COB Shares The Thackaringa Cobalt Project Drilling And Water Supply Update

  • Dec 05, 2018 AEDT
  • Team Kalkine
COB Shares The Thackaringa Cobalt Project Drilling And Water Supply Update

On 5 December 2018, Cobalt Blue Holdings Limited (ASX: COB) provide its investors an update regarding Thackaringa cobalt project drilling and water supply. As per the initial drilling, the results highlight the substantial life of the mine.

It was highlighted that around 5,686 meters of drilling are complete till date. It is expected that another 15,000 meters will be drilled in the upcoming campaign.

As per the first three diamond drilling holes, a total of 120 meters was drilled. There were another four reverse circulation holes with a total 766 meters of drilling. All the drillings were performed at the Pyrite Hill deposit. 

At hole 18THR001, after drilling 56 meters at 824 ppm of Co resulted into 11.1% iron and after drilling 146 meters resulted in 9.4% of Sulphur. At hole 18THR002, after drilling 68 meters at 1218 ppm of Co resulted into 13.4% iron and after drilling 116 meters resulted in 13.4% of Sulphur. At hole 18THR003, after drilling 52 meters at 1042 ppm of Co resulted into 11.1% iron and after drilling 93 meters resulted in 11.2% of Sulphur. At hole 18THR004, after drilling 91 meters at 826 ppm of Co resulted into 12.8% iron and after drilling 67 meters resulted in 10.2% of Sulphur.

It is expected that by Q1 FY2019, the updated version of the resource model will be announced.

Apart from the drilling results, the company was able to save around 1.5 GL of water per annum. This water will now be supplied to the western outskirts of Broken Hill.

The performance of the company since its inception was 4.55%. After that, the company has given a negative performance. The 1-year performance of the company is -61.34%. Since last three months, the performance of the company is -48.89%.

For the year ended 30 June 2018, the company incurred a net loss of $1,634,556. The company holds a total asset of $19,414,889 and total liabilities of $1,296,386 which indicates that the company is in a position to meet its long-term obligations. The company holds a total current asset of $10,028,532 and a total current liability of $786,503 which indicates that the company can manage its short-term obligations as well as net working capital. The total shareholder’s equity is worth $18,118,503.

A net cash outflow from the operating activities worth $1,387,811 was there during the year. Here, the main reason for the cash outflow was the payment made to the suppliers and employees as well as the payment of interest.

Company made a net cash outflow from the investing activities of the company worth $5,024,696. Here, the main reason for the cash outflow was due to the payment made for exploration expenditure, payment for plant and equipment.

There was a net cash inflow from the financing activities of the company worth $10,394,607. Here, the main reason for the cash inflow was due to proceeds from the issue of shares. By the end of the year, the net cash available with the company was $9,701,437.

By the end of trading on 5 December 2018, the market price of the share was A$0.225 with the market capitalization of A$26.72.


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