Meteoric Resources kicks off maiden drill program, Canada

By Trevor Hoey. Published at Jul 23, 2018, in Small Caps

Canadian cobalt focused explorer Meteoric Resources NL (ASX:MEI) has informed the market that it will be commencing its maiden Mulligan Project drill program immediately, with the diamond drilling equipment now safely mobilised to site.

As foreshadowed in recent announcements, the company is to commence its maiden cobalt drilling program at its 100% owned Mulligan Project in Ontario, Canada. The program will consist of an initial 16 holes for 1,570m of NQ diamond core drilling.

The focus of the drill program is to test seven “highly chargeable IP modelled anomalies” identified by MEI through a recent ground-based IP survey across the project.

The drilling program should take two to three weeks to execute with assay results to follow.

Previous results from the Mulligan area include:

  • Grab sample assays grading up to 9.71% cobalt, 16.5 g/t silver, 14.3 g/t gold
  • Samples collected by the Ontario Department of Mines in 1952, yielded 12.6% cobalt, 1.03% nickel, 29.76 g/t gold and 39.69 g/t silver
  • Samples collected by Conwest Exploration yielded 19% cobalt and 56.69 g/t gold
  • Bulk sample of eight tons extracted from the area graded an average of 10% cobalt

MEI Managing Director Dr Andrew Tunks commented: “We are thrilled to be commencing our maiden drilling program at Mulligan, which is the culmination of an intense target generation program completed on the ground in Canada by the Meteoric team.

“The Mulligan project includes significant historical workings along with seven new geophysical targets and is an ideal place to complete our first drilling program. With the drill rig now on site, we can truly commence advanced exploration and we look forward to following up the maiden Mulligan program with further drilling across our entire Canadian portfolio comprising seven very exciting projects.”

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 Cobalt Project 16 hole Maiden Drill Program.

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.

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