Meteoric Resources NL (ASX:MEI) has entered into a conditional agreement to acquire 100% ownership of the Gillies Cobalt Project in Ontario, Canada.
The town has produced 60,000+ pounds of cobalt
The project consists of 11 contiguous claim blocks within the prolific Cobalt Camp mining district.
The Gillies township alone has produced more than 60,000 pounds of cobalt and over 33 million ounces of silver making up a significant proportion of the production from the prolific Cobalt Camp.
Potential underexplored zones of mineralisation
In the Cobalt Camp, considerable cobalt-silver mineralisation is typically encountered in the diabase sill below the contact with Cobalt Group sediments.
Historically, between 80-90% of the cobalt ores were extracted from the Huronian conglomerates that are in contact with the diabase intrusion.
The Gillies Cobalt Project hosts both the lower and upper sill contacts, with both contact zones having the potential to host cobalt and silver mineralisation.
Most historical workings in the area targeted the upper contact of the diabase, leaving the lower contact zone relatively underexplored.
The project has the potential to host significant cobalt mineralisation given the considerable exposed lengths of the upper and lower contact zones.