Cobalt Blue (ASX:COB) has only recently been minted, but is already becoming an ASX star.
The company recently completed an IPO after investors bid for the $10 million maximum at the $0.20 issue price.
Investors have been well rewarded, with the stock last trading at $0.33 per share.
The company is now undertaking an infill and extensional drilling program at the flagship Thackaringa Cobalt Project, which is strategically located 23 kilometres south-west of the world class mining centre of Broken Hill within New South Wales.
The reverse circulation drilling program has now commenced with two rigs covering 5100 metres.
This supports the diamond drilling program which is progressing strongly and has achieved 2200 metres, with a campaign target of 3000 metres expected to be completed by end March.
Analysis
Thackaringa represents the only non-polymetallic pure play cobalt deposit listed on the ASX, and is one of few globally.
Cobalt Blue aims to triple the resource by mid-year.
The inferred resource is currently 35.7 million tonnes at 0.084% cobalt for 30,000 tonnes of contained cobalt.
READ MORE: Cobalt Blue's Joe Kaderavek talks world scale deposit in Proactive Q&A Sessions™