Sign up Australia
Proactive Investors - Run By Investors For Investors

Cobalt Blue Holdings nets $100,000 from options as cobalt strategy advances

400,000 new shares are issued after quoted options are exercised at $0.25.
Cobalt Blue drilling
A pre-feasibility study for the Thackaringa Cobalt Project is due by mid-2018

Cobalt Blue Holdings Ltd (ASX:COB) has netted more than $100,000 from the exercise of options, further supporting its cobalt strategy.

The company has issued more than 400,000 new shares after the quoted options (ASX:COBO) were exercised at $0.25 each.

This represents a healthy discount to the current price of the options, which is $0.365.

Cobalt Blue’s shares are trading at $0.60 and since 20 November 2017 have risen from $0.23, reaching a record high of $0.89 in late December.

READ: Cobalt Blue Holdings receives final assays allowing it to progress to feasibility stage

The company is due to deliver a pre-feasibility study for its Thackaringa Cobalt Project near Broken Hill in far west New South Wales by mid-2018.

The project area is under-explored, with the vast majority of historical exploration directed at or around outcropping pyritic cobalt deposits at Pyrite Hill, Big Hill and Railway deposits.

These deposits comprise 54.9 million tonnes at 910 ppm cobalt, 9.56% sulphur and 10.9% iron for 49,986 tonnes of cobalt.

Potential to extend resource

Potential to extend the mineral resource at these deposits and other Thackaringa prospects is high.

Cobalt Blue is undertaking exploration and development programs on the cobalt project as part of a farm-in joint venture agreement with Broken Hill Prospecting Limited (ASX:BPL).

It has a 51% beneficial interest and subject to the achievement of milestones, will be entitled to acquire 100%.

Broken Hill Prospecting remains the registered holder of the project tenements until the farm-in is complete.

READ: Cobalt Blue to test cobalt processing technology on nearby project

Cobalt Blue has also recently signed an MOU to use its proprietary technology to determine whether cobalt from sulphide ore at Havilah Resources’ (ASX:HAV) Mutooroo copper-cobalt deposit can be recovered economically.

Mutooroo is west of the Thackaringa deposit, where metallurgical work has identified a potential processing path demonstrating strong cobalt recoveries for pyrite hosted cobalt.

The parties believe Mutooroo may have similar metallurgical requirements to commercialise cobalt.

View full COB profile View Profile

Cobalt Blue Holdings Ltd Timeline

Related Articles

copper ore
April 10 2018
The AIM-listed junior now sees at least 20 years of operations at the Newfoundland-based copper/gold operation
maps of Australia with company projects marked
April 18 2018
Samples from the Mt Read Cobalt Project graded up to 7,800 ppm cobalt.
Picture of Emmerson's managing director and mining team
January 28 2018
Deposits in the Macquarie Volcanic Arc are often part of much larger systems.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use