Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
M2 Cobalt (TSXV: MC) has announced it is moving forward with the development of its Bujagali mine is south-central Uganda.
In a media statement, the Vancouver-based junior said it commenced drilling at its Bombo and Bombo NW targets. The campaign is expected to comprise at least 1,000 metres of diamond core drilling and is designed to test a number of targets across a broad area in what is now believed to be the Bombo Complex.
Prior to this program, M2 Cobalt completed an induced polarization campaign at both Bombo and Bombo NW, which highlighted several chargeability highs that, according to the company, coincide with the rock and soil Ni – Co – Cu geochemical anomalies, magnetics and in some cases density or ground gravity anomalies.
“Our geochemical and geophysical programs have shown widespread surface and near-surface mineralization of highly anomalous nickel, copper, and cobalt. We are delighted to be able to launch an initial drill program to test this ultramafic style of mineralization further,” the company’s CEO, Simon Clarke, said in a press release. “There is growing demand for nickel sulphides as a critical ingredient in cathode formulation for lithium-ion batteries. The potential of Bombo in this regard, as well as for copper and cobalt, adds another dimension to this discovery.”
