M2 Cobalt Corp (CSE:MC) updated further on Uganda activity and said it had launched an initial drill program focused on key targets discovered during its successful first phase work program.
The company has struck a drilling contract with an East African drilling company and currently plans up to 3,000 metres of diamond drilling with the possibility to extend this.
"The commencement of drilling is a very exciting time for the company," said Simon Clarke, CEO at M2 Cobalt.
"The success of our phase 1 program, during which we discovered multiple large-scale targets with surface sampling up to 1.75 per cent cobalt, 0.91 per cent copper and 0.26 per cent nickel, has positioned us strongly for this initial phase of drilling.
"It moves us closer to achieving our corporate objective of discovering and developing world-class deposits of cobalt and associated minerals."
In the phase 1 program, the company discovered multiple targets and 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.
The initial drill program will test key targets at depth in each style of mineralization and will position the company to embark on a larger drill program.
Yesterday, the group increased its footprint in Uganda as it said it was set to buy four further exploration licences, which are contiguous with or close to its existing Kilembe-area and Bujagali projects.
The company has entered a definitive purchase agreement with Ugandan firm Olympic Minerals Ltd to acquire the licenses, which span around 850 square kilometres (sq km).
That adds to the firm's landholdings already, which consists of seven licences totalling 1,564 square kilometres (sq km).