logo-loader
viewM2 Cobalt Corp

M2 Cobalt launches 6,000m of further drilling in Uganda; updates on Jervois Mining merger

As reported in January, M2 Cobalt completed around 2,000 metres of diamond drilling before Christmas last year

cobalt mineralization
The firm is on the hunt for cobalt in Uganda

M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) has launched up to 6,000 metres of further drilling at its Uganda properties and said its merger with Jervois Mining Ltd was progressing well.

As reported in January, M2 Cobalt completed around 2,000 metres of diamond drilling before Christmas last year - mainly at priority targets at its Kilembe-area properties.

WATCH: M2 Cobalt and Jervois Mining become one in a friendly merger

Assays have now been received, said the company, and included a number of positive indicators, including sulphide mineralization at the targets tested in the Kilembe area as well as at the Bombo targets.

The work also confirmed the presence of ultramafic bodies at Bombo.

This year's program will include diamond and reverse circulation (RC) drilling, said M2 Cobalt, which added it also plans to launch additional ground geophysics (magnetics and Induced Polarization (IP) and rock grab and soil sampling within existing and recently acquired exploration licenses.

"We have a very large asset base with numerous large-scale targets and significant potential for new discoveries," said Simon Clarke, CEO of the Vancouver-based resource group. "The ability to leverage what we have learned to date into this expanded phase of drilling strengthens our position significantly. We are also extremely pleased to be able to add the technical and financial resources of Jervois as we move through the merger process and combine operations."

On the merger, the firm said it had now received support for the deal from shareholders representing around 50.3% of the company and it was expected that formal shareholder approval will be obtained via a vote in early to mid-May 2019.

As part of the process, M2 Cobalt said it had now satisfied all outstanding conditions for the drawdown of the US$3 million working capital facility from Jervois, which will be used to fund the continuation and expansion of the initial drill program and the next phase of exploration.

M2 Cobalt has a large, prospective land package in the Republic of Uganda, East Africa.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

 

 

 

 

Quick facts: M2 Cobalt Corp

Price: - CAD

TSX-V:MC
Market: TSX-V
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of M2 Cobalt Corp named herein, including the promotion by the Company of M2 Cobalt Corp in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

M2 Cobalt and Jervois Mining become one in a friendly merger

M2 Cobalt (CVE:MC) CEO Simon Clarke sat down to chat with Steve Darling  from Proactive Investors Vancouver to discuss M2 and Jervois merging to create one company. M2 will make up 22.1 percent of Jervois. Clarke tells Proactive the merger is friendly and  will also give M2 one seat...

on 01/22/2019

2 min read