The project which is located in New South Wales has been the subject of a 74 hole drilling program spanning nearly 12,500 metres.
The results completed in the six months to December 2017 demonstrated strong continuity along both strike and down dip at the Railway, Pyrite Hill and Big Hill deposits.
Results to feed into resource upgrade
Assay results are being incorporated into geological models in preparation for a resource upgrade which is expected to be released in February.
The program is designed to upgrade to Indicated Resource and expand the overall resource base.
The data should also provide comprehensive geotechnical information and samples for additional metallurgical testing.
Rob Biancardi, chairman, said: “This significant work program, conducted over the second half of 2017 represents a major accomplishment for the Thackaringa Cobalt Project.
“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.”
Progressing to preliminary feasibility study by mid-2018
The company then intends to progress to a preliminary feasibility study by June 30, 2018.
Management is of the view that results to date continue to justify proceeding further along the pathway towards commercial development of the Thackaringa Cobalt Project.
From a longer term perspective the company is looking to have a bankable feasibility study and project approvals completed by June 30, 2019.
Should the metrics support progressing with the project, a decision to mine and financing would occur at that stage.