“Securing the Lorrain Cobalt Project is a real coup for Meteoric. The Project area contains numerous historical cobalt-silver shafts and pits which have never been explored using modern exploration techniques. The Lorrain area is famous for high-grade cobalt, with a historical 1930’s report stating that at 168ft (53m) 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, interpreted as the major control of cobalt/silver mineralisation at the Cobalt Camp, tracking through large areas of mapped Nipissing Diabase.
The Lorrain Project is simply an outstanding cobalt project. 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.
Meteoric has entered a deal to acquire 100% of the Lorrain Cobalt Project. The terms of the acquisition are: 1. On settlement date (May 11th 2018) Meteoric to pay vendor $CAD10,000 and Meteoric to issue vendor 1,000,000 fully paid ordinary shares in MEI. 2. On May 11th 2019, the Company is to pay a further $CAD15,000. 3. On May 11th 2020, the Company is to pay a further $CAD20,000. 4. On May 11th 2021, the Company is to pay a further $CAD25,000. 5. A 2% NSR for any minerals won by MEI from the claims to the vendor 6. Meteoric has the right to purchase 1% (of the 2%) of the NSR for $CAD300,000 or the entire 2% of the NSR for $CAD 500,000 at its discretion. 7. The Company may terminate the agreement at any time, following which the obligation to make the Milestone Payments ceases.
Meteoric announced an agreement to acquire 100% of the Gillies Cobalt Project on 27 March 2018. Following completion of due diligence, the Company has decided not to exercise its Option to acquire the project.
Sounds like Gilles would have been a duster
MEI Price at posting:
3.5¢ Sentiment: Buy Disclosure: Held
