Sydney, May 5, 2017 AEST (ABN Newswire) - Cobalt Blue Holdings Limited (ASX:COB) is delighted to announce the completion of its 1H 2017 resource definition drilling program at the Thackaringa cobalt project, west of Broken Hill, NSW. Completion of this campaign is a major milestone. The current assay will be used as the basis for a new and updated resource estimation process, commencing in May.

Thackaringa feasibility program continues:

- Strong drilling results - major drilling program uncovers higher cobalt grades in greater widths beneath existing resources

- Strong potential for Resource enhancement exists

- Potential to enhance average grade within the mineralised envelope

- Scoping Study underway - supported by extensive metallurgical and engineering programs

- Investors can look forward to an exciting 8 weeks ahead as COB delivers an upgraded Resource Statement and Scoping Study de-risks the project

- Best large width intercepts across the three deposits include:

o Drillhole 17THD06 - 46m @ 1,136ppm Co from 39m;
o Drillhole 17THR008 - 41m @ 1,319ppm Co from 37m;
o Drillhole 17THR011 - 53m @ 1,116ppm Co from 30m;
o Drillhole 17THR017 - 58m @ 1,383ppm Co from 54m; and
o Drillhole 17THR021 - 20m @ 1,204ppm Co from 44m

- Stage Two of the Thackaringa Project begins in July, targeting further resource definition drilling and the completion of a Preliminary Feasibility Study by 30 June 2018. Final delivery of a Bankable Feasibility Study is due 30 June 2019. Details below:

30 June 2017
Stage One
A$2m expenditure in the ground - Inferred Resource Target
Deliver: Scoping Study
Target Date: 30 June 2017

30 June 2018
Stage Two
A$2.5m expenditure in ground - Indicated Resource Target
Deliver: Preliminary Feasibility Study
Target Date: 30 June 2018

30 June 2019
Stage Three
A$5.0m expenditure in ground - Measured Resource + Reserves Target
Deliver: Bankable Feasibility Study + Project Approvals
Target Date: 30 June 2019

30 June 2020
Stage Four
Decision to Mine Project Financing Approved
Target Date: 30 June 2020


About Cobalt Blue Holdings Limited

Cobalt Blue Holdings LtdCobalt 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 being widely used in clean energy systems.

   


Contact

Joe Kaderavek
Chief Executive Officer
Cobalt Blue Holdings Limited
Email: joe.kaderavek@cobaltblueholdings.com
T: +61-2-9966-5629
Website: www.cobaltblueholdings.com


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