If you have a more detailed read through M2 Cobalt's website you...

If you have a more detailed read through M2 Cobalt's website you will notice that their projects are still very early stage and therefore carry substantial exploration risk. There is no guarantee that this will be a company maker for JRV and it seems like the jury is still out from the market.

The Kilembe Project holds ground 25km to the NE and SW of the historical Kilembe Mine. The map below shows that a rift related structure (which runs through Kilembe) extends through M2's ground. Whilst interesting, these structures often extend for 100s (or even 1000s) of kilometers - of which the bulk will contain nothing of economic interest.  The recently completed VTEM survey has identified lots of anomalies for drilling and follow-up (see map below). There do not seem to be any geochem or grab sample anomalies over these tenements so the drilling should quickly reveal whether these airborne anomalies are of interest or potentially simply non-mineralized geological conductors. 



The Bujagali Project in turn is potentially even more early stage and not in proximity to a historical "Kilembe" or other major project. All they have to date are a few positive grab samples.

Expect a fair bit of cash burn to fully explore these properties. The end result - who knows!