Meteoric Resources NL (ASX:MEI) is extending its cobalt exploration ground by acquiring the Lorrain Cobalt Project which is within the Cobalt Camp of Ontario, Canada.
The project, which is 9 kilometres from the town of Cobalt, contains a number of historical cobalt-silver mine shafts and open pit workings with abundant visual cobalt mineralisation.
It includes 4.9 square kilometres of highly prospective ground for primary cobalt mineralisation and has never been explored using modern techniques.
WATCH: Meteoric Resources 'back on the ground' and keen to get drilling in Canada
Detailed mapping of the Lorrain project and approvals for ground geophysics and drilling have commenced.
Managing director Dr Andrew Tunks said: “Meteoric continues to grow its cobalt exploration tenure of the most prospective cobalt ground in the Ontario Cobalt Belt.
“The belt is perhaps the most active jurisdiction on the planet for cobalt exploration and over the coming weeks, our focus will shift towards exploration designed to detect mineralisation and target our upcoming drilling programs.”
Productive cobalt mining camp
This area is historically the most productive cobalt mining camp in Canada, having produced 50 million pounds of cobalt and 600 million ounces of silver over a 60-year period.
Cobalt manager Tony Cormack said: “The Lorrain area is famous for high-grade cobalt, with a 1930’s report stating that at 168ft down shaft there was plenty of cobalt, although silver values were not that high.
“Just like the recently acquired Beauchamp Cobalt Project, Lorrain has the regional fault structure known as the Cross-Lake Fault.
“We will have boots on the ground at site this week to commence detailed mapping and sampling with ground geophysics and drilling planned during the 2018 field season.”