Thackaringa Cobalt Project Drilling & Water Supply Update

Drilling Program advances. Project water supply confirmed. 2018 – 2019 drilling campaign to target improved Mineral Resource classification and growth.

KEY POINTS:

  • Cobalt Blue Holdings Limited (ASX:COB) is pleased to announce initial results from its major resource definition drilling program underway at Thackaringa, NSW.
  • Initial results reinforce potential for substantial mine life.
  • Drilling continues to reaffirm the geological model with a total of 5,686 metres completed to date – in excess of 15,000 metres will be drilled over the campaign, making the current program the largest undertaken at the project. Previously, between 2H 2016 and 1H 2018, COB has 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.
  • The current announcement summarises results from the first three diamond drill (DD) holes (for 120 metres total) and four reverse circulation (RC) holes (for 766 metres total) that were drilled at the Pyrite Hill deposit. Significant intersections include:
    • 18THR001 – 56m at 824ppm Co, 11.1% Fe & 9.4% S from 146m
    • 18THR002 – 68m at 1218ppm Co, 13.4% Fe & 13.4% S from 116m
    • 18THR003 – 52m at 1042ppm Co, 11.1% Fe & 11.2% S from 93m
    • 18THR004 – 91m at 826ppm Co, 12.8% Fe & 10.2% S from 67m
  • Updated Resource Model due end Q1 2019.
  • Cobalt Blue is proud to announce that it has secured up to 1.5 GL of water per annum that will be supplied by Essential Water at a metered off-take point on the western outskirts of Broken Hill.

Cobalt Blue’s Chairman, Rob Biancardi said: “We are pleased by recommencement of drilling at Thackaringa. Assays received to date have affirmed continuity of high-grade cobalt mineralisation at the Pyrite Hill deposit with further potential for Resource growth identified through down-dip extension”

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