Drilling Commences at the Thackaringa Cobalt Project
Sydney, Nov 10, 2016 AEST (ABN Newswire) - Broken Hill Prospecting (
ASX:BPL) today announced that drilling had commenced at the Thackaringa Cobalt Project near Broken Hill to support metallurgical test work programs.
- 1000m diamond drill program underway to support metallurgical test work
- Planning is well advanced for a major Resource infill and expansion program
The 1000m diamond drilling program consists of eight holes at the three significant locations of cobalt mineralisation - Pyrite Hill, Big Hill and Railway deposits (see Figure 1 in the link below). Total Inferred Mineral Resource of 35.7Mt at 841ppm cobalt (at a 500ppm Co cut-off) has previously been defined in these areas.
The Thackaringa deposits remain under-explored. Detailed geological mapping has delineated more than 10km of mineralised outcrop, of which approximately 75% remains untested. Planning for a major resource infill and expansion program aimed to test outcropping mineralisation along strike and at depth from known resource locations is well advanced. Resource expansion will focus on the high-grade zones within the mineralised trend.
All drilling activities are designed to support a resource upgrade to JORC 2012 standard.
BPL announced earlier this week that it would spin-off its stake in Thackaringa into a new ASX-listed company, Cobalt Blue Holdings Ltd (COB), which is planning a $8m to $10m initial public offering. BPL shareholders will receive an in specie distribution of the company's shares in COB, plus loyalty options and priority entitlements.
For more information on Cobalt Blue please refer to the following ASX Announcements:
- BPL to Unlock the Value of its Thackaringa Cobalt Project
- COB Prospectus
To view the press release, please visit:
http://abnnewswire.net/lnk/03C024BW
About Broken Hill Prospecting Ltd
Broken Hill Prospecting Ltd (ASX:BPL) is an Australian exploration company focussed on the discovery and development of strategic mineral resources across two primary geographical areas; the Murray Basin Region (Heavy Mineral Sands) and the Broken Hill Region (industrial, base and precious metals, including the Thackaringa Cobalt & Base/Precious Metal Project).
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