Vancouver, British Columbia–(Newsfile Corp. – February 13, 2018) – M2 Cobalt Corp. (TSXV: MC) (the “Company“) is pleased to announce that it has commenced its exploration program and has mobilized crews to its Bujagali and Kilembe properties. The exploration licenses making up these properties are located in the Republic of Uganda and span approximately 1,564 square kilometers (see website www.m2cobalt.com).
Teams have now been mobilized to both properties with the launch of this extensive exploration program aimed at discovering cobalt mineral deposits. The exploration program includes:
Aerial drone surveys over the entire properties to determine access, culture, outcrops, old workings, and other geologic features by making high-resolution photo mosaics
A large mobile sampling program including the collection of Heavy Mineral Concentrates (“HMC’s”), stream sediments, soils and rock grab samples
Concurrent ground geophysics
Trenching and drilling, as appropriate, as part of bedrock mapping and sampling to help better understand the nature of mineralization and geology; and
A high resolution magnetic and electromagnetic airborne survey at the Kilembe Property
The Company has commissioned Geotech Ltd.’s helicopter borne VTEM plus (time domain electromagnetic geophysical survey and horizontal magnetic gradiometer) system and the survey will be flown at 100m spaced lines.
The Company will build upon real time results as the program unfolds and anomalies are explored with the goal of advancing activities to more widespread trenching and drilling.
Dean Besserer, P.Geol., the Company’s Technical Advisor and manager of the exploration program stated, “This is an exciting time for M2 Cobalt as the next phase of exploration commences. Uganda is vastly under–explored, and the Company has designed a comprehensive exploration program within its very large land package. Previous exploration discovered widespread alteration and anomalous rock samples with 0.31% cobalt within the properties. We’ll now be able to expand on and develop these anomalies. Some of our licenses are very close to, and are on trend with, the former producing Kilembe mine which was historically a significant producer of high grade copper and cobalt.”
Dr. Jennifer Hinton, the Company’s Director East Africa Operations commented, “We have excellent support locally from key government departments and officials. In that regard, the Ugandan government has developed an in-country database to help attract foreign investment and is being proactive in looking to rejuvenate and expand the mining sector in Uganda. These factors have been key as we start our exploration campaign.”
About the Republic of Uganda
For historic reasons, Uganda’s mineral potential is yet to be fully realized. The country shares multiple geologic features conducive to mineralization with its neighbors, the mineral rich countries of the DRC, Tanzania, Rwanda and South Sudan. Growth in the minerals sector is a key pillar of the Government of Uganda’s national development strategy. Strong government commitment is exemplified by its well-developed and continued commitment to foreign mining/resource investment. A number of past and present mines have been operated by foreign companies.
Community relations are of utmost importance to the Company. The Company intends to support sustainable development of the communities within and surrounding the properties as part of a working relationship with the Republic of Uganda. The goal is to create long-term value through the ethical and responsible extraction of mineral resources and production of metals by working in cooperation with all stakeholders with transparency and accountability in all activities.
The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.
For further information, contact Investor Relations at [email protected] at 604 669 2191.
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 regulatory or government requirements or approvals of the Transaction, the date for the resumption of trading in the common shares of the Company, the 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.