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METEORIC RESOURCES NL

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Outstanding Shallow High-Grade Cu-Ni-Pge Drill Hole Results 
Mid Rim - Quebec, Canada
ASX Announcement 19 February 2018

  • Assay results received from the Company’s maiden drilling campaign completed at Midrim 
  • Significant high-grade shallow mineralised intersects include: 
    • 22.1m @ 2.38% Cu; 1.64% Ni & 2.56 g/t PGE MR-17-01 from 28m 
    • 9.4m @ 4.25% Cu; 3.52% Ni & 4.59 g/t PGE MR-17-01 from 56m 
    • 16.8m @ 1.79% Cu; 1.01% Ni & 2.95 g/t PGE MR-17-05 from 23m
    • 7.7m @ 0.66% Cu; 0.42% Ni & 0.81 g/t PGE MR-17-06 from 104m 
  • Successfully intersected continuity of mineralisation at Midrim West 
  • New drilling will enable construction of a 3-D model and provide sample material for detailed metallurgical testwork 
  • Upcoming work: Finalisation of Bulk sample study utilising data from the completed drill program as well as preliminary metallurgical test work results 

Canadian cobalt and copper-nickel-PGE explorer Meteoric Resources NL (ASX: MEI; “Meteoric” or the “Company”) is pleased to announce assay results from its recently completed 2,270m diamond drilling program targeting the high-grade massive sulphide mineralisation at its 100% owned Midrim Project. 

Meteoric’s maiden drilling programme was undertaken during November-December 2017 where a total of 15 holes were completed across the project (Figure 2 and Tables 1 & 2) for 2,270m of NQ diamond core. A total of 512 core samples were submitted to ALS in Sudbury for analysis.

Outstanding intersections with Cu-Ni-PGE sulphide assay results include:

Photo 1: Massive sulphide intervals intersected within MR-17-01 from 56.6m depth

Meteoric M.D. Dr Andrew Tunks commented 

“The new drilling is a solid step forward in our progress at Midrim. It confirms the high-grade nature of the mineralisation in the historical drilling and provides us with new information to finalise a 3D model for Midrim that will guide any further work. Importantly the new core will supply fresh sample material for a detailed metallurgical study supplementing the preliminary metallurgical study we are due to announce in the coming weeks. 

With the Northern winter coming to an end, the team are excited to get into the field in and commence work on our exploration portfolio, with a focus on our highly prospective cobalt ground. We will be announcing our exploration plans over the coming weeks before I head to Canada in early March to initiate our aggressive exploration program.”

Click here to view the full announcement

High Grade Cobalt Rock And Soil Assays Advance Mulligan
ASX Announcement 5 February 2018

  • High grade cobalt 9.2% with 16.5g/t silver and 14.3g/t gold assays in grab samples 
  • Significant cobalt-silver geochemical anomalies with 209ppm cobalt and 807ppb silver reported in soil assays 
  • Detailed mapping and rock/soil assay results demonstrate the potential for significant primary cobalt mineralisation at the Mulligan Cobalt Project 
  • Newly defined geochemical anomalies will be followed up by a detailed IP survey to generate drilling targets 
  • The cobalt–rich polymetallic vein system (Co-Ag-Ni-Cu-Au) at Mulligan is typical of the of the famous Cobalt Camp 50km to the south 

Canadian cobalt and copper-nickel-PGE explorer Meteoric Resources NL (ASX: MEI; “Meteoric” or the “Company”) announces the results of a detailed geological mapping and soil / rock chip sampling program completed at its 100% owned Mulligan Cobalt Project located in Ontario, Canada. 

The Mulligan Cobalt Project is located approximately 50 kilometres north of the famous Cobalt Camp (Figure 1) in Northeast Ontario. Meteoric’s Mulligan Cobalt Project consists of 2 mining claims covering 0.8km2 (80Ha) considered highly prospective for primary cobalt mineralisation. The cobalt-silver-nickel-gold anomalies interpreted from this new work provide the exploration team with a high degree of confidence in identifying primary cobalt mineralisation at Mulligan. Based on the results of the mapping and geochemical analysis, Meteoric has moved quickly and commissioned a closely spaced (100m), 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 3-dimensions and provide Meteoric with modelled plates for a targeted diamond drilling campaign, planned for H2CY18. 

Meteoric MD Dr Andrew Tunks stated: 

“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 only drilling can create true project value and it is our goal to drill test our targets as soon as practicable.”

Figure 1: Meteoric’s Mulligan Cobalt Project Location Map

During late October and into early November, Orix Geoscience completed a 1:5000 geological mapping program across the Mulligan Cobalt Project, with a focus on known historical Cobalt workings and an aim of identifying Co-Ag mineralised vein systems. In conjunction with the detailed mapping program, a total of 8 rock chip samples and 3 mullock dump samples along with 276 soil samples taken at 25m intervals along 100m spaced lines (Appendix 1). 

Geochemical Sampling 

A total of 8 rock chip samples and 276 soil samples were collected, along with a sample description and site location (handheld GPS) recorded on a pre-numbered sample booklet. The sampling sites were flagged and tagged in the field using numbered aluminium tags for future reference. Samples were submitted to ALS Minerals in Sudbury. 

High grade cobalt (9.2 %), silver (16.5 g/t) and gold (14.3 g/t) assays were reported in rock/grab samples along with 209 ppm cobalt and 807 ppb silver in soils. The most significant aspect of the cobalt-silvernickel-arsenic geochemical anomalies is they occur consistently together in the same geological domain. This tight domaining provides Meteoric a high degree of confidence in commencing the next phase of exploration targeting high grade primary cobalt mineralisation at the Mulligan Cobalt Project (figures 2&3).

Click here to view the full announcement

December 2017 Quarterly Activities Report 
ASX Announcement 31 January 2018

  • Commencement of Cobalt Exploration programs targeting the Company’s primary cobalt projects 
  • High grade cobalt mineralisation confirmed at Mulligan with rock chip samples grading up to 9.71% Co and 16.5 g/t Ag 
  • Staking of Mulligan East primary cobalt project area to increase the Company’s holdings in this highly prospective area 
  • Maiden drilling campaign commenced at the Midrim Cu-Ni-PGE project following the definition of high priority copper and nickel targets 
  • Completion of a $4.34 million capital raising to fund 2018 exploration program 
  • Subsequent to the end of the period the Company appointed a new Managing Director Dr. Andrew Tunks and key technical personnel including cobalt expert Tony Cormack 

Meteoric Resources NL (ASX: MEI, “Meteoric” or “the Company”), a Canadian focused Co and Cu-Ni-PGE explorer, is pleased to provide an operational update for the three-month period ending 31 December 2017. 

Commencement of cobalt exploration program targeting Mulligan 

Within the period the Company initiated a first pass exploration program on its primary cobalt exploration projects situated in Ontario’s Cobalt Embayment, renowned for its historic production in excess of 28 million tonnes cobalt and 720 million ounces silver. The Mulligan property was initially acquired due to the documented cobalt-rich polymetallic vein system from which it was previously reported that a historical 8 ton bulk sample averaging 10% Co was extracted. Subsequent historical rock sampling from the showing ((Ontario Department of Mines, 1952; 12.6% cobalt, 1.03% nickel, 29.76 g/t gold and 39.69 g/t silver: Sample No. 23730) and (Conwest Exploration; 19% cobalt and 56.69 g/t gold)) confirmed the high grade mineralising potential of the vein system. 

The work conducted on the Mulligan Property during the quarter included: 

  • geological mapping; rock chip sampling and identification of possible channel sampling locations; and 
  • collection of 250 soil samples at 25m intervals along 100m spaced lines.

Confirmation of high grade cobalt results at Mulligan 

Visible cobalt bloom (erythrite) and cobaltite was identified in grab samples reported during the quarter from the historic mining dump at Mulligan. Sample 627674 (Photo 1) from the dump assayed 9.71% cobalt; 16.5 g/t Ag and 14.3 g/t gold reaffirming the high grade nature of the vein system that was mined at Mulligan. Systematic mapping conducted over the historic showing revealed two vein sets hosted within Nipissing Diabase along which the historical mining occurred. Geochemical soil sampling results are expected during Q1 CY2018 with the interpreted data forming the basis for further exploration as soon as the northern winter allows access. 

Photo 1: Sample 627674 returned results of 9.71% Co, 14.3  g/t Au, 16.5 g/t Ag

Staking of additional cobalt ground at Mulligan East

During the quarter the Company staked additional ground prospective for cobalt approximately 5km east of the Mulligan Cobalt project. Meteoric’s new ground will form the Mulligan East Cobalt project consisting of 90 claims totalling 13.7km2 , situated 50km north of the historic cobalt mining centre of Cobalt and targeting high grade silver-cobalt (Ag-Co) vein style mineralisation similar to that mined at Cobalt. 

Located 3.5km SE of Mulligan and 7km west of Mulligan East is the Foster Marshall Ag-Co project. Supreme Metals reported the project has historic assays of 4.5% Co and 87oz/t Ag and two veins with a combined length of about 160m. Mineralisation at Foster Marshall was intersected in vein structures associated with Nipissing Diabase in an inferred magnetic low. Structures from Foster Marshall can be traced extending into MEI’s Mulligan claims. These prominent NE-trending structures are also prevalent in the staked Mulligan East claim block (Figure 1). 

Exploration at Iron Mask cobalt project 

The Iron Mask cobalt project (Figure 2); identified from historical data; lies 45 km northwest of the famous Sudbury mining district and approximately 500m southwest of historical workings of the Cobalt Shaft. Historical rock samples from around the Shaft grade up to 16.0% Co and a 6 ton bulk sample averaged 15% Co and 279 g/t Ag. 

Meteoric completed a reconnaissance mapping program over the project area and is waiting for the finalised geological map; interpretation and assessment report, which is due Q1 CY18 before planning further work. Future exploration will rely on geophysics coupled with the geological mapping to define specific target areas. These will be followed up for detailed assessment using a combination of mapping; geochemical and geophysic surveys to potentially provide targets for drilling.

Click here to view the full announcement

Meteoric Stakes Additional Cobalt Project In Canada
ASX Announcement 24 January 2018

  • Meteoric stakes the Burt Cobalt Project, 9.34 km2  of highly prospective primary cobalt ground in  Ontario Canada  
  • Burt Cobalt Project is located 7kms directly along strike from Battery Minerals Resources’/Golden  Valley Mines (TSX‐V: GZZ) Island 27 Project  
  • Burt Cobalt Project hosts three major fault/shear zones representing over 5.7km of strike length  potential for high‐grade primary cobalt mineralisation  
  • Potential for primary cobalt mineralisation at the Burt project identified by Orix’s proprietary asset  identification software, and confirmed by a recent review completed by Tony Cormack   

Canadian  cobalt  and  Cu‐Ni‐PGE  explorer  Meteoric  Resources  NL  (ASX:  MEI;  “Meteoric”  or  the  “Company”),  is  pleased to announce it has staked a contiguous block of further highly prospective unpatented mining claims in the  Cobalt District  of  Canada  ‐ Burt  Project  in Ontario,  Canada. The  Burt  Cobalt  Project  is  located approximately  7  kilometres along strike to Battery Mineral Resources’/Golden Valley Mines, Island 27 Project (Figure 1).  

Meteoric’s Burt Cobalt Project hosts 3 major, north south trending faults identified as being the key hosts of primary  cobalt mineralisation throughout the district. These faults, which cross‐cut the same andesite unit hosting the cobalt  mineralisation at Island  27,  represents  over  5.7kms  of  strike  length  potential  for  primary  cobalt mineralisation.  These  cobalt  fertile  structures  will  be  the  focus  for Meteoric’s  exploration  program  of  mapping,  geochemistry,  geophysics and drilling planned for Q2CY18.  

The  cobalt‐silver‐nickel‐gold  anomalies  generated  at  the  Island  27  Project  were  identified  through  an  induced  polarisation  geophysical  survey  (IP)  and  diamond  core  drilling  in  2013,  which  intercepted  high  grade  cobalt  mineralisation in a breccia associated with the regional fault zone. This brecciated fault zone included a sulphide‐ rich  zone  returning  high  grade  cobalt  assays  in  association  with  strongly  elevated  silver,  nickel  and  gold.  The  weighted average of the 4m downhole intercept is 4.18% Co, 12.1 g/t Ag, 0.38% Ni and 0.098 g/t Au (TSX‐V: GZZ  announcement dated June 2017: Golden Valley Mines Options Island 27 Prospect to Battery Mineral Resources).  

Meteoric MD Dr Andrew Tunks  stated:  

“Leveraging  off  our  strong  relationship with Orix Geoscience  (a leading  Canadian  Geology  Consulting  group),  allowing  us  access  to  their  proprietary  asset  identification  system,  the  Meteoric team has moved quickly to stake highly prospective primary cobalt and Cu‐Ni‐PGM ground in Canada. The  Burt Cobalt Project fits our exploration model and adds value to our carefully selected portfolio. Meteoric is actively  targeting further Co‐Cu‐Ni‐PGM opportunities both in Canada and across the globe. The Company is continuing to  refine its exploration strategy, with a  strong  focus  towards expenditure in  the ground and an active exploration  program over the coming months. We now have the right team in place, we are fully funded, and will hit the ground  hard aiming to add significant value to our exciting projects.”

Click here to view the full announcement

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