Broken Hill Prospecting announces signficant boost

Broken Hill Prospecting announces signficant boost to Pyrite Hill cobalt deposit

Broken Hill Prospecting (BPL) listed on the NZSX in February after raising $A4.47 million to develop cobalt and base metals near the famous mining centre of Broken Hill in western NSW. Today, the company has made an important announcement that its Pyrite Hill cobalt deposit has been boosted in size by 55% - to 16.4 million tonnes at 1.83 lb/tonne - as a result of a recent drilling program.

Cobalt is fast becoming an important metal of the future through its use in batteries for new-generation electric and hybrid cars and in hardened metal and alloys. Some 60% of cobalt production in 2010 comes from central Africa and, as demand for the metal increases, future security of supply will mean that BPL is well positioned to reach its goal to become a leading cobalt producer.

BPL’s Managing Director Dr Ian Pringle said today: “The new resource work has increased the project’s cobalt resources by 7 million pounds of contained cobalt. It has also shown the potential to double the size of the Pyrite Hill deposit with further infill drilling.”

“This is a terrific step forward for our company as we progress towards growing a sizeable deposit to base a world-class mining operation. The mineralisation occurs close to surface and is an excellent kick start for feasibility studies for a future open cut mine capable of initial production throughput of 4-5 million tonnes per year.”

Broken_Hill_Prospecting_NZX_release.pdf

© Scoop Media