M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) told investors it had expanded targets previously identified at the cobalt-copper play at Bujagali in Uganda via sampling work.
The recent work has shown that these targets continue across the licence boundary into the firm's newly-acquired exploration licence announced last month, the Vancouver based company said.
READ M2 Cobalt Corp shares surge as drillbits are now turning at Bombo and Bombo Northwest targets in Uganda
M2 Cobalt said limited sampling within that licence had resulted in some rock grab samples containing 0.65% Co (cobalt) and 0.18% Cu (copper), on strike with both the Nile and Waragi discoveries previously announced.
Recent results have also shown highly anomalous copper and cobalt rock and soil samples on EL 1682, the firm's most northerly exploration licence at Bujagali.
Meanwhile, along the regional cobalt-copper trend, 87 rock grab samples were found to contain more than 0.1% cobalt to maximum values of 1.75% cobalt. Eight samples containing greater than 1.1% cobalt.
"We are continuing to build on and delineate our Katanga-Style regional cobalt-copper targets and are very pleased with the large scale of the regional play that is evolving," said Simon Clarke, CEO of M2 Cobalt. "We are excited that we will soon be ready for some initial drilling on two key targets in this play. This process is a continuation of our goal which is to discover major cobalt-copper (and nickel) deposits outside of the DRC."
Programs get underway
This week, M2 Cobalt revealed that an initial drill program had begun at Bombo.
Simultaneously, the firm will conduct an induced polarization (IP) program at the Waragi and Nile targets.
Once results are compiled, and the initial drilling has been completed at the Bombo targets, the drill will move to the Waragi and Nile targets, it said.
Shares in Toronto were unchanged at $0.245.
Contact Giles Gwinnett at [email protected]
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