M2 Cobalt Confirms Two Drill-Ready Targets and Numerous High Priority Targets at Its Kilembe Area Properties
Vancouver, July 5, 2018 - M2 Cobalt Corp. (TSXV: MC) (the "Company") is pleased to announce final results of the Geotech Ltd., helicopter borne VTEM™ B-Field horizontal magnetic gradiometer geophysical surveys recently completed at its Kilembe-area properties ("the VTEM Surveys"). A total of 2,943 line kilometres of high-resolution airborne data was acquired. This high-resolution data was collected at 100 metre line spacing. Following the announcement of initial results on the Company's southern license in the Kilembe area ("EL 1674") on June 12, 2018, final results have now been completed on that license and also the Company's northern license in the Kilembe area ("EL 1673").
The VTEM Surveys conducted were designed to discover buried "Kilembe-style" sulphide deposits on the Company's licenses surrounding the historic Kilembe mine, with a focus on deposits with similar "signatures" to the deposits which produced significant amounts of high grade copper and cobalt while the Kilembe mine was operational.
In addition to the two "drill-ready" high priority targets previously announced, the VTEM Surveys have confirmed a further 719 targets across both Kilembe-area licenses, of which 80 are considered high priority and merit detailed follow-up by the Company's ground crews. Maps providing more detail on the targets discovered can be found on the Company's web site: http://www.m2cobalt.com/index.php/projects/kilembe
The Company has now commenced follow-up ground work at its Kilembe-area properties, focusing on geochemical sampling programs in and around the high priority targets identified in the VTEM Surveys. This process will also enable the Company to delineate specific drill collars for its initial drill program at its Kilembe-area licenses targeted for later this summer.
Simon Clarke, CEO stated, "We are delighted with the results of our VTEM Surveys. Not only have they identified two high priority drill targets at Kilembe, they have also identified numerous additional high-quality targets which merit detailed follow-up.
In addition, with our trenching programs now complete at both our Waragi and Bombo targets, and with results anticipated shortly, we are focusing efforts on delineating specific drill collars and selecting an appropriate initial drilling program on the targets already identified at both Kilembe and Bujagali. "
About M2Cobalt
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 and 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.
For further information, contact Simon Clarke at sclarke@m2cobalt.com or Andy Edelmeier at andy@m2cobalt.com
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.