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Meteoric to acquire Joyce River cobalt project in Ontario

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Meteoric to acquire Joyce River cobalt project in Ontario

Meteoric Resources NL said May 14 that it signed a binding deal to acquire the Joyce River cobalt-copper-gold project, covering an area of 4.6 square kilometers, in Ontario, in a cash and shares deal.

Under the deal, the miner will pay the project's vendors, 1544230 Ontario Inc. and Steven Edward Daniel Siemieniuk, C$35,000 in cash and 500,000 shares each over three years.

The vendors will also retain a 1.5% net smelter returns royalty over the property, with Meteoric holding an option to buy back a 0.75% NSR for C$250,000.

A maiden drilling program focused on high-grade cobalt mineralization will be conducted over project, Meteoric said.

The deal follows Meteoric's prior agreement to acquire the Lorrain cobalt project in the Ontario cobalt camp in a cash and shares deal earlier this month.