Meteoric Resources NL said March 27 that it signed a binding agreement to acquire the Gillies cobalt project in Ontario in a cash and shares deal.

The Gillies cobalt project consists of 11 contiguous claim blocks, located in the province's Cobalt camp.

The company will make an initial payment of C$100,000 in cash and shares, then make additional payments of C$180,000 in cash and shares over three years. The vendor will retain a 2% net smelter returns royalty upon the deal's closing.

Meteoric plans to resample the project's historic workings, focusing primarily on cobalt mineralization. A detailed geophysical survey will also begin soon.