Cobalt Blue Holdings Ltd. said June 5 that it has upgraded the mineral resource estimate for its Thackaringa cobalt project in New South Wales, Australia, showing a 66% increase in overall tonnes and a 9% increase in cobalt grade compared to the January estimate.
The global mineral resource at the project stands now stands at 54.9 million tonnes at 910 parts per million cobalt, for contained 49,986 tonnes of cobalt at a 500 ppm cobalt cutoff.
About 12% of the mineral resource is classified as indicated resource.
This upgrade was a result of a drilling campaign, which included 7,957 meters of diamond and reverse-circulation drilling during 2016-2017.
In addition, the ASX-listed company has defined a global exploration target containing 18 million tonnes to 26 million tonnes at 800 ppm to 1,000 ppm cobalt.