VSA CAPITAL MARKET MOVERS - M2 Cobalt & Lake Resources.


VSA Morning Miner, 28/18/18

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M2 Cobalt (CVE:MC)

M2 Cobalt (MC CN) announced that it has mobilised a second drill rig to drill its Bombo target in Central Uganda within its Bujagali license area. M2 anticipate that around 1km of diamond core drilling will be undertaken in this programme. M2 conducted significant local geochemical analysis as well as geophysics and IP to determine initial drill collars having yielded large scale anomalies.

There are expected to be multiple styles of mineralisation at the Bujagali licenses. At Bombo specifically a series of ultramafic bodies have been identified with anomalous nickel, copper and cobalt all yielded through the systematic phase one exploration programme.

With drilling at its both its major license area, M2 is in a strong position with multiple near-term catalysts. Nickel sulphides have been highlighted as a particularly attractive source for battery manufacturers looking to secure nickel and cobalt sulphates supply and M2 is positioning Uganda as a major source of ethical battery minerals.

We reiterate our Speculative Buy recommendation.  

NuLegacy Gold (CVE:NUG

NuLegacy Gold (NUG CN) has announced that it has received final approval to commence a ten hole exploration programme from the state authorities. The programme will begin immediately and will focus on the Avocado and Serena zones. These latest permits enable NUG to drill over a significantly wider area as part of this plan at Avocado.

The second area of focus steps out around 1,450m to the west of Serena testing the intersection of the major northwest and east-west structural trends associated with Carlin style gold systems.
Following the success of the exploration programmes earlier this year we are looking for NUG to capitalise on the high grade results previously achieved enabling the company to confirm the validity of its updated exploration targeting methodology.

We reiterate our Speculative Buy recommendation.



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