Meteoric releases positive cobalt assays for Mulligan
Meteoric Resources NL (ASX:MEI) has released promising results from recent grab sample assays at its Mulligan Cobalt Project in Ontario, Canada.
Rock chip and grab sampling undertaken at the site has returned high-grade results, and also shown the potential of further silver-cobalt mineralisation nearby.
One sample yielded 9.71% cobalt, 16.5 grams per tonne silver, 14.30 grams per tonne gold and 0.29% nickel.
The promising figures come on the back of fieldwork which aimed to confirm the accuracy of several historical high-grade rock samples. MEI previously indicated that up to eight tons of bulk sample, grading an average return of 10% cobalt, has been extracted from the Mulligan project area.
Eleven rock chip samples were collected in total, including six outcrop samples, three rock dump samples and two vein samples.
Historical results include those collected by the Ontario Department of Mines in 1952 — which produced 12.6% cobalt, 1.03% nickel, 29.76 grams per tonne gold and 39.69 grams per tonne silver — and Conwest Exploration, which yielded 19% cobalt and 56.69 grams per tonne gold from the same region.
MEI noted that historical mining activity occurred on a 20-30 metre steep escarpment on the edge of a 200 by 200 metre outcrop of Nipissing Diabase. There is further evidence of mining along two vein systems which are trending from 210 degrees, 160 degrees and 270 degrees.
The Mulligan Project’s geological and mineralisation setting shares key traits with the historic Cobalt Mining Camp, located just 50 kilometres to the south, which produced over 50 million pounds of cobalt.
Of course it is early stages for MEI and investors should seek professional financial advice if considering this stock for their portfolio.
MEI has completed a geochemical soil sampling program at Mulligan, with assay results due in the near term. The company has flagged the possibility of commencing Induced Polarisation at the project in the future, with its exploration plan now being assessed by the Ministry of Northern Development and Mines. Approval is expected by the end of the month.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
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.