Thackaringa project enters new phase - RC drilling commences
Substantial Australian Drilling Program Continues
Sydney, Mar 7, 2017 AEST (ABN Newswire) - Cobalt Blue Holdings Ltd (
ASX:COB) is undertaking a significant infill and extensional drilling program designed to support a resource estimate upgrade. Our aspiration remains, that by mid year, we will triple the current size of the Thackaringa cobalt deposit, capable of supporting a significant, long life mining operation.
To date, the diamond drilling program is progressing strongly and has achieved 2,200m with a campaign target of 3,000m expected to be completed by end March.
We are pleased to announce the commencement of a Reverse Circulation (RC) drilling program at Thackaringa in support of our resource target. The RC program consists of 5,100m of drilling, will utilise two RC drill rigs, and enable the company to convert exploration targets into an inferred resource.
Our schedule of work remains as follows:
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
In conjunction with this field work we are commissioning a series of metallurgical and engineering studies as part of a Scoping Study, to assist in determining future project economics. It remains our aim to have Stage One work completed mid-year. Further, to assist the market in gauging our progress, we aim to release progress reports regularly during all stages of our process.
Photos of initial RC drilling and sample core are shown in the link below.
Shareholders are aware that Thackaringa represents the only non-polymetallic ("pure play") cobalt deposit listed on the ASX, indeed one of very few globally, as 98% of cobalt is produced as a byproduct of either copper or nickel. Our focus therefore remains on cobalt and associated sulphuric acid (of which Australia imports over four million tonnes {equivalent} per annum, used predominantly for fertiliser production, with consumers eager to source locally produced product to guarantee supply).
Looking forward, we would like our shareholders to keep in touch with COB updates and related news items, which we will post on our website, the ASX announcements platform, as well as social media (see links below) such as Facebook and LinkedIn. Please don't hesitate to join the "COB friends" on social media.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/WK3QM50O
About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) has a strategic approach that positions us to be among the first wave of new entrants into the allied battery materials supply chain. We are committed to playing a leading role in securing a stable and sustainable future for critical minerals.
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