COB has been unable to secure an extension to the land access agreement (expiry 13 January 2019) for the Thackaringa project.
MOU KEY POINTS:
- Cobalt Blue Holdings Limited (ASX:COB), as the Thackaringa Joint Venture Manager, has completed 9,561 metres of a campaign originally planned to exceed 15,000 metres. Results received to date continue to improve geological confidence with substantial increases in drilling density. Previously, between 2H 2016 and 1H 2018, COB drilled a total of 20,445 metres (38 diamond drill holes, 93 RC drill holes, and 3 RC drill holes with diamond tails) over three campaigns.
- COB had previously announced commencement of the drilling campaign (13 September 2018) along with preliminary assay results (5 December 2018).
- Due to an inability to secure a land access agreement extension, COB has paused drilling operations at the Thackaringa Project. Upon work recommencement, the focus will be largely upon finalising extensional work to the resource. Further assays are to be expected in January – February, with an updated Mineral Resource estimate due end Q1 2019.
- While exploration activities have been paused, further work programs continue including bulk test work, mining, environmental and engineering studies.