Broken Hill Prospecting Ltd. on March 19 unveiled an updated mineral resource estimate for the Thackaringa cobalt project in New South Wales, reflecting a 31% increase in tonnage and a 23% rise in contained cobalt.
The project's resources are now estimated at 72 million tonnes at 852 parts per million of cobalt for 61,500 tonnes of contained cobalt, using a cutoff grade of 500 ppm cobalt. The new estimate compares to figures released in June 2017, and 72% of the updated resource lies in the indicated category.
Broken Hill said the resource update follows about 12,500 meters of drilling comprising 74 holes. The company further expanded its landholding in the Broken Hill region after lodging three exploration license applications covering 209 square kilometers in January.
Thackaringa is optioned to Cobalt Blue Holdings Ltd., which has the right to acquire the entire project. The miners are focused on delivering a maiden ore reserve estimate for Thackaringa as part of the project's preliminary feasibility study.
