Market Announcement – 25 May 2017

Market Announcement – 25 May 2017

Highlights

Stage One Drilling Program delivers robust results – resource upgrade to follow

  • Cobalt Blue Limited (ASX:COB) is pleased to provide the final assays from its major 1H 2017 resource definition drilling program completed at Thackaringa, NSW.
  • COB’s Chairman, Rob Biancardi, observed “extremely pleasing results, better than our expectations”.
  • The current announcement summarises the last 7 diamond drill (DD) holes (for 785 metres total) and 14 reverse circulation (RC) holes (for 1,874 metres total) that were drilled into the Railway and Pyrite Hill deposits.
  • Results support potential for significant enhancement of Mineral Resource and to enhance the average grade within the overall mineralised envelope.
  • The 2016 & 2017 drill results are currently being compiled into an upgraded resource estimate, which is scheduled for release in June.
  • At Railway Trend best mineralised intercepts include:
    • Drillhole 17THD08 – 84m @ 1,013ppm Co, 15.6% Fe &12.8% S from 19m;
    • Drillhole 17THD09 – 46m @ 1,234ppm Co, 13.8% Fe & 14.8% S from 19m; and
    • Drillhole 17THR034 – 56m @ 1,036ppm Co, 10.6% Fe & 10.2% S from 38m
      Including – 36m @ 1,217ppm Co, 11.5% Fe & 12.1% S from 38m.
  • At Pyrite Hill best mineralised intercepts include:
    • Drillhole 17THR024 – 14m @ 1,436ppm Co, 12.3% Fe & 12.1% S from 68m;
    • Drillhole 17THR024 – 43m @ 1,082ppm Co, 9.2% Fe & 9% S from 96m
      Including – 29m @ 1,363ppm Co, 10.5% Fe & 10.5% S from 110m; and
    • Drillhole 17THD14 – 23m @ 929ppm Co, 11.9% Fe & 10.9% S from 54m
      Including – 11m @ 1,398ppm Co, 13.6% Fe & 13.7% S from 54m.
  • The Scoping Study is progressing to target – to be delivered to the COB Board
    by 30 June.

COB’s Chairman, Rob Biancardi, commented:
“These latest assay results are extremely pleasing and confirm the continuity and tenor of cobalt-pyrite mineralisation over a combined 4.5 km of strike at Thackaringa. Completion of the assay component of the 1H 2017 drilling program should allow a significant resource upgrade to be released early June. COB remains pleased with the results of the drilling program and with the positive early indications of the metallurgical and scoping studies underway.”

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