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METEORIC RESOURCES NL

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March 2018 Quarterly Activities Report 
ASX Announcement 19 April 2018

  • High grade cobalt mineralisation confirmed at Mulligan with rock chip samples grading up to
    9.71% Co and 16.5 g/t Au
  • Two new Primary Cobalt Projects in Canada:
    • Agreement to acquire the Gillies Limit Project
    • Staked the highly prospective Burt Cobalt Project
  • Cobalt exploration program released, including drilling to commence mid‐2018
  • Assay results from Midrim maiden drilling campaign intersects significant high‐grade shallow
    mineralised intersects:
    • 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
  • Exceptional Cu & Ni recoveries of up to 95% and 80% respectively  
  • Appointment of Dr. Andrew Tunks as Managing Director and Mr Tony Cormack as Cobalt Project
    Manager

Meteoric  Resources  NL  (ASX:  MEI,  “Meteoric”  or  “the  Company”),  a  Canadian  focused  Cu‐Ni‐Co‐PGE
explorer, is pleased to provide an operational update for the three‐month period ending 31 March 2018. 

COBALT EXPLORATION   
Acquisition of additional primary cobalt projects - Gillies Limit

During  the  period  the  Company  entered  into  a  conditional agreement to acquire the Gillies Limit project which consists of 11 contiguous  claim  blocks within  the  prolific  Cobalt  Camp mining district. The project is located on the same geological trend, and within just 2.5km of, numerous historical high‐grade cobalt and
silver  mines  including  the  Cobalt  A‐53  mine,  the  Silver  mining company mine (produced 2,251 lbs of cobalt), the Provincial mine (produced 34,473 lbs Co, 287 lbs Ag) and the Waldina silver mines shaft (produced 2,066 lbs Co)1

Recent exploration activities on the claims revealed visible cobalt minerals  (smaltite  and  erythrite)  exposed  throughout  the property.  Numerous  surface  cobalt‐silver  showings  are associated with  two major  northerly‐ and  northwesterly‐trending  faults. Meteoric  plans  to  resample  the extensive  historic  workings  with  the  major  focus  being  on  primary  cobalt  mineralisation.  In  addition  to prospect  scale  mapping  and  surface  sampling,  a  detailed  geophysical  survey  (Induced  Polarisation, Magnetics & Radiometrics) is planned to commence as soon as weather conditions allow.  

Additional trenching will also be conducted to determine the extent of the previously exploited veins with the intention to produce a bulk sample for analysis along with preliminary metallurgical test work. Meteoric plans to fast track its systematic and rigorous exploration approach with an extensive program of prospect scale mapping, surface sampling, geophysics along with resampling of the numerous outcrops and open pit operations

Click here to view the full announcement


ASX Announcement 27 February 2018

  • Meteoric plans a comprehensive cobalt focussed program across 2018.
  • Exploration work planned across all 4 highly prospective primary Cobalt Projects at; 
    1. Mulligan Cobalt Project (Ground Geophysics & Drilling) 
    2. Iron Mask Cobalt Project (Geochemistry, Airborne/Ground Geophysics & Drilling) 
    3. Burt Cobalt Project (Mapping & Geophysics) 
    4. Mulligan East Cobalt Project (Mapping, Geochemistry & Geophysics) 
  • Drilling at high-priority cobalt projects Mulligan and Iron Mask to commence mid-2018 
  • Meteoric actively reviewing several additional exciting Cobalt opportunities in both Canada and other jurisdictions 

Meteoric Resources NL (ASX: MEI; “Meteoric” or the “Company”), a Canadian focussed cobalt and Cu-Ni-PGE explorer announces its Canadian Cobalt Strategy for the upcoming field season in Ontario, Canada. Over the past 10 months Meteoric has had a strong focus on the acquisition of primary cobalt projects. The Company has now successfully secured 100% ownership of 4 outstanding primary cobalt projects, all located in the mining friendly jurisdiction of Ontario, Canada. 

The prospectivity of the Mulligan area is highlighted by the high grade historical samples collected by the Ontario Department of Mines (1952) yielding 12.6% cobalt, 1.03% nickel, 29.8 g/t gold and 39.7 g/t silver (Sample No. 23730) and Conwest Exploration (1952) yielding 19% cobalt and 56.7 g/t gold. According to a 1952 report, 8-tonnes of cobalt ore was shipped from the Mulligan site for mineral extraction and recovery was 10% cobalt (see ASX:MEI 26/May/2017). Recent rock samples taken by Meteoric confirm the high-grade cobalt grades at the Mulligan project, with sample no. 627674 returning a result of 9.71% cobalt, 14.3 g/t gold and 0.3% nickel. 

The Iron Mask Cobalt Project is located approximately 500m along strike from the historical workings of the Cobalt Shaft where rock samples from around the shaft graded up to 16% cobalt and a 6-tonne bulk sample graded 15% cobalt and 279 g/t silver. (see ASX:MEI 26/May/2017). 

The Burt Cobalt Project is located approximately 7 kilometres along strike to Battery Mineral Resources’/Golden Valley Mines, Island 27 Project where the weighted average of a 4m historical downhole intercept graded 4.18% Co, 12.1 g/t Ag, 0.38% Ni and 0.098 g/t Au (TSXV: GZZ announcement dated June 2017: Golden Valley Mines Options Island 27 Prospect to Battery Mineral Resources). 

The next phase of the Company’s strategy is to fast-track a comprehensive exploration program across all its primary cobalt projects. The work program will include prospect scale mapping, geochemical surveys, airborne and ground based geophysical surveys along with diamond core drilling scheduled at the high priority Mulligan and Iron Mask projects (Tables 1 to 4). 

Meteoric’s MD Dr Andrew Tunks commented: 

Our plan now is Cobalt Cobalt Cobalt and to get the drill rigs turning as soon as possible. The Meteoric team has successfully executed the project acquisition phase of the Company’s strategy by securing 100% ownership of 4 impressive primary cobalt projects in Ontario, Canada. 

Meteoric’s cobalt properties fall into two groups; Mulligan and Iron Mask where mapping preliminary work has been completed and Burt and Mulligan East which are at an earlier stage of exploration. We will commence geophysical works at Mulligan and Iron Mask as soon as practicable and we look forward to having drill rods turning on those projects by Mid-year. Further by working the earlier stage projects hard over the Northern Summer should have drill targets to keep the exploration going through winter. 

We have outstanding projects combined with a great exploration team led by Tony Cormack, along with a fully funded exploration field program. We are certainly well on our way to delivering significant value to our shareholders”.

Click here to view the full announcement


Positive Results From Preliminary Metallurgical Testing
ASX Announcement 21 February 2018

  • Exceptional Cu and Ni recoveries from Midrim mineralisation 
  • Up to 95% Cu, 80% Ni recoveries after 10 minutes flotation 
  • Positive results confirm viability of Midrim as a polymetallic target 
  • Next steps: Comprehensive metallurgical testing to commence using the new core optimising a potential flowsheet for Cu-Ni-Co and PGE recoveries 

Meteoric Resources NL, ASX: MEI (“Meteoric” or “the Company”), a Canadian focused Cu-Ni-Co-PGE explorer, provides an update to the market with the results from preliminary metallurgical testing undertaken by SGS Lakefield Onatario Canada on the Midrim core taken from the 2000-2001 drill campaign. 

Exceptional recoveries were achieved from the testing with up to 95% of the copper and 80% of the nickel being recovered in 10 minutes of flotation. Whilst preliminary tests focussed mainly on the extraction of copper and nickel, follow up work utilising fresh core from the 2017 drilling campaign will be used to optimise the flowsheet for marketable concentrate production and the detailed recovery examination of platinum and palladium in detail. 

Fresh core has been drilled and is in storage for the next stage of metallurgical testing. The next series of tests will focus on: 

  • Establishing the variability of the ore in terms of mineralogy, composition and basic metallurgical response. 
  • A more detailed examination of the mineralogy using XRD and QEMSCAN. 
  • An examination of the core to establish if pre-concentration by XRT sorting or similar means or by gravity is possible. 
  • Compositing sample for larger scale flotation tests after sighter tests to establish the optimum grind and reagent suite. 
  • Focussing on PGE recovery as well as Cu-Ni-Co which, given the good PGE grades make a substantial impact on the project going forward 
  • Cleaning up concentrates to suit current off-take specifications. 

Meteoric M.D. Dr Andrew Tunks commented 

“The results from the preliminary metallurgical study give us the confidence to approach the project as a polymetallic deposit as recoveries of copper and nickel have been shown to be excellent and PGEs are expected to be important contributors. We have already commenced planning for a detailed Metallurgical testwork program with the new core drilled through Midrim late last year that will enable a full set of testwork on all key elements. Clearly the PGE’s could be significant contributors to any production scenario.”

Click here to view the full announcement

Outstanding Shallow High-Grade Cu-Ni-Pge Drill Hole Results 
Midrim - 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

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