Meteoric scores another high-potential Canadian cobalt project
Junior explorer, Meteoric Resources (ASX:MEI), has staked another cobalt project just 40 kilometres north-north-west of the well-known historical mining centre, Cobalt Camp, in Ontario, Canada.
MEI has secured the Beauchamp Cobalt Project, which comprises 160 claim cells and spans over 33.5 square kilometres of ground highly prospective for primary cobalt mineralisation.
The Beauchamp Cobalt Project contains large areas of Nipissing Diabase, which is the host rock type for cobalt/silver mineralisation. It also has the same major fault structure, the regional-scale Cross-Lake Fault, which runs directly through the Cobalt Camp.
The Cross-Lake fault is interpreted as the controlling structure for cobalt/silver mineralisation in the area, and will form the target for MEI’s cobalt exploration.
Exploration will kick off immediately at this newly clinched project.
At the same time, it’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
Beauchamp Cobalt Project location - regional geology and structure
MEI cobalt manager, Tony Cormack, said: “Securing the Beauchamp project is a fantastic result for Meteoric. Being a low-cost pegging of open ground, the project is a real standout where shareholder value can be quickly realised through geophysics.”
“Beauchamp has the regional fault structure known as the Cross-Lake Fault, interpreted as the major control of cobalt/silver mineralisation at the Cobalt Camp, tracking through large areas of mapped Nipissing Diabase,” Cormack noted. “There are also number of sub-parallel fault structures to the Cross-Lake Fault, which together will form the target for Meteoric’s cobalt exploration. We look forward to getting the CXS geophysics crew on the ground at this exciting project as soon as possible”.
MEI MD, Dr. Andrew Tunks, commented: “Meteoric is continuing to add high-quality primary cobalt projects to our existing port-folio of impressive cobalt projects in Ontario, Canada.
“Tony has been working very closely with our partners at Orix Geoscience, and together the team has identified and moved quickly to secure this highly prospective project in the heart of the historic Cobalt-Silver district.
“The Beauchamp Cobalt Project has all the right rock types combined with great geological structure, and we look forward to fast tracking exploration at the property. We are extremely pleased to be expanding our land holding in the prolific Ontario Cobalt Belt with another high-quality project,” Tunks added.
The Beauchamp Project has never been previously explored for cobalt due to a lack of outcrop, with overburden interpreted to be a thin veneer of approximately 2 – 10 metres of unconsolidated sediment.
MEI’s exploration plans include a comprehensive program of geophysics over the project area, focusing on the Cross-Lake fault and parallel structures within the Nipissing Diabase.
MEI’s cobalt projects in Ontario