December 2017 – Shareholder Update

Railway Drilling Program confirms grade continuity at depth and along strike

  • Cobalt Blue Holdings (ASX: COB) is pleased to provide initial assays from its major 2H 2017 resource definition drilling program underway at the Thackaringa Cobalt Project NSW.
  • The results demonstrate strong continuity of cobalt mineralisation along both strike and down dip of the previous drilling at Railway.
  • The assays boost the potential for significant enhancement of Mineral Resource supporting the transition from an Inferred to an Indicated Resource, in line with COB’s parallel Pre Feasibility Study (PFS).
  • The 2017 drill results are currently being compiled into an upgraded resource estimate, which is scheduled for release in by 1 April 2018.
  • The current announcement summarises the results for the first 18 reverse circulation (RC) holes (for 3,368 metres) at the Railway Deposit. Best intercepts include:
    • Drillhole 17THR042 – 72m at 1,115ppm Co, 10.1% S & 9.8% Fe from 15m;
    • Drillhole 17THR045 – 25m at 1,204ppm Co, 9.5% S & 10.6% Fe from 154m;
    • Drillhole 17 THR047 – 18m at 1,145ppm Co, 7.5% S & 7.5% Fe from 11m;
    • Drillhole 17THR049 – 67m at 906ppm Co, 9.5% S & 9.1% Fe from 64m;
    • Drillhole 17THR052 – 20m at 982ppm Co, 12.2% S & 11.4% Fe from 10m and 113m at 830ppm Co, 7.3% S & 7.8% Fe from 104m.
    • Drillhole 17THR055 – 41m at 1,096ppm Co, 10.4% S & 10.0% Fe from 61m
  • The current drilling program totals 75 holes; 16 diamond drill (DD) holes and 59 reverse circulation (RC) drill holes for a total of 13,000 metres. The program is designed to upgrade to an Indicated Resource, expand the overall resource base, provide comprehensive geotechnical information and supply sample for additional metallurgical testing.

To read the full Market Announcement, click the button below!

View the full Announcement as a PDF