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Cobalt Blue Holdings to release ore reserve estimate and PFS for Thackaringa Cobalt Project

The company has been granted a trading halt by the ASX pending release of the PFS announcement.
Drilling rig at Thackaringa
Drilling at Cobalt Blue’s Thackaringa project at Broken Hill

Cobalt Blue Holdings Ltd (ASX:COB) will this week release its first ore reserve estimate and finalised pre-feasibility study (PFS) for the Thackaringa Cobalt Project at Broken Hill.

The maiden estimate will be an important part of the PFS which has been completed.

While awaiting the release of the announcement Cobalt Blue and Thackaringa joint venture partner Broken Hill Prospecting Ltd (ASX:BPL), have been granted a trading halt by the ASX.

The halt will remain in place until the start of normal trading on Wednesday, 4 July, 2018, or when the announcement is released to the market.

READ: Cobalt Blue a major ASX success story in past 12 months … and it has a long way to run

Cobalt Blue is the only ASX-listed primary cobalt player and its shares last traded at 96 cents.

A successful PFS will see Cobalt Blue’s beneficial interest in the JV project increase to 70% from 51% as part of stage II earn-in requirements.

Earlier this year Broken Hill Prospecting confirmed that its partner had retained its 51% interest after completing stage I earn-in requirements, including a resource upgrade.

The project’s resource stands at 72 million tonnes at 852 ppm cobalt, 9.3% sulphur and 10% iron for 61,000 tonnes of contained cobalt at a 500 ppm cut-off.

READ: Cobalt Blue Holdings’ foundation partner LGI will provide support to enter global cobalt production chain

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

New company secretary

Cobalt Blue has appointed Robert Waring as company secretary, replacing Ian Morgan who has resigned from his position.

Waring has more than 40 years of experience in financial and corporate roles, including over 25 years in company secretarial roles for ASX-listed companies, and 20 years as a director of ASX-listed companies.

Oakhill Hamilton director

He is a director of Oakhill Hamilton Pty Ltd, which provides company secretarial and corporate advisory services to a range of listed and unlisted companies.

Cobalt Blue chairman Robert Biancardi thanked Morgan for his contribution to the company.

“He has been an integral member of the COB team since COB’s successful initial public offering, commencement of the Thackaringa Joint Venture and ASX listing on 2 February, 2017.”

Waring is a non-executive director and company secretary of unlisted resource company Tartana Resources Limited and is company secretary of Kalbar Resources Ltd.

He is also company secretary for ASX-listed Aeris Environmental Ltd (ASX:AEI), Vectus Biosystems Ltd (ASX:VBS) and Xref Ltd (ASX:XF1).

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Cobalt Blue Holdings Ltd Timeline

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