Broken Hill Prospecting Ltd: Multiple Large Base and Precious Metal Targets Found at Thackaringa Project

Sydney - Broken Hill Prospecting Ltd. (ASX:BPL) announces multiple large base and precious metal targets found at Thackaringa Project near Broken Hill.

Highlights

- Completion of an extensive, 633-line kilometre VTEM-Max heliborne geophysical survey over all Thackaringa Project tenement holdings, 25km south-west of Broken Hill

- Multiple base and precious metal anomalies identified for further evaluation

- Major field mapping campaign also provides new stratigraphic and structural controls to greatly enhance targeting

- Newly discovered zinc, lead and silver (Zn-Pb-Ag) prospects with outcropping quartz-gahnite veins - a key vector for Broken Hill-style Zn-Pb-Ag mineralisation

- Planning underway for additional geophysical surveys (Induced Polarisation) on key targets together with soil programs on newly defined Zn-Pb-Ag prospects

- Cobalt Blue Holdings Ltd. (ASX:COB) (COB) has fully funded the work program under its Thackaringa Cobalt Project JV commitments

- BPL retains the base and precious metal exploration rights over the Thackaringa Project tenements

- Strong EM response over the Thackaringa Cobalt Project highlights open strike and dip potential on known deposits. Thackaringa Cobalt Project is subject to a major 13,500m drilling program and Pre-feasibility Studies under joint venture with COB

Trangie Johnston commented:

"BPL has greatly enhanced the base and precious metal exploration potential at the Thackaringa Project located 25km southwest of Broken Hill. We plan to ramp up exploration activities after the successful discovery of new zinc, lead and silver prospects off the back of a major geophysical-mapping program. BPL is well positioned to take advantage of improved market conditions and unlock shareholder value."

MAJOR GEOPHYSICAL SURVEY

During September, a major heliborne electromagnetic ('EM') survey (VTEM-Max) was completed at Thackaringa, 25km south-west of Broken Hill. The survey covered the entire project area (63km2) at a nominal 100m-line spacing, and identified several EM conductors broadly classified by stratigraphic host - the Broken Hill and Thackaringa Suites of the Willyama Supergroup.

The Broken Hill Suite is widely distributed across the project area and is underlain by the Thackaringa Suite which hosts the Thackaringa Cobalt-Pyrite deposits comprising 54.9Mt at 910ppm cobalt, 9.56% sulphur & 10.19% iron (as released 5 June 2017 at a 500ppm cobalt cut-off)

The survey was fully funded by Cobalt Blue Holdings (COB) as part of the Thackaringa Cobalt Project joint venture.

Broken Hill Suite Anomalies

BPL retains the base and precious metal exploration rights over the Thackaringa tenements. The EM responses occurring within the Broken Hill Suite, are therefore particularly significant. They are considered to be prospective for mineralisation styles including:

- Stratiform Broken Hill Type (BHT) Copper-Lead-Zinc-Silver

- Copper-rich BHT

- Epigenetic Gold and Base metals

Three anomalies hosted within the Broken Hill Suite were identified and occur coincident with historical workings. These areas have been subject to limited modern exploration and represent new targets for BPL. Field reconnaissance has confirmed discernible hydrothermal alteration of isolated outcrop, also characterised by gahnite (ZnAl2O4) bearing 'lode rocks'. These observations are particularly encouraging and routinely applied as mineralisation vectors within the Broken Hill terrain.

Anomalies are currently being prioritised for further investigation by a targeted induced polarisation survey and detailed soil geochemistry.

Thackaringa Suite Anomalies

Multiple anomalies were identified proximal to the Thackaringa cobalt-pyrite deposits, and the survey also successfully fingerprinted known mineralisation. Conductors occurring coincident with the Railway deposit form an immediate focus. These targets appear to reflect the complexly folded nature of the cobalt-pyrite mineralisation, which has resulted in significant structural thickening. Geophysical modelling will be assessed in context with ongoing resource definition drilling to confirm that all conductors have been adequately tested.

An additional deep conductor has been identified along strike from the Railway deposit, and is broadly coincident with a subtle chargeability anomaly defined by historical IP. This target is yet to be effectively tested and is expected to form part of future exploration drilling programs.

Several other conductors were identified regionally and are being modelled by the Company's geophysical consultant.

The Thackaringa deposits are the subject of a significant drilling campaign comprising approximately 13,500m. The campaign is targeting confirmation of geological continuity to support improved Mineral Resource classification. The revised Mineral Resource estimate will underpin Ore Reserve estimation to be completed during the Pre-feasibility study.

A dedicated geotechnical drilling program also is nearing completion, with results to inform detailed pit optimisation and mine planning.

Initial results from current drilling are expected in late November.

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About Broken Hill Prospecting Ltd:

Broken Hill Prospecting Ltd. (ASX:BPL) is focused on the development of strategic technology mineral resources: Cobalt and Heavy Mineral Sands (HMS). The Thackaringa Cobalt Project is potentially a world class deposit, well positioned to met the growing demand for Lithium-ion batteries. The Murray Basin HMS Project is targeting the establishment of a sustainable pipeline of high grade, low tonnage deposits (titanium and zirconium) amenable to processing through mobile mining unit technology.



Contact:

Broken Hill Prospecting Ltd.
Tel: +61-2-9238-1170
Email: info@bhpl.net.au
www.bhpl.biz