Continued Growth at Broken Hill and Murray Basin Projects
Quarterly Activities and Cash Flow Reports March 2018
Sydney, May 1, 2018 AEST (ABN Newswire) - Broken Hill Prospecting Ltd (
ASX:BPL) (BPLNF:OTCMKTS) provides the Company's Quarterly Activities Report.
CORPORATE
- BPL's implementation of its growth strategy articulated at its 2017 AGM continues, with a strengthened share price and rapid project advancement.
- The Thackaringa Cobalt Project continues to deliver very strong results, with a significant resource upgrade during the quarter, a PFS due by 30 June and interest in the project from several major industry groups, including LG International Ltd.
- Cash of $2.5 million at 31 March 2018 and no debt means value-added initiatives can be met without an equity raising.
- Strong pricing for all key target commodities continues through the December quarter and into 2018.
PROJECTS
Thackaringa Cobalt Project - Cobalt Blue Joint Venture
- Major resource upgrade at Thackaringa near Broken Hill, NSW announced in March 2018. The Thackaringa total estimated Mineral Resource (Indicated and Inferred) now comprises:
o 72Mt at 852ppm Cobalt (Co), 9.3% Sulphur (S) & 10% Iron (Fe) for 61.5Kt contained cobalt (at a 500ppm cobalt cut-off)
- Cobalt Blue Holdings Limited (ASX:COB) (ASX - COB announced a major strategic partnership with LG International (LGI). Under the partnership LGI may provide capital and technical assistance for the TJV to make a high purity battery grade cobalt sulphate.
- Cobalt Blue (COB) earned a 51% beneficial interest in the Thackaringa Project after having met the prescribed technical and financial milestones under Stage 1 of the TJV. BPL holds the balance of 49% beneficial interest and 100% of the legal title. The TJV is now moving towards the completion of a Prefeasibility Study (PFS) by 30 June 2018.
Broken Hill Precious, Base and Industrial Minerals Strategy
- Three exploration licence applications covering 209 km2 near Broken Hill, NSW, are awaiting regulatory approval. The applications underpin a significant expansion of exploration activities within the world class Broken Hill province through 2018.
- A geophysical program targeting base and precious metals at the Thackaringa Project was completed during the December quarter and identified numerous high priority targets, most with minimal modern exploration and no drilling.
Murray Basin Heavy Mineral Sands Project
- BPL's Murray Basin Heavy Mineral Sands Projects continues to expand with approvals for five new tenements currently at an advanced stage. The new tenements in VIC and SA will establish BPL as the largest exploration title holder by area in the world-class Murray Basin, with total holdings of approximately 7850km2.
- The new tenement applications are nearing approval and an extensive exploration program for all tenements is to be commenced during the June quarter 2018.
- Ongoing strong performance in relevant commodity prices support BPL's initiatives in this area.
To view the full report, please visit:
http://abnnewswire.net/lnk/ZQLZGQ2Q
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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