Cobalt Blue Holdings Limited: Thackaringa JV - Stage One Completed
Sydney - Cobalt Blue (ASX:COB) (OTCMKTS:CBBHF) is pleased to announce it has retained the Stage 1 percentage share (51% beneficial ownership) under its Thackaringa Joint Venture Agreement with Broken Hill Prospecting Ltd. (ASX:BPL) (OTCMKTS:BPLNF).KEY POINTS:
Cobalt Blue's Chairman, Rob Biancardi said:
"COB is delighted to have achieved our Stage One milestone. We look forward to working with our JV partner, Broken Hill Prospecting, in progressing the world class Thackaringa Cobalt Project."
Thackaringa JV Background
Broken Hill Prospecting Ltd. and Cobalt Blue Holdings Ltd. have entered into a farm-in joint venture agreement in respect of the Thackaringa Project to finance and undertake exploration of the Thackaringa Project. Until Cobalt Blue's farm-in obligations have been satisfied, its interest in the tenements located at the Thackaringa Project is beneficial. Under the terms of the farm-in joint venture agreement, Cobalt Blue's beneficial interest in the Thackaringa Project will be increased in tranches on satisfaction of certain exploration and development milestones. When Cobalt Blue has completed its farm-in obligations, it will become the registered holder of the Thackaringa Project tenements. Broken Hill Prospecting remains the registered holder of the Thackaringa Project tenements until the farm-in is complete.
Thackaringa Cobalt Project - Current Status:
EL 6622 - 51% beneficial interest Cobalt Blue Holdings Ltd.
EL 8143 - 51% beneficial interest Cobalt Blue Holdings Ltd.
ML 86 - 51% beneficial interest Cobalt Blue Holdings Ltd.
ML 87 - 51% beneficial interest Cobalt Blue Holdings Ltd.
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.
Source: Cobalt Blue Holdings Ltd.
Contact:
Joe Kaderavek Chief Executive Officer
Cobalt Blue Holdings Ltd.
Ph: +61-2-9966-5629
Website: www.cobaltblueholdings.com
Email: info@cobaltblueholdings.com