Cobalt Blue (ASX: COB) is pleased to announce a significant resource upgrade (31% increase in total resource tonnes with 72% now classified as Indicated) at the Thackaringa Project, located near Broken Hill, NSW.
- The global Mineral Resource estimate now comprises 72Mt at 852ppm cobalt (Co), 9.3% sulphur (S) & 10% iron (Fe) for 61Kt contained cobalt (at a 500ppm cobalt cut-off) – compared to the June 2017 Mineral Resource estimate (detailed in ASX release of 5 June 2017) the upgrade reflects a 31% increase in total tonnes and a 23% increase in contained cobalt.
- The new Mineral Resource estimate succeeds a substantial resource definition drilling program comprising some 74 holes for approximately 12,500m; the resultant improvement in geological confidence has supported the classification of approximately 72% of the Mineral Resource as Indicated.
- These results reflect the strong conclusion of our CY17 drilling campaign. COB has submitted the draft geological report to our JV partner (Broken Hill Prospecting) and has served formal notice that COB believes it has fulfilled its Stage One JV requirements. Looking forward, COB remains on schedule to deliver a Pre Feasibility Study (PFS) by 30 June 2018 and satisfy obligations under Stage Two of the agreement to secure 70% beneficial interest.
- Thackaringa remains on target to become a world class cobalt project with recent metallurgical testwork highlighting 88% cobalt recoveries from ore to payable product.
- Cobalt Blue remains focussed on completion of a maiden Ore Reserve estimate as part of PFS.