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Blenheim's Cobalt granted fourth exploration licence in Cameroon
Investment company Blenheim Natural Resources confirmed the grant of a fourth exploration licence, the 460 square kilometre N'Golia East licence, by the Ministry of Mines in Cameroon, to a wholly owned subsidiary of Cobalt Blue Holdings on Wednesday.
The AIM-traded firm said the grant followed the satisfaction of all due diligence requirements.
Blenheim currently holds a 25% interest in CBH.
It said that, as with the other licences held by CBH, the N'Golia East licence was located in a region highly prospective for cobalt and associated minerals.
The licences were contiguous to the Nkamouna and Mada deposits in the Haut-Nyong divisions, where previous studies indicated a total 59.8 million tonnes grading an average of 0.24% cobalt, 0.68% nickel and 1.37% manganese.
CBH, through its subsidiary, had an application for a further exploration licence in the region which together with the four granted licences, covered an area of 2,837 square kilometres.
"A key component of Blenheim's strategy is to build an investment portfolio centred around technology metals and the development of Cobalt Blue Holdings' cobalt exploration portfolio is representative of this," said Blenheim executive chairman Charlie Wood.
"There are strong market fundamentals and high demand for cobalt and the board believes that CBH is in an excellent position to take advantage of this positive climate.
"We look forward to updating shareholders further regarding developments within the cobalt portfolio as well as news from our other investments including the company's highly prospective lithium licences where drilling is due to commence shortly, and its investment in leading global cyber-security company BrandShield."