M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) said it was very pleased with the progress made last year in Uganda in its initial drilling program.
The resource group revealed that it had completed 2,027 meters of diamond drilling in 15 holes on several high-priority targets before December 13 last year.
It targeted three distinct styles of mineralization; volcanogenic massive sulphide (VMS) copper-cobalt at its Kilembe-area properties, Katanga-style sediment-hosted, copper-cobalt mineralization at Bujagali as well as ultramafic nickel, copper and cobalt at Bombo, it said.
Drill core samples have now been received by a lab in South Africa for analysis, with results expected by mid-February this year.
This phase 1 drill program is designed to further test key targets in each style of mineralization ahead of a potentially larger phase 2 drill program.
"We are very pleased with the progress made in 2018 through our in-depth work programs, where we brought the latest exploration technologies and techniques into this highly under-explored region, as well as this first phase of our initial drill program," said Simon Clarke, CEO.
"Once the results from this initial phase of drilling are received and reviewed, they will position us to launch our 2019 programs.
"We are excited to build on the progress made during 2018."
M2 Cobalt Corp wants to address the growing deficit in the supply of cobalt.
It has a large, prospective land package in the Republic of Uganda, East Africa bordering historic production and on the same mineral trends as some of the major mines in the neighbouring DRC where over 60% of world cobalt supply originates.
Contact Giles at [email protected]
Follow him on Twitter @Gile74