Cobalt Blue Holdings Limited: Thackaringa - Significant Mineral Resource Upgrade
Sydney - Cobalt Blue (ASX:COB) is pleased to announce a significant resource upgrade at the Thackaringa Project, located near Broken Hill, NSW. The global Mineral Resource estimate now comprises 72Mt at 852ppm cobalt (Co), 9.3% sulphur (S) & 10% iron (Fe) for 61Kt contained cobalt (at a 500ppm cobalt cut-off) - compared to the June 2017 Mineral Resource estimate (detailed in ASX release of 5 June 2017) the upgrade reflects a 31% increase in total tonnes and a 23% increase in contained cobalt.KEY POINTS:
- The new Mineral Resource estimate succeeds a substantial resource definition drilling program comprising some 74 holes for approximately 12,500m; the resultant improvement in geological confidence has supported the classification of approximately 72% of the Mineral Resource as Indicated.
- These results reflect the strong conclusion of our CY17 drilling campaign. COB has submitted the draft geological report to our JV partner (Broken Hill Prospecting) and has served formal notice that COB believes it has fulfilled its Stage One JV requirements. Looking forward, COB remains on schedule to deliver a Pre Feasibility Study (PFS) by 30 June 2018 and satisfy obligations under Stage Two of the agreement to secure 70% beneficial interest.
- Thackaringa remains on target to become a world class cobalt project with recent metallurgical testwork highlighting 88% cobalt recoveries from ore to payable product.
- Cobalt Blue remains focussed on completion of a maiden Ore Reserve estimate as part of PFS.
The updated Mineral Resource estimate at Thackaringa is apportioned to the three main deposits as detailed in Table 1 (see link below).
Thackaringa Project Timetable
COB remains on track to complete its PFS study for the Thackaringa Cobalt Project by 30 June 2018 and is pleased by the delivery of the Mineral ('Indicated') Resource upgrade - obligated under Stage One deliverables. Results to date continue to justify proceeding further along the pathway towards commercial development of the Thackaringa Cobalt Project.
The overall company timeline remains as below (see link below).
The Thackaringa district map (see link below) shows the proximity to Broken Hill, the supporting rail and road network, as well as the availability of both power and water utilities to support future production.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/IURF00S7
About Cobalt Blue Holdings Limited:
Cobalt Blue Holdings Ltd. (ASX:COB) is an exploration company focussed on green energy technology and a strategy of fast-tracking development of the Thackaringa Cobalt Project in New South Wales to achieve commercial production of cobalt. This strategic metal is in strong demand for new generation batteries, particularly lithium-ion batteries now widely used in clean energy systems.
COB has entered into a farm-in joint venture agreement with Broken Hill Prospecting Ltd. (“BPL”) in which COB seeks to acquire an initial 51% interest in the Thackaringa Cobalt Project. COB will undertake exploration and development programs on the Thackaringa Cobalt Project and, subject to the achievement of milestones, will acquire 100% of the Thackaringa Cobalt Project
Contact:
Joe Kaderavek Chief Executive Officer
Cobalt Blue Holdings Ltd.
Ph: +61-2-9966-5629
Website: www.cobaltblueholdings.com
Email: info@cobaltblueholdings.com