Blenheim Subsidiary Gets Fourth Exploration Licence Grant In Cameroon

28th Mar 2018 12:17

LONDON (Alliance News) - Blenheim Natural Resources PLC on Wednesday confirmed that its subsidiary Cobalt Blue Holdings was granted a fourth exploration licence by the Ministry of Mines in Cameroon.

Blenheim holds a 25% stake in Cobalt Blue Holdings.

The AIM-listed investment company said that the N'Golia East licence is located in a region prospective for cobalt and associated minerals. It also said that recent studies indicated a total 59.8 million tonnes grading an average of 0.2% cobalt, 0.7% nickel and 1.4% manganese.

The group said that Cobalt Blue Holdings through its subsidiary, has an application for a further exploration licence in the region which, together with the four granted licences, cover an area of 2,837 square kilometres.

Blenheim Executive Chairman Charlie Wood said:"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. There are strong market fundamentals and high demand for cobalt and the board believes that Cobalt Blue is in an excellent position to take advantage of this positive climate."

The stock was trading 0.6% higher at 0.34 pence per share on Wednesday midday.