Bright news from M2 Cobalt Corp on Tuesday after it released news that it had found six additional large-scale cobalt anomalies at its Bujagali project in Uganda.
Shares perked up 7.1% at C$0.30.
The company said during the completion of its phase 1 exploration program at Bujagali and associated infill sampling, it discovered six additional large-scale anomalies with highly anomalous rock and soil samples and has also expanded the footprint of its Waragi anomaly.
"To have discovered extensive cobalt, copper and nickel mineralization and so many large-scale anomalies across our very large asset package in a six-month time frame is a major achievement," said Dr. Jennifer Hinton, head of East Africa operations.
"Given the work completed to date, which is on time and under budget, we are now positioned to commence an initial phase of drilling on several key targets to further delineate these anomalies and test mineralization at depth. At the same time, given the size of our anomalies at Bujagali and the development of a potential Katanga-style regional copper-cobalt play, we will also undertake additional geophysics and geochemistry for further definition and to enable us to select the best initial drill collars."
The company said four additional large-scale geochemical anomalies have been discovered within the Bujagali property, two of which are along the same stratigraphic horizon as the company's existing Waragi anomaly. The footprint of the company's Waragi copper-cobalt anomaly has been expanded to over 1km by 900 metres.
"Our phase 1 work program has delivered excellent results with surface sample results up to 1.75% Co, 0.91% Cu and 0.26% Ni. This program has positioned us to commence an initial drilling phase as we look to achieve our corporate objectives of discovering and developing world-class cobalt (and associated minerals) assets with large-scale potential which are based outside the Democratic Republic of the Congo," said Simon Clarke, chief executive officer.
M2 Cobalt is focused on discovering and developing cobalt assets and related minerals. The company has a large, highly 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 Democratic Republic of the Congo where over 60% of world cobalt supply originates.