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Last Trade - 18/06/19

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Basic Materials
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Micro Cap
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Position in Universe th / 2703

Canada's M2 cobalt miner encouraged by initial drilling in Uganda

Tue 29th January, 2019 11:31am
By Elias Biryabarema
    KAMPALA, Jan 29 (Reuters) - Canada's M2 Cobalt Corporation
 MC.V  said on Tuesday that its initial drilling indicates that
there may be more cobalt in Uganda than previously thought.
    Any discoveries would add much-needed diversity in the
supply of cobalt, a mineral at the heart of the global electric
vehicle revolution as a key component in batteries.
    "We are excited so far that in this short time we got really
promising results in three target areas," Jennifer Hinton, the
firm's director for East Africa operations, told Reuters.       
    M2 Cobalt has carried out extensive airborne surveys and
drilled three targets near a historical copper mine close to
Uganda's border with Democratic Republic of Congo, where more
than 60 percent of the world's cobalt is produced.
    "Grades of up to 1.75 percent cobalt, 0.91 percent copper
and 0.26 percent nickel combined with the size of our targets
are extremely encouraging," Hinton said, adding "there could be
a bigger regional source of high cobalt concentrations".
    M2 Cobalt believes its Uganda property, about 2,400 square
kilometres, holds huge promise because parts of it share
geological similarities with Congo's cobalt-rich Katanga region.
   
    Another chunk of the firm's exploration acreage is close to
Kilembe, a historical copper-cobalt mine that was run by defunct
Canadian miner Falconbridge before it was abandoned in the 1970s
during an economic slump under former dictator Idi Amin.
     Uganda's Department of Geological Survey and Mines says
Kilembe has an estimated 4 million tonnes of ore, of which 1.98
percent is estimated to be pure copper and 0.17 percent cobalt. 
     "Historically it was a world-class producer. So we know
cobalt is there," Hinton said.

 (Reporting by Elias Biryabarema
Editing by Maggie Fick and Alexander Smith)
 ((Email:elias.biryabarema@thomsonreuters.com
mailto:elias.biryabarema@thomsonreuters.com; Tel. +254 20 499
1232; Reuters Messaging:
elias.biryabarema.thomsonreuters.com@reuters.net))
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