Cobalt Blue Holdings Ltd (ASX:COB) has strengthened its board through the appointment of seasoned mining industry executive Rob McDonald as a non-executive director.
The appointment will take effect from January 1, 2019.
McDonald is an experienced board director, having held non-executive director roles, including chairman, with a number of listed mining companies, at different stages of evolution.
Strategy centred on Thackaringa project
Cobalt Blue has a vertically integrated cobalt supply strategy to service the rapidly growing electric vehicle sector and other new technologies utilising the highly sought-after tech-metal.
The strategy is centred on the world-class Thackaringa Cobalt Project near Broken Hill in far west NSW.
“Experience will prove invaluable”
Cobalt Blue’s chairman Rob Biancardi said: “We are delighted to welcome Rob McDonald as an independent, non-executive director.
“We are confident that his experience in the mining industry will prove invaluable in the success of advancing the Thackaringa project.”
McDonald has more than 40 years of broad experience in the international mining sector and is widely recognised for his knowledge of the industry, and in applied corporate finance.
To complement board’s capabilities
He began his career with Rio Tinto plc (LON:RIO) before assuming senior roles in investment banking and private equity.
Biancardi said his background in project development and optimisation, strategy and business development, transaction management and capital markets would serve to complement the existing board’s capabilities.
The chairman said that through a strategic advisory role with COB during 2018, Rob McDonald was already familiar with the opportunities and challenges facing the company.
Cobalt sulphate produced in tests of ore from the Thackaringa project.
Cobalt Blue has received firm commitments from investors to raise $1.687 million in a share placement.
Funds will be used by the pure-play cobalt company to help fund the 5,000-metre drilling program which is underway at Thackaringa.
Under the placement managed by lead broker Blue Ocean Equities Pty Limited, 8.435 million new fully paid ordinary shares will be issued at a price of 20 cents per share.
Initial results from the drilling have reinforced the potential for resource growth and substantial mine life.
Results from the first seven infill holes for 766 metres have been positive, confirming substantial thicknesses of cobalt mineralisation consistent with the existing geological model.
They include 68 metres at 1218ppm cobalt, 13.4% iron and 13.4% sulphur from 116 metres, and 52 metres at 1042ppm cobalt, 11.1% iron and 11.2% sulphur from 93 metres.
Largest single drill campaign
Initial drilling is focused on the Pyrite Hill deposit, which represents 36% of the existing 72 million tonne mineral resource and about 39% of the contained cobalt inventory of 61,500 tonnes.
On completion of drilling at Pyrite Hill, all rigs will be deployed to the Railway deposit to complete the program.
The planned total of more than 15,000 metres is the largest single drill campaign undertaken at the project.
A versatile drilling fleet comprising two diamond and two RC drill rigs has been deployed to service program objectives.