Cobalt Blue Holdings Ltd (ASX:COB) (OTCMKTS:CBBHF) (FRA:COH) is increasing its strategic cobalt exploration footprint in the Broken Hill region of Australia by around 35% through the proposed grant of an exploration licence.
Wholly-owned subsidiary Broken Hill Cobalt Project Pty Ltd has received notice of the proposed grant of Exploration Licence Application 6225.
The tenement application comprises approximately 58 square kilometres around 10 kilometres northwest of the Broken Hill Cobalt Project in far western New South Wales.
“Another step forward”
COB’s CEO Joe Kaderavek said: “The grant of ELA6225 reflects another step toward our continued consolidation of ground within the Broken Hill region.
“Now covering almost 220 square kilometres, COB has secured a commanding footprint to pursue our long-term exploration objectives.”
Shares have been as much 6.3% higher intra-day to A$0.34.
The application area is dominated by extensive Cenozoic cover sequences underlain by successions of the Willyama Supergroup including the Thackaringa Group.
This geology is known to host the Pyrite Hill, Big Hill and Railway deposits of the Broken Hill Cobalt Project (BHCP).
The new tenement, EL6225, adjoins EL9139 (formerly ELA6151) which was formally granted in April 2021 to COB.
ELA6225 is in part contiguous with EL9139 and comprises a total of 20 units for approximately 58 square kilometres.
In April 2021, the new tenement was covered by a regional-scale airborne electromagnetic (AEM) survey coordinated by the Department of Regional NSW’s Geological Survey and Geoscience Australia.
This heliborne survey was flown on east-west orientated flight lines at an average spacing of 2.5 kilometres across the tenement.
Data is expected to be released in the second half of 2021 and will be used by COB to refine future exploration activities for the tenement.
Story by ProactiveInvestors
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