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Project Summary
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Update: Following receipt of the Change of Control Approval from the NSW Minister, the acquisition of FUA Resources Pty Ltd was completed on 8 June 2018.
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Cobold Metals Ltd, via its wholly owned subsidiary Eastern Prospector Pty Ltd, has entered into an agreement to purchase the shares in FUA Resources Pty Ltd
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FUA Resources hold EL 8486 and EL 8693 exploration tenements over a cobalt-rich nickel laterite in central NSW
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Tenure is located approx. 20km from Young, NSW
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Past exploration in 1999–2000 has defined historic JORC resources on the tenements which have minimal drilling
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EL 8486 has over 20km of strike for drill testing
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Target is a large tonnage cobalt–nickel resource with scandium credits
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Cobold's tenure and deposit is adjacent and along strike to Jervois Mining Ltd (ASX: JRV) Thuddungra Cobalt-Nickel project. Cobold and Jervois share the same geology and the same cobalt-nickel mineralisation which strikes through both company's tenements.
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Young Co-Ni Project, NSW
On 20 November 2017, Jervois announced an updated mineral resource comprising a JORC inferred resource of 167.8Mt @ 0.59% Ni and 0.06% Co (using a 0.6% Ni equivalent cut-off), including a higher grade zone of 42.5Mt @ 0.80% Ni and 0.09% Co *using a 1.0% Ni equivalent cut-off).
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Focusing on Co within this mineral resource, a JORC inferred resource of 99.1Mt @ 0.58% Ni and 0.08% Co (using a 0.05% Co cut-off) including 33.4Mt @ 0.66% Ni and 0.12% Co (using a 0.08% Co cut-off) was derived.
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Jervois plan to commence pre-feasibility studies (PFS) and are forming a PFS team. Jervois wish to commence construction and production as soon as possible in order to take advantage of the forecast shortage of key raw materials for lithium ion cathodes.
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