Cobalt Blue Holdings Limited Stock Market Press Releases and Company Profile
Management Reflects on Significant (6,400m) Drill Campaign
Management Reflects on Significant (6,400m) Drill Campaign

Sydney, May 5, 2017 AEST (ABN Newswire) - Cobalt Blue Holdings Limited (googlechartASX:COB) is delighted to announce the completion of its 1H 2017 resource definition drilling program at the Thackaringa cobalt project, west of Broken Hill, NSW. Completion of this campaign is a major milestone. The current assay will be used as the basis for a new and updated resource estimation process, commencing in May.

Thackaringa feasibility program continues:

- Strong drilling results - major drilling program uncovers higher cobalt grades in greater widths beneath existing resources

- Strong potential for Resource enhancement exists

- Potential to enhance average grade within the mineralised envelope

- Scoping Study underway - supported by extensive metallurgical and engineering programs

- Investors can look forward to an exciting 8 weeks ahead as COB delivers an upgraded Resource Statement and Scoping Study de-risks the project

- Best large width intercepts across the three deposits include:

o Drillhole 17THD06 - 46m @ 1,136ppm Co from 39m;
o Drillhole 17THR008 - 41m @ 1,319ppm Co from 37m;
o Drillhole 17THR011 - 53m @ 1,116ppm Co from 30m;
o Drillhole 17THR017 - 58m @ 1,383ppm Co from 54m; and
o Drillhole 17THR021 - 20m @ 1,204ppm Co from 44m

- Stage Two of the Thackaringa Project begins in July, targeting further resource definition drilling and the completion of a Preliminary Feasibility Study by 30 June 2018. Final delivery of a Bankable Feasibility Study is due 30 June 2019. Details below:

30 June 2017
Stage One
A$2m expenditure in the ground - Inferred Resource Target
Deliver: Scoping Study
Target Date: 30 June 2017

30 June 2018
Stage Two
A$2.5m expenditure in ground - Indicated Resource Target
Deliver: Preliminary Feasibility Study
Target Date: 30 June 2018

30 June 2019
Stage Three
A$5.0m expenditure in ground - Measured Resource + Reserves Target
Deliver: Bankable Feasibility Study + Project Approvals
Target Date: 30 June 2019

30 June 2020
Stage Four
Decision to Mine Project Financing Approved
Target Date: 30 June 2020


About Cobalt Blue Holdings Limited

Cobalt Blue Holdings LtdCobalt Blue Holdings Ltd (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) is an exploration and project development company. Work programs advancing the Broken Hill Cobalt Project in New South Wales continue. Our ambitious goals are subject to funding availability. Cobalt is a strategic metal in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.

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Contact

Joe Kaderavek
Chief Executive Officer
Cobalt Blue Holdings Limited
Email: joe.kaderavek@cobaltblueholdings.com
T: +61-2-9966-5629
Website: www.cobaltblueholdings.com


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