diligently and systematically been working through target generation across our entire Canadian cobalt portfolio and whilst we kick off with drilling at Mulligan, we will continue to advance our other projects through both air and ground geophysics programs.

“As I have said many times before, drilling for an exploration company like Meteoric is truly the most exciting stage, as it is the only through drilling, that you can make a discovery.”

Next Steps

MEI has schedule airborne geophysical programs to commence at Iron Mask and Mulligan East, with ground geophysics at Burt, Joyce Lake and Lorrain set to follow.

These programs will generate drill targets that will be ranked and drill tested over the coming months.

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