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Cobalt Blue Holdings Limited (ASX: COB) announced its Thackaringa Project resource upgrade on 4th April 2019. Cobalt Blue mentioned that the Mineral Resource update was followed by around 9,500 m of drilling during the Q4 of the year 2018 to Q1 of the year 2019.
Cobalt Blue presented the mineral resources of each tenement in the Thackaringa Project. The company produces itsâ cobalt outside DRC.
Pyrite Hill:
Cobalt Blue mentioned that total resources of the Pyrite Hill prospects stand at 33 million tonnes with 867ppm of cobalt (Cobalt-equivalent to 1070ppm), 10.4% of iron, 9.3% of sulfur, 17% of pyrite. The total Contained Cobalt for the tenement stood at 28,400 tonnes with 6 million tonnes pyrite.
The company reported its Mineral Resources as per the JORC 2012 and divided the Mineral Resource into Measured, Indicated, and Inferred.
As per the company, itsâ Measured Mineral Resources stood at 18 million tonnes with 928ppm of cobalt (Cobalt-equivalent to 1150ppm), 10.7% of iron, 9.9% of sulfur, 19% of pyrite. The total Contained Cobalt for the tenement stood at 17,100 tonnes with 3 million tonnes pyrite.
The Indicated Mineral Resources were at 7 million tonnes with 759ppm of cobalt (Cobalt-equivalent to 940ppm), 9.7% of iron, 8.1% of sulfur, 15% of pyrite. The total Contained Cobalt for the tenement stood at 5,600 tonnes with 1 million tonnes pyrite.
The Inferred Mineral Resources were at 7 million tonnes with 820ppm of cobalt (Cobalt-equivalent to 1020ppm), 10.4% of iron, 8.9% of sulfur, 17% of pyrite. The total Contained Cobalt for the tenement stood at 5,700 tonnes with 1 million tonnes pyrite.
The Mineral Resources were reported with a 440ppm cobalt-equivalent cut-off for the prospect.
Railway:
As per the company, the Total Mineral Resources of the prospect stands at 61 million tonnes with 667ppm of cobalt (Cobalt-equivalent to 834ppm), 8.7% of iron, 7.5% of sulfur, 14% of pyrite. The total Contained Cobalt for the tenement stood at 40,500 tonnes with 9 million tonnes pyrite.
The Indicated Mineral Resources were at 37 million tonnes with 677ppm of cobalt (Cobalt-equivalent to 843ppm), 8.5% of iron, 7.4% of sulfur, 14% of pyrite. The total Contained Cobalt for the tenement stood at 25,100 tonnes with 5 million tonnes pyrite.
The Inferred Mineral Resources were at 24 million tonnes with 650ppm of cobalt (Cobalt-equivalent to 821ppm), 9.0% of iron, 7.7% of sulfur, 14% of pyrite. The total Contained Cobalt for the tenement stood at 15,300 tonnes with 3 million tonnes pyrite.
The prospect resources stood high; however, there is no Measured Mineral Resources, and the stakeholders should monitor further conversion of indicated and inferred to Measured.
The Mineral Resources were reported with a 440ppm cobalt-equivalent cut-off for the prospect.
Big Hill:
Cobalt Blue mentioned its Total Mineral Resources for the prospect at 18 million tonnes with 559ppm of cobalt (Cobalt-equivalent to 732ppm), 6.5% of iron, 6.0% of sulfur, 11% of pyrite. The total Contained Cobalt for the tenement stood at 11,000 tonnes with 2 million tonnes pyrite.
The prospect returned the lowest contained cobalt out of all the reported prospects by the company.
As per the company, the Indicated Mineral Resources for the prospect stands at 11 million tonnes with 629ppm of cobalt (Cobalt-equivalent to 767ppm), 6.7% of iron, 6.2% of sulfur, 12% of pyrite. The total Contained Cobalt for the tenement stood at 6,800 tonnes with 1 million tonnes pyrite.
The Inferred Mineral Resources stands at 7 million tonnes with 553ppm of cobalt (Cobalt-equivalent to 678ppm), 6.2% of iron, 5.6% of sulfur, 11% of pyrite. The total Contained Cobalt for the tenement stood at 3,900 tonnes with 1 million tonnes pyrite.
The company did not disclose any Measured Mineral Resources for the prospect, and the Mineral Resources were reported with a 440ppm cobalt-equivalent cut-off.
Cobalt Blue recently commenced water-supply at the Broken Hill.
As an outcome of all the results from the different prospect, the Total Mineral Resources for the company is at 111 million tonnes with 715ppm of cobalt (Cobalt-equivalent to 889ppm), 8.9% of iron, 7.8% of sulfur, 15% of pyrite. The total Contained Cobalt of the company is at 79,500 tonnes with 16 million tonnes pyrite. In which, only 18 million tonnes remain measured and account for 17,100 tonnes of contained cobalt with 3 million tonnes of pyrite.
The stock of the company closed the dayâs trading at A$0.150 (as on 4th April), unchanged as compared to its previous close.
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