Meteoric Resources has completed the sale of its Midrim and LaForce nickel-copper projects in Canada for consideration of 13.05mn shares valued at $1.17mn to Rafaella Resources Limited, the company said in a statement. Both companies had signed an agreement to initiate the sale in August.
Preliminary metallurgical test work at the Midrim project has already delivered results of up to 95pc copper and 80pc nickel recoveries after just 10 minutes of simple flotation, as per media reports.
It showed exceptionally high-grade drilling assay result that include the following intersections:
- 4.3m @ 6.57pc Ni, 5.15% Cu & 7.15g/mt PGEs (platinum group elements) from 57.15m depth in hole MR00-05;
- 4.6m @ 5.97% Ni, 4.91% Cu & 3.38g/mt PGEs from 48.00m depth in hole MR00-37; and
9.4m @ 3.52% Ni, 4.25% Cu & 4.59g/mt PGEs from 56.00m depth in hole MR17-01.
Broad mineralized intersections at the Laforce project include 100m at 0.87pc nickel and 0.38pc copper.
The projects are located in the Belleterre-Angliers Greenstone Belt in Quebec, Canada, and have shown high-grade nickel-copper deposits. Midrim covers 118sqkm of the belt, while LaForce is 4.6km long and 0.15km wide.