Meteoric Resources NL announced the commencement of drilling activities at the company’s Joyce Copper-Cobalt-Gold project located in West Ontario. The news sent the shares to jump up by 9.091% to last trade at $0.012 on 14 January 2019.
In today’s announcement to Australian Securities Exchange, Meteoric Resources NL (ASX: MEI) stated that drilling rig had been successfully mobilized to Joyce River Project and the initial 8-hole drill program for 500m has already been commenced.
Joyce River Project is located in North-western Ontario covering 4.6 square kilometers within the Uchi Greenstone Belt. The project reportedly contains highly prospective cobalt, copper and gold mineralization in semi-massive to massive sulfide. It reportedly possesses the high-potential for mineralization demonstrated in the high-grade historical assays at the project, including 11.0% Copper, 0.3% Cobalt and 8.07g/t Gold.
Meteoric Resources Managing Director Dr. Andrew Tunks stated that it’s a great achievement for the company to commence drilling activities so early in January. Following the receipt of statutory approvals in December 2018, the company has efficiently sent the rig to test the high priority Joyce Target.
In the initial drilling program, the company intends to intersect target zones located directly below the extensive sulfide outcrops. Also, those areas lie within the re-modeled EM conductivity targets. Joyce is a high-priority target for the finding of meteoric by thick zones mapped for disseminated and massive sulfides exposed at the surface.
So far, three trenches have been reportedly completed at Joyce with the mafic-ultramafic geological contact being a perfect rheology contrast target. Further, anomaly trends observed over airborne EM and Magnetic signatures suggest that the sulfide-bearing pyroxenite is around 1.6 kilometer in strike length.
The management further confirmed that drilling is being conducted by Diamond Drilling company, Chibougamau, under the supervision of Meteoric Resources’ partner company Orix Geoscience. It has been stated that results will be declared to the investors once the initial program is completed and assay results are received, due in coming weeks.
The well-known Uchi Archean Greenstone Subprovince belt where the Joyce River Project is located is recognized as one of the world’s most metal endowed greenstone belts on a square kilometer basis. The Uchi Subprovince stretches for over 600km from Manitoba, east through north-western Ontario.
Meteoric Resources NL is a mineral exploration company that holds gold, copper, diamond and iron projects across Australia and the Northern Territory. It also holds assets for graphite exploration in Spain. In the past 12 months, MEI stock price has fallen 78.0% including a negative price change of 31.25% in the past three months.