M2 Cobalt Corp. (the “Company”) (TSXV:MC) is pleased to announce that results from rock and soil sampling and high-resolution ground magnetics have confirmed the discovery of a large scale nickel-cobalt-copper anomaly at Bombo, one of the Company’s principal exploration targets at its Bujagali Licenses in South-Central Uganda.
The soil samples collected at Bombo delineate a well-defined nickel, cobalt, and copper anomaly of approximately 1,200 metres by 900 metres. The soil anomaly closely mimics a well-defined magnetic high confirmed by high resolution ground magnetics carried out by the Company’s ground geophysics teams.
Soil samples which form the anomaly comprise: ninety-one samples with more than 101 parts per million nickel (“ppm Ni”) including 13 samples with between 0.1 per cent nickel (“% Ni”) and 0.16% Ni; 86 samples with more than 100 ppm cobalt (“ppm Co”) including eight samples with between 206 and 416 ppm cobalt; and, elevated platinum, palladium and chromium in soils coincidental with the nickel anomaly. In addition to the soil samples, rock grab samples contain anomalous nickel (0.15% Ni) anomalous cobalt (0.14% to 0.65% Co) and, anomalous copper (0.05% to 0.4% Cu). The results are believed to be indicative of ultramafic host rocks containing sulphides. Anomalous rock samples were either breccias or ultramafic rocks. A map providing more details on the results can be found on M2 Cobalt’s web site www.m2cobalt.com/index.php/projects/bujagali. Table 1 below shows the rock grab sample highlights.
Table 1 — Rock Grab Sample Highlights — Bombo Target
|Rock Grab Sample ID||Cobalt (%)*||Copper (%)*||Nickel (%)*|
*Rock grab samples are selective by nature and are unlikely to represent average grades on the property.
All samples were sent to ALS Chemex South Africa (Pty) Ltd., an independent and fully accredited laboratory in South Africa (“ALS”), for analysis for gold multi-element Induction Coupled Plasma Spectroscopy. M2 Cobalt also has a regimented Quality Assurance, Quality Control program where at least 10% duplicates and blanks are inserted into each sample shipment.
Infill sampling has now been completed at Bombo to better define the anomaly ahead of large-scale trenching and targeted drilling to test mineralization at depth. This next phase of the program is expected to start shortly.
Dean Besserer, P.Geol., the Company’s Technical Advisor and exploration program manager stated, “having already collected more than 3,600 soil and rock samples at the Bujagali Property, we are focused on our plans to advance multiple anomalies to a drill ready stage. With only a small portion of analytical results received to date, it is extremely encouraging to see such a large anomalous discovery this early on.”
Simon Clarke, CEO stated, “These are significant early finds for the Company. We are excited to take the next steps to further delineate this large-scale anomaly and to position this area for a focused drilling program, in line with the Company’s stated goal of attaining early resource numbers on its Properties. At the same time, we are also continuing our overall work programs and anticipate building further on this initial discovery as our crews move onto our other licenses at Bujagali and as our programsstart to unfold at our Kilembe-area Properties.”
M2 Cobalt Corp. is focused on discovering and developing world class cobalt assets (and related minerals) to help address the growing deficit in the global supply of cobalt. The Company has a large, highly prospective land package in the Republic of Uganda, East Africa bordering historic production and / or on the same mineral trends as some of the major mines in the neighbouring DRC where over 60% of world cobalt supply originates. Uganda is a stable country with a growing economy looking to re-energize its historic mining industry. The Company has a highly experienced management team and board of directors which has been involved in funding and advancing resource projects around the world and a team of over 20 people based in Uganda, led by Dr Jennifer Hinton, Director of East African Operations. The Company also controls approx. 2,800 hectares of land in the Cobalt Camp in Ontario, Canada. Further information on the Company and its projects can be found at www.m2cobalt.com.
The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.
On behalf of the Board,
M2 COBALT CORP.
Simon Clarke, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to exploration work to be undertaken in Uganda, the reliability of third party information, and certain other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes incircumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.