M2 Cobalt (CVE:MC)
M2 Cobalt announces it will be mobilizing a second drill rig shortly to begin testing Cu-Ni-Co targets identified upon the Bombo license at Bujagali in Uganda.
Three key target areas (Bombo, Bombo NW, and Bombo Central) with highly anomalous soils and trench results containing nickel, copper, and cobalt will be tested in coming days. An IP geophysical survey will be completed prior to drilling to help pinpoint the placement of the sites for drill collars. Helicopter borne VTEM geophysics preceded this. All three areas are coincident geochemical and geophysical anomalies.
The Bombo target is a 1km by 1.15km size target, the Bombo NW area is a 950m by 650m anomaly, and the Bombo Central area is still open ended and of undetermined limits.
Drilling is already underway at the Kilembe project area with the first drill rig.
We’re happy to see the exploration work proceeding into the discovery and definition stages on these exciting Uganda properties. Initial drill results should be rather rapid to be released we believe, particularly if indicative of strong mineralization present.
We re-iterate our SPEC BUY recommendation.