- Cobalt Blue’s (COB) wholly-owned subsidiary has been given the greenlight to expand its tenement at the Broken Hill Cobalt Project in New South Wales
- Once formally granted, the tenement is set to increase the explorer’s position in the area to approximately 160 square kilometres, representing roughly a 70 per cent size increase
- ELA6151, the new tenement, is located within the Broken Hill Domain of the broader Curnamona Province
- In a broader context, it forms part of the company’s strategy to identify further cobalt mineralisation targets at the project
- Investors appear to have responded favourably to the announcement, with Cobalt Blue shares closing the day up 17.2 per cent at 37.5 cents each
Cobalt Blue’s (COB) wholly-owned subsidiary has been given the greenlight to expand its tenement at the Broken Hill Cobalt Project in New South Wales.
Broken Hill Cobalt Project received notice of the grant proposed exploration licence, which comprises of approximately 67 square kilometres within
COB’s exploration footprint in the Broken Hill region.
ELA6151 is located within the Broken Hill Domain of the broader Curnamona Province, bound by the Mundi Mundi Fault to the east.
Once ELA6151, or the new tenement, has been formally granted, COB’s holding will take its tenement position to approximately 160 square kilometres, marking an increase of roughly 70 per cent.
In a broader context, it forms part of the explorer’s long-term exploration strategy, which targets discovery and delineation of cobalt mineralisation considered deemed complementary to existing operations and inventory at Broken Hill.
While the direct extension of existing deposits is a primary exploration focus of COB at present, several further targets are yet to be tested, with the explorer flagging Pyrite Hill South and Railway South as areas of high priority.
Investors appear to have responded favourably to the announcement, with Cobalt Blue shares closing the day up 17.2 per cent at 37.5 cents each.