Quarterly Activities and Cash Flow Reports June 2017
June 2017 - Highlights
- Thackaringa Project
o FY17 (8,000m) Drilling Campaign Concluded - a globally significant cobalt program - continues into FY18.
o Thackaringa Resource Upgrade - 54.9Mt at 910ppm cobalt, new estimate reflects a 66% increase in overall tonnes and a 9% increase in cobalt grade.
o Scoping Study Delivered - Results supportive of Cobalt Blue's aspirational target of becoming "a long-life top 10 cobalt miner". Outstanding metallurgical results.
o 40 Mt Indicated Resource target and major geophysical survey announced - exciting option to uncover further cobalt anomalies.
o Cobalt sulphate commands a market premium driven by the evolving battery market.
o Appointment of new Board member (Matthew Hill) adding significant financial/mining development skills
o CGT Cost Base Observations - Cobalt Blue demerger from Broken Hill Prospecting (BPL)
o Joint Venture Agreement with BPL amended for 40Mt Indicated Resource target and geophysical survey.
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About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) is an exploration company focussed on green energy technology and a strategy of fast-tracking development of the Thackaringa Cobalt Project in New South Wales to achieve commercial production of cobalt. This strategic metal is in strong demand for new generation batteries, particularly lithium-ion batteries now widely used in clean energy systems.
COB has entered into a farm-in joint venture agreement with Broken Hill Prospecting Limited (“BPL”) in which COB seeks to acquire an initial 51% interest in the Thackaringa Cobalt Project. COB will undertake exploration and development programs on the Thackaringa Cobalt Project and, subject to the achievement of milestones, will acquire 100% of the Thackaringa Cobalt Project.
Cobalt Blue Holdings Limited