Cobalt Projects (CAZ 100%)

MOUNT TABOR, QUEENSLAND (CAZ 100%)

In Queensland the Mount Tabor Project, held under Exploration Licence EPM26213, covers approximately 325 square kilometres located near the eastern margin of the Eromanga Basin in Central Queensland.

The area contains several prospects of manganese oxide impregnated sand and grit of Tertiary age with potentially significant cobalt and manganese mineralisation over an extensive area. The licence lies to the north west of Injune and approximately 130km directly north of Mitchell in south-central Queensland.

Manganese rich pods occur sporadically throughout the area and are found to contain appreciable amounts of potentially economic cobalt. Some of these pods were explored initially by Mineral Deposits Limited (“MDL”) from 1979-1982 and then by Cobalt Resources NL (“CRN”) in the 1990’s with further work more recently conducted by Maranoa Resources Limited (“MRL”). This work highlighted cobalt mineralisation over several prospects; Mt Manganese, Mt Gould, Alpha, Mt Bally-Lethbridge, Mt Emily and Carnarvon and extend over approximately 20km within the project area.

Of particular interest was the Mt Manganese prospect where MDL returned grab samples assaying up to 2.89% Co. MDL also drilled 62 percussion holes whilst CRN drilled a further 139 holes. CRN also carried out preliminary metallurgical studies that confirmed that several leachants may be suitable for treating the mineralisation. MRL developed a new genetic model for the mineralisation however due to the depressed market for cobalt at the time the licence was relinquished.

Very little modern systematic exploration has been completed to examine the economic potential of the deposits. The company is currently negotiating access to the licenses ahead of its initial ground work.