Meteoric Resources adds Lorrain Cobalt Project to portfolio
Meteoric Resources NL (ASX:MEI) has continued its acquisition of Canadian cobalt assets, announcing it has signed a binding agreement to acquire 100% ownership of the Lorrain Cobalt Project.
The Lorrain Cobalt Project is situated just 9km from the town of Cobalt in Ontario, and is located within the famous ‘cobalt camp’ (see below).
The strategic acquisition bolsters MEI’s dominance in the prolific cobalt-silver belt in Ontario. The region is historically the most productive cobalt mining camp in Canada, having produced 50 million pounds of cobalt and 600 million ounces of silver over a 60-year period.
However, this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
Exploration at the project will begin immediately, with MEI geologists mobilising on site this week to commenced detailed mapping and undertake a comprehensive rock chip sampling program, which will include sampling from historical shafts and pits.
MEI Managing Director Andrew Tunks commented on the acquisition, “Meteoric continues to grow its cobalt exploration tenure of the most prospective cobalt ground in the Ontario Cobalt Belt.
Our cobalt manager Tony Cormack has been working closely with the Orix Geoscience team and this new Project fits our model perfectly. Lorrain is located close to the historical production centre of the Cobalt township, it has significant historical workings and abundant visible cobalt mineralisation.
“Our expanding Ontario Cobalt Belt portfolio is second to none, with every one of our projects specifically targeted on these criteria. The Ontario Cobalt Belt is perhaps the most active jurisdiction on the planet for cobalt exploration and over the coming weeks, our focus will shift towards exploration activities designed to detect mineralisation and target our upcoming drilling programs,” he said.
About the Lorrain Cobalt Project
The project covers an area over 4.9km2, which is highly prospective for primary cobalt mineralisation. The project contains large areas of Nipissing Diabase, the host rock type for cobalt/silver mineralisation.
It encompasses the same major fault structure, the Cross-Lake Fault, which runs directly through the Cobalt Camp and onto MEI’s recently staked Beauchamp Cobalt Project. The Cross-Lake Fault is interpreted as the controlling structure for cobalt/silver mineralisation in the Cobalt Camp area and will form the target for MEI’s cobalt exploration.
The site also features numerous historical workings, including trenches and shafts for high-grade silver-cobalt mineralisation.
MEI’s exploration plans include a comprehensive program of geophysics over the project area, focusing on the Cross-Lake fault within the Nipissing Diabase.
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