Cobalt Blue Completes Thackaringa Drilling in Preparation for Resource Upgrade

THE DRILL SERGEANT: Cobalt Blue Holdings (ASX: COB) released final assays from a resource definition drilling program completed at the company’s Thackaringa cobalt project in New South Wales last year.

Cobalt Blue Holdings said the results demonstrate strong continuity along both strike and down dip at the Railway, Pyrite Hill and Big Hill deposits.

The assay results are now being incorporated into geological models in preparation for a Resource Upgrade, which is expected by the end of February.

The company explained the program was designed to upgrade to Indicated Resource, expand the overall resource base, provide comprehensive geotechnical information and provide samples for additional metallurgical testing.

Highlights from the drilling include:

40 metres at 1,056ppm cobalt, 11.8 per cent sulphur and 14.3 per cent iron from 95m;

39m at 1,010ppm cobalt, 10.3 per cent sulphur and 9.9 per cent iron from 125m;

67m at 1,144ppm cobalt, 12.7 per cent sulphur and 13 per cent iron from 72m;

47m at 1,194ppm cobalt, 11.6 per cent sulphur and 11.3 per cent iron from 107m;

48m at 1,147ppm cobalt, 11.4 per cent sulphur and 11.3 per cent iron from 156m;

75m at 1,207ppm cobalt, 11.9 per cent sulphur and 11.8 per cent iron from 149m;

59m at 1,119ppm cobalt, 12.9 per cent sulphur and 12 per cent iron from 24m; and

99m at 1,185ppm cobalt, 10.7 per cent sulphur and 10 per cent iron from 32m.

“This significant work program, conducted over 2H 2017 represents a major accomplishment for the Thackaringa cobalt project,” Cobalt Blue Holdings chairman Rob Biancardi said in the company’s announcement to the Australian Securities Exchange.

“Our understanding of Thackaringa’s resource has materially improved over the past year and this work forms a baseline for our upcoming Resource Upgrade, expected by end February.”