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Cobalt Blue Holdings announces Bankable Feasibility Study

Mining News - Published on Mon, 17 Sep 2018

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Cobalt Blue Holdings Limited, 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, announced Bankable Feasibility Study commences with drilling campaign and project optimisation studies.

- Following completion of a Pre-Feasibility Study (PFS), the Thackaringa Cobalt Project has entered the Bankable Feasibility Study (BFS) phase. We are pleased to update the market on progress.

- Cobalt Blue Holdings Limited (ASX:COB) is commencing the largest single drilling campaign at Thackaringa - in excess of 15,000 metres will be drilled over the coming six months. Previously, between 2H 2016 and 1H 2018, COB has drilled a total of 20,445 metres (38 diamond drill holes, 93 RC drill holes, and 3 RC drill holes with diamond tails) over three campaigns.

- Updated Resource Model due end Q2 2019.

2018-2019 Drilling Program Aims:
The drilling campaign has five broad aims:

- Improved Mineral Resource classification - defining Measured Resources.

- Growth of Mineral Resources - exploration along margins of existing mineralised bodies.

- Confirmation of the location of infrastructure and site layout - geotechnical and hydrogeological drilling for project infrastructure and process plant civil works.

- Overburden definition - identification of oxide and/or transition layer(s).

- Blue-sky exploration - follow up previously identified geophysical anomalies.

Based on the results of the PFS, COB is aiming to define a component of Measured Mineral Resources. This will require in-fill drilling at approximately 40 metre spacing to improve geological confidence and data density. During the BFS Mining Study, Measured Mineral Resources will be evaluated for conversion to Proven Ore Reserves. Typically, the target quantity for Proven Ore Reserves would be sufficient to fulfil the initial 3 to 5 year period of the proposed project production, as defined in the BFS.

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Posted By : Rabi Wangkhem on Mon, 17 Sep 2018
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