M2 Cobalt Corp (CSE:MC, OTCMKTS:MCCBF) said Thursday that it has added a second drill at its Bombo project in Bujagali, Uganda.
The Vancouver-based company added that its initial work included the discovery of three target areas — Bombo, Bombo Northwest and Bombo Central — with nickel, copper and cobalt rock and soil samples. The company reported mineralization of up to 0.5% nickel, 0.68% cobalt and 1% copper.
“Our ongoing work has expanded and further defined existing targets as well as made new discoveries,” CEO Simon Clarke said in a statement. “We are excited to mobilize a second drill.”
Last month the company agreed with Uganda’s Olympic Minerals Ltd to acquire four exploration licenses.
Shares of M2 slipped US$0.02 to US$0.19 in OTC trading. They were unchanged at C$0.22 on the Canadian Venture Exchange.
Contact Dennis Fitzgerald at [email protected]