M2 Cobalt discovers nickel-cobalt-copper anomaly in Uganda

16 April 2018 (Last Updated April 16th, 2018 11:58)

Canadian firm M2 Cobalt has discovered a nickel-cobalt-copper anomaly at the Bombo exploration target within its Bujagali Licences in south-central Uganda.

Canadian firm M2 Cobalt has discovered a nickel-cobalt-copper anomaly at the Bombo exploration target within its Bujagali Licences in south-central Uganda.

The discovery was made as a result of rock and soil sampling tests carried out at the site, as well as high-resolution ground magnetics surveys.

"We are excited to take the next steps to further delineate this large-scale anomaly and to position this area for a focused drilling programme."

The Bombo soil sampling programme revealed a well-defined nickel, cobalt and copper anomaly spanning approximately 1,200m by 900m.

M2 Cobalt CEO Simon Clarke said: “We are excited to take the next steps to further delineate this large-scale anomaly and to position this area for a focused drilling programme, 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 programmes and anticipate building further on this initial discovery as our crews move onto our other licences at Bujagali, and as our programmes start to unfold at our Kilembe-area properties.”

The company noted that the soil anomaly resembles a well-defined magnetic high, which was confirmed by high-resolution ground magnetics.

M2 Colbalt has also completed infill sampling at Bombo in order to better define the anomaly prior to the commencement of large-scale trenching and targeted drilling, which will be conducted to test the mineralisation at depth and are expected to start in the near future.

The infill sampling programme indicated the presence of ultramafic host rocks containing sulphides, while anomalous rock samples were found to be breccias or ultramafic rocks.