Market Announcement – 5 June 2017

Market Announcement – 5 June 2017


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.

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

View the full Announcement as a PDF

Related News

Posted by cobaltblueholdings | February 1, 2018
Examining the fit – Thackaringa and Mutooroo Projects
Cobalt Blue (ASX:COB) and Havilah Resources (ASX:HAV) today signed a Memorandum of Understanding (MOU). (more…)
Posted by cobaltblueholdings | January 24, 2018
Significant Thackaringa Drilling Program complete – Resource Upgrade pending
Final tabulation of the assay data is now complete and updating the geological models and mineralisation domains has commenced. New resource estimates for each of the deposits expected by end...
Posted by cobaltblueholdings | December 27, 2017
Market Update – 27 December
Highlights PFS – Bulk Metallurgical Testwork – Progress Update (more…)