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Cobalt Blue Holdings Ltd.
Summary
| Project: | Thackaringa | |
|---|---|---|
| Deposit: | Thackaringa | |
| Location: | Australia | |
| Commodities: | Cobalt-Sulphur-Iron | |
| Date: | 6/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 5-6-2017: Cobalt Blue Holdings Ltd. announces a Resource Estimation report for its Thackaringa deposit at the Thackaringa project. Resource upgrade for project. Cobalt Blue (ASX:COB) is pleased to announce a significant resource upgrade at the Thackaringa | |
| Resources: | (Resource, I+I): 54.9Mt @ 910ppm Co, 10.19% Fe, 9.56% S at project | |
| CP/QP: | [Resources]: Simon Tear (H&S Consultants Pty Ltd.) | |
| ABSTRACT: | Cobalt Blue (ASX:COB) is pleased to announce a significant resource upgrade at the Thackaringa Project, located near Broken Hill, NSW. This upgrade is the result of a substantial drilling campaign including 7,957m of diamond drilling (DD) and reverse circulation (RC) drilling completed during 2016/17. The global Mineral Resource estimate at Thackaringa now comprises 54.9Mt at 910ppm cobalt, 9.56% sulphur & 10.19% iron for 50Kt contained cobalt (at a 500ppm cobalt cut-off) – compared to the January 2017 Mineral Resource estimate (detailed in ASX release of 31 January 2017) the new estimate reflects a 66% increase in overall tonnes and a 9% increase in cobalt grade. Increased geological confidence has supported the classification of approximately 12% of the Mineral Resource as Indicated. In addition, a global exploration target comprising 18–26Mt at 800–1000ppm cobalt, 8.5–10.5% sulphur and 8–12% iron has been defined. The potential quantity and grade of this target is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in determination of a Mineral Resource. These results, in conjunction with the Scoping Study (to be delivered by 30 June 2017), represent a significant milestone for the Thackaringa Project. The COB Board, encouraged by the total potential resource at Thackaringa, is examining the use of aerial geophysical survey techniques to determine additional exploration targets. | |
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