Completion of this latest Mineral Resource estimate reflects the culmination of a sustained exploration effort by COB (30,000m drilled from 2016) realising a 235% increase in resource tonnes and a 189% uplift in contained cobalt since COB issued its prospectus and became an independent company listed on the ASX.
KEY POINTS:
- Cobalt Blue Holdings (ASX:COB) is pleased to announce a significant Mineral Resource upgrade at the Thackaringa Cobalt Project, located near Broken Hill, NSW.
- The global Mineral Resource estimate now comprises 111Mt at 889ppm cobalt-equivalent (CoEq) (715ppm Co & 7.8% S) for 79,500t contained cobalt (at a 400ppm CoEq cut-off). The update includes a maiden Measured Resource of 18 Mt at 1150ppm cobalt-equivalent (CoEq) (928 ppm Co & 9.9% S) for 17,100 tonnes of contained cobalt (at a 400ppm CoEq cut-off). Measured and Indicated resources make up approximately 66% of the global Mineral Resource.
- The updated Mineral Resource follows the completion of some 9,500m of recent drilling (completed during Q4 18 – Q1 19).
- Inputs derived from the PFS have supported a revision of the Mineral Resource cut-off grade from 500ppm Co to 400ppm CoEq with inclusion of elemental sulphur as a revenue stream contributing to a significant increase in the Mineral Resource.