December 2017 – Shareholder Update

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.

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