TopTung Ltd. will not proceed with the planned acquisition of Meteoric Resources NL's Midrim copper and Laforce nickel projects in Quebec.
In November 2018, TopTung conditionally agreed to purchase the projects via the acquisition of Canadian Nickel Corp. Pty. Ltd., which had agreements in place for the acquisition of Midrim and Laforce from Meteoric.
TopTung informed Meteoric that the move is based on market conditions and a decision to focus on evaluating its current Canadian portfolio, and not on the prospectivity of the projects.
Meteoric said in a Jan. 7 release that it remains fully funded to pursue exploration on its highly-prospective cobalt portfolio, as well as other investment opportunities. The company is also assessing a number of gold projects.
Meanwhile, drilling at the Joyce copper-cobalt-gold project in Ontario is set to commence shortly, with a focus on shallow electromagnetic targets immediately beneath outcropping massive sulfides.