Canadian firm M2 Cobalt Corporation has confirmed two different discoveries of mineral anomalies at one of its two licenced areas, reaffirming its belief of the potential to generate mining revenues in Uganda.
M2 Cobalt, in early April, said “results from rock and soil sampling and high-resolution ground magnetics have confirmed the discovery of a large-scale nickel-cobalt-copper anomaly, a characteristic of a presence of minerals at Bombo, one of the company’s principal exploration targets at its Bujagali licenses in South-Central Uganda.”
A week later, the company announced that it had also discovered “a new cobalt and copper anomaly delineated by both soil and rock samples, named the ‘Waragi Target’.
From a company perspective, the results offer M2 Cobalt a fairly good idea on how to get the licensed areas of production, and what kind of commitments need to be made.
On a national level, the initial results from the soil samples go a long way in de-risking the mineral potential of the country, and offer critical data on which other investors can build on to make investment decisions.
The company noted that “all samples were sent to ALS Chemex South Africa (Pty) Lmimted., an independent and fully accredited laboratory in South Africa, for further analysis. It is expected that after results from the South African lab come through, M2 Cobalt will mobilize teams to conduct infill sampling, trenching and drilling on its licensed area.
At its other mineral target in Kilembe, Kasese district in western Uganda, M2 Cobalt embarked on a high resolution airborne geophysical survey. The survey was undertaken using a helicopter, done by Geotech Limited. The results of that survey are yet to be formally announced.