Cobalt Blue Holdings Limited: Half Yearly Report December 2017
Sydney, Australia (ABN Newswire) - The directors present their report together with the financial report of Cobalt Blue Holdings Ltd. (ASX:COB) ("COB" or "the Company") for the half-year ended 31 December 2017 and the auditor's review report thereon.Mineral Exploration Activities
The Thackaringa Cobalt Project is located approximately 23 km South East of Broken hill NSW comprising EL 6622 and EL8143 totalling 63km2. The Thackaringa project is located within the Broken Hill Block of the Curnamona Province and is composed of Willyama Supergroup high grade regional metamorphic gneisses, schists and amphibolites. Within the project area the local geology is dominated by quartz-albite-biotite gneiss, quartz-albite gneiss, and amphibolite dykes. The extensive stratabound cobalt-pyrite mineralisation at each prospect (Pyrite Hill, Big Hill and Railway) is hosted by quartz-albite gneiss.
Mineralisation at the three prospects has a combined strike length of 4.5 kilometres with widths varying from 25 metres to 100 metres. The increased thickness is typically due to the extensive development of tight isoclinal folding within the pyritic horizon.
During September, a major heliborne electromagnetic ('EM') survey (VTEM-Max) was completed at Thackaringa. The survey covered the entire project area at a nominal 100m line spacing and identified several strong EM responses.
Multiple targets were identified as extensions of, or nearby to, known Thackaringa Cobalt Pyrite deposits, with the survey also successfully 'fingerprinting' known mineralisation (i.e.: calibrating EM signatures with known drilling results). This calibration provides improved confidence in overall results, allowing prioritisation of targets based on similar signatures to known mineralisation. Four high potential areas were identified.
A target occurring as a nearby extension of the Railway deposit forms an immediate high value focus, backed by existing drilling data. This target appears to reflect the folded nature of the Cobalt Pyrite mineralisation and has resulted in significant thickening.
The 2H 2017 drilling program comprised seventy-four (74) drill holes for 12,458.7 metres and included sixteen (16) DD holes, fifty-five (55) RC holes and three (3) RC holes with diamond tails. By deposit fortyeight (48) holes were drilled at Railway, seventeen (17) holes at Pyrite Hill and nine (9) holes at Big Hill. The drilling program was designed to reduce the drill hole section spacing providing added confidence in grade distribution and continuity to enable a significant portion of the current Inferred Resource to be upgraded to Indicated Resource. Many of the diamond drill holes were designed to provide structural information for pit design and further samples for metallurgical testing.
Final tabulation of the assay data is now complete and updating the geological models and mineralisation domains has commenced. New resource estimates for each of the deposits are expected by early March.
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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 Ltd. (“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.
Contact:
Cobalt Blue Holdings Ltd.
www.cobaltblueholdings.com