BHCP Resource Update
Sydney, Nov 30, 2023 AEST (ABN Newswire) - Cobalt Blue Holdings Limited's (
ASX:COB) (COH:FRA) (CBBHF:OTCMKTS) Mineral Resource estimate follows the completion of the 2022-2023 drilling program intended to support various aspects of the BHCP DFS.
The program included dedicated geotechnical drilling to inform pit slope stability analysis for mine design and optimisation at the Big Hill and Railway deposits, investigation of zones of potential resource extension at the Big Hill and Railway deposits and infill drilling targeting improved resource classification at the Big Hill deposit.
KEY POINTS
- Measured Resources have increased by 32% when compared with the former estimate (2021).
- The updated Mineral Resource estimate for the Broken Hill Cobalt Project (BHCP) now comprises 126.5 Mt at 867 ppm cobalt-equivalent (CoEq) (690 ppm cobalt, 7.5% sulphur and 134 ppm nickel) for 87 kt contained cobalt, 9,510 kt sulphur and 17 kt nickel (at a 275ppm CoEq cut-off).
- Infill drilling has supported an improved resource classification for the Big Hill deposit with 31% of tonnes classified as Measured and a further 54% classified as Indicated.
- Measured and Indicated resources now comprise 66% of the total Mineral Resource.
- The estimate is a major stepping stone in completion of the Definitive Feasibility Study (DFS) and will form the basis of detailed mine planning and scheduling
Cobalt Blue's CEO, Joe Kaderavek commented "The recent drilling program has further advanced our assessment of key modifying factors critical to the Definitive Feasibility Study. The realisation of an improved resource classification for Big Hill is particularly positive with 66% of the Mineral Resource now available for potential conversion to Proven and/or Probable Ore Reserves. The Mineral Resource will form the basis of detailed Life of Mine planning and scheduling."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/HJT874LQ
About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) is an exploration and project development company. Work programs advancing the Broken Hill Cobalt Project in New South Wales continue. Our ambitious goals are subject to funding availability. Cobalt is a strategic metal in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
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