Market Announcement – 5 June 2017

Market Announcement – 5 June 2017

Highlights

Significant resource upgrade for the Thackaringa Cobalt Project – tonnage up 66%, grade up 9% on previous estimate

  • Cobalt Blue (ASX:COB) is pleased to announce a significant resource upgrade at the Thackaringa Project, located near Broken Hill, NSW. This upgrade is the result of a substantial drilling campaign including 7,957m of diamond drilling (DD) and reverse circulation (RC) drilling completed during 2016/17.
  • The global Mineral Resource estimate at Thackaringa now comprises 54.9Mt at 910ppm cobalt, 9.56% sulphur & 10.19% iron for 50Kt contained cobalt (at a 500ppm cobalt cut-off) – compared to the January 2017 Mineral Resource estimate (detailed in ASX release of 31 January 2017) the new estimate reflects a 66% increase in overall tonnes and a 9% increase in cobalt grade.
  • Increased geological confidence has supported the classification of approximately 12% of the Mineral Resource as Indicated.
  • In addition, a global exploration target comprising 18–26Mt at 800–1000ppm cobalt, 8.5–10.5% sulphur and 8–12% iron has been defined. The potential quantity and grade of this target is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in determination of a Mineral Resource.
  • These results, in conjunction with the Scoping Study (to be delivered by 30 June 2017), represent a significant milestone for the Thackaringa Project.
  • The COB Board, encouraged by the total potential resource at Thackaringa, is examining the use of aerial geophysical survey techniques to determine additional exploration targets.
  • The shallow nature of mineralisation is considered to make these resources amenable to open pit mining.
  • Thackaringa remains on target to become a world class cobalt project.

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