Vancouver, British Columbia--(Newsfile Corp. - April 19, 2018) - M2 Cobalt Corp. (TSXV: MC) (the "Company") is pleased to announce that results from rock and soil samples taken as part of the initial phase of the work program recently launched on its exploration licenses ("Els") at Bujagali have resulted in the discovery of a new Cobalt ("Co") and Copper ("Cu") anomaly delineated by both soil and rock samples (named the 'Waragi Target').
The results of soil and rock samples collected from the Waragi Target have delineated a well-defined cobalt and copper anomaly which is at present approximately 750 metres by 550 metres and open to the North East. Both infill sampling and a grid extension have been completed to better define the anomaly, and to delineate its full extent, with results anticipated shortly. Following which, the Company will move into large-scale trenching and targeted drilling to test mineralization at depth.
Soil samples which form the anomaly comprise: 56 samples with more than 100 parts per million cobalt ("ppm Co") including six samples with between 212 and 626 ppm Co; and, 37 samples with more than 100 ppm copper including seven samples with between 160 and 547 ppm Cu. In addition to the soil samples, 23 rock grab samples contain anomalous cobalt (0.11 percent ("%") Co to 1.24% Co) and, 19 rock samples contain anomalous copper (0.1% to 0.4% Cu). Anomalous rock samples are hydrothermal breccias and altered meta-sediments. Maps providing more details on the results can be found on the Company'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 — Waragi Target
|Rock Grab Sample ID||Cobalt (%)*||Copper (%)*|
*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 ("ICP"). The Company also has a regimented Quality Assurance, Quality Control ("QA/QC") program where at least 10% duplicates and blanks are inserted into each sample shipment.
Dean Besserer, P.Geol., the Company's Technical Advisor and exploration program manager stated, "With this discovery, we now have multiple targets to advance with trenching and drilling, in addition to our ongoing property-scale exploration within our other Licenses at Bujagali and our Kilembe area properties. These are very positive results at this stage of our program and we look forward to taking the next steps towards fully understanding the extent of these opportunities."
Simon Clarke, CEO stated, "We are very pleased with the size of our early discoveries and the grades of cobalt and associated metals that we are defining at our Bujagali properties. We look to advance these discoveries to the next stage as expeditiously as possible."
M2 Cobalt Corp. is focused on discovering and developing world class cobalt assets (and related minerals) to help address the growing deficit in the supply of cobalt. The Company has a large, highly prospective land package in the Republic of Uganda, East Africa bordering historic production 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 globally. The Company also owns licenses over 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 in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.