December 2017 - Highlights
- Thackaringa Drilling Campaign - 40Mt Indicated Resource Target - drilling completed, assays returned, undergoing resource modelling and upgraded estimate.
- Pre-Feasibility Study (PFS) work continues on bulk metallurgical test work, environmental, geotechnical and hydrogeological studies. PFS remains on track for delivery by 30 June 2018
- Cobalt Blue has now treated 40 kg of concentrate (out of 100 kg) through the calcine furnace, and 8 kg of calcine (out of 80 kg) through the leach circuit. Work is continuing into Q1 2018 to complete the testing of the calcine and leach unit operations.
- Recent funds raised by placement on 27 Nov 2017, has enabled the Company to double the quantity of cobalt ore being tested (additional 500-600 kg of ore at ~1000 ppm cobalt) in the current PFS program. This testwork will generate small scale commercial samples as part of COB's acceptance testing program with battery makers.
- Aerial geophysical survey launched and subsequently completed over the entirety of the Thackaringa tenements (EL6622, EL8143, ML86 & ML87). Awaiting final report.
- Strong Cobalt Market Pricing continues - market deficits continue with the cobalt price up 126% over CY2017 to US$34/lb.
- Electric Vehicle (EV) pricing will start be similar to Internal Combustion Engine Vehicles by 2025F, with most EVs at price parity by 2029F.
- Thrifting - Battery makers continue to "thrift" (lowering) cobalt content in the cathode.
- Thackaringa JV milestones remain on track. Resource upgrade expected by end of February followed by PFS 30 June 2018.
- Cobalt Blue's quoted options (COBO) each offer the right to be issued one ordinary fully paid Company share for A$0.25 each, expiring 2 May 2020. The latest COB share price is A$0.77 (23 January 2018).
- Placement - Cobalt Blue successfully raised (27 November 2017) A$2.5m gross proceeds by issuing 11.4m shares and 2.8m options (Strike $0.25 Expiry 2 May 2020).
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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.
Chief Executive Officer
Cobalt Blue Holdings Limited
Cobalt Blue Holdings Limited (ASX:COB) Significant Thackaringa Drilling Program Complete - Resource Upgrade Pending