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Meteoric Resources NL

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Summary

Project:

Mulligan

Deposit:Mulligan
Location:Canada
Commodities:Cobalt-Copper-Nickel-Silver
Date:9/21/2018
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Pursuing Resources Definition
Report details:21-9-2018: Meteoric Resources NL announces an Exploration/Drilling Update report for its Mulligan deposit at the Mulligan project. Drilling results incl. 0.40m @ 626ppm Co, 1835ppm Cu, 171.5ppm Ni, 0.67ppm Ag, 0.11ppm Au from 78.5m. Meteoric Resources NL
Resources:x
CP/QP:[Overall Report]: Tony Cormack (Independent)
ABSTRACT:Meteoric Resources NL (ASX: MEI; “Meteoric” or the “Company”), a Canadian cobalt focussed explorer announces the results from an 11-hole drill program carried out at the Company’s 100% owned Mulligan Cobalt Project located in Ontario, Canada. The drilling program which comprised 11 holes for 970m was carried out in August 2018 and whilst most of the drill holes intersected the targeted fault / vein structures, results (Table 1) indicate that the system lacks the geological scale and metal grades to host sufficient polymetallic mineralisation to support modern day mining techniques. Meteoric Resources MD, Dr Andrew Tunks commented: “The assays for the maiden drilling program at Mulligan confirm we hit the targeted structures, however they did not intersect any major cobalt mineralisation. As such we will move our focus away from Mulligan and continue to progress our target generation program across our entire highly prospective portfolio. “Whilst it is disappointing to not have success at our maiden drilling program, we have demonstrated that we have a strong technical team capable of systematically and efficiently exploring our cobalt projects. So we will immediately turn our focus to the recently flown airborne geophysics at Iron Mask, Mulligan East and Beauchamp where we are expecting strong targets based on existing historic working, associated with strong geochemical signatures. On top of this we have acquired, and are remodelling, airborne EM flown in 2012 to plan an extensive surface sampling program across multiple mineralised copper gold cobalt targets. Meteoric’s Cobalt exploration strategy has been to acquire multiple projects with historical production and previous work in this world class Cobalt district. Then to perform geochemical and geophysical target generation and then drill test the targets, accordingly we will shift our focus onto the next priority opportunity and continue the discovery process.”

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