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M2 Cobalt Corp

M2 Cobalt to launch drilling at Bujagali property in Uganda, finds new copper-gold showings at Kilembe

The company said it was very pleased with the large scale of the regional play that is emerging

Cobalt
The group is developing cobalt assays in Uganda

M2 Cobalt Corp (CVE:MC) (OTCMKTS:MCCBF) updated on its exploration program in Uganda,  East Africa, saying it had launched drilling at the Waragai and Bombo cobalt-copper targets at its Bujagali property and found copper-gold showings at the new Kilembe-area licenses.

At the latter licenses, two localized showings were discovered dubbed Eagle and Senator, the company said.

READ THE DEEP DIVE:  M2 Cobalt Corp tackles cobalt in Uganda

At Eagle, two rock grab samples contained 18.15 grams per tonne (g/t) gold and 37.8% copper.

At  the Senator target, 12 rock grab samples contained from 0.12% copper to 7.8% copper  and 24 samples containing from 0.2 to 16.3 g/t gold, including 10 samples with more than 5.03 g/t gold and four samples with more than 10.45 g/t gold.

"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 emerging," said Simon Clarke, the CEO at M2 Cobalt.

The firm  has contracted ADT Africa for the drill program and crews have been mobilized to the Waragai and Bombo targets at the Bujagali property. The drill program is being funded under the US$3 million working capital facility provided by Jervois Mining as part of the friendly merger currently being completed by the firms.

The program will systematically test the large regional copper-cobalt geochemical anomaly discovered during the 2018 work program and further expanded during this year.

Rigs mobilized

"We are excited to have mobilized drill rigs onto two key cobalt-copper targets as well as our nickel-copper-cobalt targets at Bombo."

"We are also very pleased with initial exploration results from our new Kilembe-area licenses and, in particular, the high grades of the sampling conducted to-date. These new licenses expand our foot-print around the historic Kilembe mine which produced significant amounts of copper and cobalt whilst in operation."

The company has a large, highly prospective ground in the Republic of Uganda, which borders historic production and on the same mineral trends as some of the major mines in the neighboring DRC (Democratic Republic of Congo) where over 60% of world cobalt supply originates.

Shares in Toronto nudged up nearly 3% to $0.18.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: M2 Cobalt Corp

Price: $0.19

Market: TSX-V
Market Cap: $12.04 m
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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

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