Meteoric Resources NL (ASX:MEI) continues to progress target generation work across its suite of cobalt prospects in Ontario, Canada.
The company remains confident of exploration success despite receiving disappointing results from an 11-hole maiden drilling program at the Mulligan Cobalt Project.
Most drill holes intersected the targeted fault and vein structures, however, the results indicate the system lacks the geological scale and metal grades to host sufficient polymetallic mineralisation.
Meteoric managing director Andrew Tunks said, “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.”
Geophysical surveys completed
The company has completed geophysical surveys at the Mulligan East, Iron Mask and Beauchamp prospects with results expected in the coming weeks.
Upcoming work programs will prioritise new geophysical targets and test the strike extension of historical cobalt mining north of Iron Mask.
READ: Meteoric Resources puts Geotech in a plane as Ontarian cobalt surveys begin in Canada
Tunks said, “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.
“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,” he said, “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.”
Focus shifts away from Mulligan
The Mulligan drilling program was designed to test geophysical and geochemical targets as well as historical workings.
Most prospective targets were drilled so the company believes it has effectively tested the cobalt targets identified at Mulligan.
Four holes intersected narrow potentially mineralised zones and these were assayed for a multi-element suite.
Meteoric’s cobalt strategy is to acquire multiple projects with historical production and previous work in the world-class cobalt district in Ontario.