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Thackaringa Cobalt-Pyrite

FAST FACTS

 
 
 
 Broken Hill Cobalt ProjectS

Established infrastructure

The Thackaringa Cobalt project boasts a significant logistical advantage.  The project is located just 25km southwest of Broken Hill and is adjacent to the Trans-Continental Railway.

 Shallow, open-pittable cobalt resources

Shallow resources

Exploration to date has focussed entirely on the shallow portions of the mineralised system with some 30kt contained cobalt.  The outcropping resource is ideal for open-pit mining methods.

 Cobalt resources open along strike and at depth.

75% unexplored

Thackaringa is underexplored.  Geological mapping has delineated over 10km of mineralised outcrop with only 25% drill tested.  Resources remain open along strike & at depth below 250m.

 Targeting 37-59Mt at 600-900ppm cobalt

37-59Mt at 600-900ppm cobalt*

The company aims to triple the resource base through focussed exploration targeting an additional 37-59Mt at 600-900ppm cobalt*. Exploration activities to commence October 2016.

 

*The global Thackaringa exploration target is as released on 27 July 2012 under JORC 2004. The potential quantity and grade of these targets is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in determination of a Mineral Resource.


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OVERVIEW

 

The 100% owned Thackaringa Cobalt Project is favourably located adjacent to existing road & rail infrastructure and just 25km southwest of Broken Hill. The project comprises a large mineralised system of potentially world class scale hosting a global resource of 35.7Mt at 841ppm cobalt.

Cobalt is a necessary metal for the production of the latest generation, high density Lithium-ion batteries.  Due to its high run-time properties, the use of cobalt has risen dramatically as portable Li-ion battery usage accelerates and electric vehicles become a reality.

Currently, 98% of the worlds cobalt is produced as a by-product of copper and nickel mining operations.  Recent base metal market pressures will impact cobalt production as demand is forecast to exceed supply in 2017. 

Increased consumer demand for ethical sources of cobalt is expected to pressure the worlds largest cobalt producer, the Democratic Republic of Congo, as illegal artisanal mining distorts market transparency.

The cobalt deposit at Thackaringa is contained in a pyritic rock, which adds the possibility for the co-production of sulphuric acid from any future mining activities.  Sulphuric acid supply in Australia for mining and agricultural purposes is limited, and significant quantities are imported.

Exploration

 

The Thackaringa deposits remain under-explored. Detailed geological mapping has delineated over 10km of mineralised outcrop of which approximately 75% remains untested. Beyond potential strike extensions, mineralisation remains open at depth with future exploration to test below 250 metres.  

BPL has identified significant opportunity to increase the shallow resource base through extensional and infill drilling. Over the next year, the company aims to triple the resource base through focussed exploration targeting an additional 37-59Mt at 600-900ppm cobalt*.

*The global Thackaringa exploration target is as released on 27 July 2012 under JORC 2004. The potential quantity and grade of these targets is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in determination of a Mineral Resource.

 
 
 
 
 
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DEVELOPMENT

 
 

Broken Hill Prospecting are targeting significant project advancement during FY2017 with plans to commence metallurgical drilling in mid October. Further infill and extensional drilling will follow to support updated Mineral Resource estimation and scoping studies in early 2017. These detailed studies will allow early market assessment of the potentially unique product profile which beyond a cobalt concentrate could include significant sulphuric acid production.

 

MINERAL RESOURCES

 
 
 
TONNES GRADE CONTAINED METAL
RESOURCE CATEGORY (millions) Co (ppm) Co (lb/t) Cobalt (Mlbs)
RAILWAY DEPOSIT Cut-off Grade 500ppm Co (As released 27 July 2012 under JORC 2004)
Inferred 14.9 831 1.83 27
Total 14.9 831 1.83 27
PYRITE HILL DEPOSIT Cut-off Grade 500ppm Co (As released 14 November 2011 under JORC 2004)
Inferred 16.4 830 1.83 30
Total 16.4 830 1.83 30
BIG HILL DEPOSIT Cut-off Grade 500ppm Co (As released 12 November 2010 under JORC 2004)
Inferred 4.4 910 2.00 9
Total 4.4 910 2.00 9
GRAND TOTAL 35.7 841 1.85 66