Significant Thackaringa Drilling Program Complete - Resource Upgrade Pending
Sydney, Jan 24, 2018 AEST (ABN Newswire) - Cobalt Blue Holdings Limited (
ASX:COB) is pleased to provide the final assays from its major 2H 2017 resource definition drilling program at the Thackaringa Cobalt Project NSW.
- The results demonstrate strong continuity along both strike and down dip at the Railway, Pyrite Hill and Big Hill deposits.
- Assay results are being incorporated into geological models in preparation for a Resource Upgrade (expected by end February).
- The 2H 2017 drilling program totaled 74 holes; 16 Diamond Drill (DD) holes and 55 Reverse Circulation (RC) drill holes and 3 RC holes with DD tails for a total 12,458.7 metres. The program is designed to upgrade to Indicated Resource, expand the overall resource base, provide comprehensive geotechnical information and provide sample for additional metallurgical testing.
- The current announcement summarises the results for the final 55 holes of the drilling program. Best intercepts include:
o 17THR059 - 40m at 1,056ppm Co, 11.8% S & 14.3% Fe from 95m
o 17THR065 - 39m at 1,010ppm Co, 10.3% S & 9.9% Fe from 125m
o 17TRD073 - 67m at 1,144ppm Co, 12.7% S & 13.0% Fe from 72m
o 17THR088 - 47m at 1,194ppm Co, 11.6% S & 11.3% Fe from 107m
o 17THR091 - 48m at 1,147ppm Co, 11.4% S & 11.3% Fe from 156m
o 17THR094 - 75m at 1,207ppm Co, 11.9% S & 11.8% Fe from 149m
o 17THD020 - 59m at 1,119ppm Co, 12.9% S & 12.0% Fe from 24m
o 17THD027 - 99m at 1,185ppm Co, 10.7% S & 10.0% Fe from 32m
Cobalt Blue's Chairman, Rob Biancardi commented:
" This significant work program, conducted over 2H 2017 represents a major accomplishment for the Thackaringa Cobalt Project. Our understanding of Thackaringa's resource has materially improved over the past year and this work forms a baseline for our upcoming Resource Upgrade, expected by end February."
Drilling Program
The 2H 2017 drilling program comprised seventy-four (74) drill holes for 12,458.7 metres and included sixteen (16) DD holes, fifty-five (55) RC holes and three (3) RC holes with diamond tails. By deposit forty-eight (48) holes were drilled at Railway, seventeen (17) holes at Pyrite Hill and nine (9) holes at Big Hill.
The drilling program was designed to reduce the drill hole section spacing providing added confidence in grade distribution and continuity to enable a significant portion of the current Inferred Resource to be upgraded to Indicated Resource. Many of the diamond drill holes were designed to provide structural information for pit design and further samples for metallurgical testing.
Final tabulation of the assay data is now complete and updating the geological models and mineralisation domains has commenced. New resource estimates for each of the deposits expected by end February.
This announcement summaries the assays for the final 55 holes of the 2H 2017 drill program (results for the initial 18 holes were released in December 2017). A summary of the significant intersections is provided (see link below).
Thackaringa Project timetable
COB remains on track to deliver a resource upgrade (due under the farm-in obligations by 1 April 2018) and, following shortly thereafter, a PFS study for the Thackaringa Cobalt Project by 30 June 2018. Results to date continue to justify proceeding further along the pathway towards commercial development of the Thackaringa Cobalt Project. The overall company timeline is shown in link below. We will look for opportunities to accelerate these timelines where possible.
The Thackaringa district map (see link below) shows the proximity to Broken Hill, the supporting rail and road network, as well as the availability of both power and water utilities to support future production.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/2R3I7T9C
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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