High-grade cobalt results advance MEI’s Mulligan Project
Meteoric Resources NL (ASX:MEI) this morning revealed the results of a detailed geological mapping and soil/rock chip sampling program at its Mulligan Cobalt Project in Ontario, Canada.
The Mulligan Project consists of two mining claims covering 0.8 square kilometres (80 hectares) considered highly prospective for primary cobalt mineralisation. The cobalt–rich polymetallic vein system here is typical of the renowned Cobalt Camp, which is situated 50 kilometres to the south.
High grade cobalt (9.2 per cent), silver (16.5 grams per tonne) and gold (14.3 grams per tonne) assays were reported in rock/grab samples, along with 209 parts per million cobalt and 807 parts per billion silver in soils.
Significantly, the cobalt-silver-nickel-arsenic geochemical anomalies occur consistently together in the same geological domain. This provides MEI with strong confidence in beginning the next phase of exploration, which will target high grade primary cobalt mineralisation at the Mulligan Cobalt Project.
Of course, as with all minerals exploration, success is not guaranteed – consider your own personal circumstances before investing, and seek professional financial advice.
Based on the promising results of the mapping and geochemical analysis, MEI has moved quickly, commissioning a closely spaced, ground based Induced Polarisation (IP) geophysical program, aimed at generating highly defined primary cobalt targets for drilling.
The information generated from the IP geophysical will be modelled in three dimensions, and will provide MEI with modelled plates for a targeted diamond drilling campaign, which planned for the second half of the year.
MEI managing director, Dr Andrew Tunks, said: “The new mapping and geochemistry results highlight the strong potential for cobalt mineralisation at the Mulligan Cobalt Project and provide the company impetus to proceed with the next phase of exploration, a closely spaced IP survey that will define drilling targets.”
“The IP survey will commence in the coming weeks as soon as the northern winter allows; our new cobalt manager Tony Cormack is closely monitoring this situation.”
“As the new MD, my exploration philosophy is that only drilling can create true project value and it is our goal to drill test our targets as soon as practicable,” Tunks continued.