Thackaringa Cobalt Project PFS Delivers Strong Results
Sydney, Aug 1, 2018 AEST (ABN Newswire) - Broken Hill Prospecting Limited (
ASX:BPL) (BPLNF:OTCMKTS) announced on Wednesday 4 July, 2018 that it had received the Thackaringa Cobalt Project Pre-Feasibility Study (PFS) from Cobalt Blue Holdings Ltd (ASX:COB) (CBBHF:OTCMKTS), Manager of the Thackaringa Joint Venture (TJV) (TJV Manager).
Corporate
- The positive Study confirms the project is of global significance as a sustainable, low-cost source of high purity cobalt sulphate for the battery revolution. It recommends advancement to a Bankable Feasibility Study (BFS).
- The Study places a significant value on BPL's 2% Net Smelter Royalty (NSR) on cobalt produced at Thackaringa. It is anticipated to deliver approximately A$43 million to A$48 million revenue over the life of mine. BPL is currently evaluating the basis of the royalty and its current market value.
- Strong pricing for all key target commodities is forecast to continue, placing BPL in a position to grow further.
Projects
Thackaringa Cobalt Project
- A maiden Probable Ore Reserve of 46.3m tonnes @ 819 ppm cobalt was estimated as part of the PFS.
- A Production Target (Potential Upside Mining Case) of 58.7m tonnes @ 802ppm was also modelled as part of the Study.
- Substantial potential to increase resource base and mine life with current Mineral Resource of 72Mt at 852ppm cobalt (Co), 9.3% sulphur (S) & 10% iron (Fe).
Broken Hill Project
- Three new exploration licence applications covering a total of 209 km2 in the Broken Hill district are expected to be awarded shortly.
- The tenements cover under-explored ground with numerous base, precious and industrial mineral prospects. They will significantly increase the Company's exposure to this world class mineral province.
- The new tenements will augment the Company's existing rights to base and precious metals at the Thackaringa Cobalt Project where it is actively exploring for Broken Hill style deposits.
Heavy Mineral Sands Project
- Five new exploration licenses (EL006583; EL006584; EL006585; EL006614 & EL6139) with a combined area of 4163km2 were granted in the Murray Basin.
- BPL is established as the largest mineral sands tenement holder in the Murray Basin, with holdings of approximately 7,300km2.
- Re-processing of geophysical data and in-depth technical data compilation, validation and infill drill program design has commenced on the new tenement areas.
To view the full report with tables and figures, please visit:
http://abnnewswire.net/lnk/ZNJ171V2
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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