Jervois Mining advances exploration at Ugandan properties following M2 Cobalt merger

Jervois Mining ASX JRV Uganda M2 Cobalt drilling exploration
Jervois Mining is exploring for nickel, copper, gold and cobalt at its highly prospective Ugandan properties.

Fresh after completing its merger with M2 Cobalt last week, Jervois Mining (ASX: JRV) is already on the ground exploring for nickel, copper, gold and cobalt at its Ugandan projects, including the highly prospective Bujagali and Kilembe properties.

Following the merger, Jervois now holds 11 granted exploration licences in Uganda, which are spread over two regional areas: Bujagali and Kilembe.

Bujagali project

The Bujagali project encompasses 1,705.8 square kilometres covered by six exploration licences in south-central Uganda.

Jervois has likened the mineralisation to that found in the Democratic Republic of Congo’s Katanga belt, which is known to host cobalt and copper.

Several anomalies have been identified at the project including Bombo, Bombo NW, Bombo Central, Nile, Club, Ridge, Bell and Waragi.

Extensive rock chip and soil sampling across Bujagali’s six exploration licences has revealed more than 200 samples assaying above 0.10% cobalt, with copper and nickel values also returned.

Drilling is underway at the Bombo nickel, copper, cobalt and Waragi copper, cobalt anomalies.

Jervois anticipates results from this campaign during the September quarter.

Kilembe project

Meanwhile, the Kilembe project covers 708sq km and includes five exploration licences, with four of the licences immediately adjacent to the historic Kilembe copper-gold mine tenements.

Exploration at Kilembe has involved helicopter-borne VTEM geophysical surveys, as well as mapping, soil and rock sampling and drilling.

Seven drill holes were completed in 2018, which detected the presence of base metal sulphides.

Several anomalies have been firmed up across the project including two surface copper-gold anomalies: Eagle and Senator.

At Eagle, previous rock chip samples returned 37.8% copper and 18.2 grams per tonne gold.

Over at the second anomaly Senator, rock grab samples revealed up to 7.8% copper and 16.3g/t gold, with more 10 of the samples assaying above 5g/t gold.

To advance its understanding of the mineralisation at these anomalies, Jervois is completing grid soil sampling at the prospects.

Merger complete

Today’s news follows the completed merger between Jervois and M2 Cobalt last Wednesday after shareholders approved the deal a few days beforehand.

M2 Cobalt holders were issued one Jervois share for every M2 Cobalt security held – equating to 63.82 million Jervois shares.

As part of the deal, M2 Cobalt’s former chief executive officer Simon Clarke joined the newly combined entity’s board as a non-executive director.

M2 Cobalt’s former chief financial officer Andy Edelmeier has also joined Jervois’ management team.

By late morning, Jervois’ share price was up 2.33% to $0.22.