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ASX Announcement
16 February 2015
COMPANY DETAILS
ABN: 29 126 129 413
PRINCIPAL AND
REGISTERED OFFICE
Cobre Montana NL
Suite 3
23 Belgravia Street
Belmont WA 6104
POSTAL ADDRESS
PO Box 588
Belmont WA 6984
W www.cobremontana.com.au
P +61 8 6145 0288
F +61 8 9475 0847
ASX CODE: CXB
CORPORATE INFORMATION
(16 February 2015)
113M Ordinary Shares
50M Contributing Partly Paid Shares
12M Unlisted Options
BOARD OF DIRECTORS
Eduardo Valenzuela
(Non-Executive Chairman)
Adrian Griffin
(Managing Director)
Bryan Dixon
(Non-Executive Director)
For further information contact:
Cobre Montana NL
Adrian Griffin (MD)
Tel: +61 (08) 6145 0288
Web: www.cobremontana.com.au
AUSTRALIAN LITHIUM DEVELOPER, COBRE MONTANA NL (ASX:CXB) RELEASES
INVESTOR PRESENTATION
Highlights
• Future lithium direction of Cobre outlined
• Technology provides access to the “forgotten resource”
• Lithium micas available in large, accessible deposits
• Technology licences provide Cobre first mover advantage
• Technical success demonstrates robust process
• Cobre emphasises the importance of commercial partnerships
including:
o Strategic Metallurgy – processing technology
o European Metals (ASX:EMH) – Cinovec Li Project (Czech
Republic)
o Pilbara Minerals (ASX:PLS) – Pilgangoora Li Project (WA)
o Focus Minerals (ASX:FML) - Coolgardie Venture (WA)
o Tungsten Mining (ASX:TGN) – Seabrook Venture (WA)
o SciAps – Laser assaying technology
Cobre Montana is pleased to release its latest investor presentation which
outlines Cobre’s current implementation of a pivotal change in the Company’s
strategy by exploiting lithium micas, minerals largely considered waste by the
lithium chemical industry. The abundance of these materials, and the ability of
Cobre to use exclusively licensed technology to unleash the contained value, is
the primary thrust behind Cobre’s business model upgrade.
Cobre’s Managing Director, Adrian Griffin:
“It has taken much painstaking research to turn this opportunity into
reality. The fusion of effective processing technology and the “forgotten
‘lithium in micas’ resource” provides unparalleled opportunities, none of
which is more demonstrable than the Company’s recent resource
upgrade at the Cinovec project in the Czech Republic, which was driven
by this paradigm shift in metallurgical thinking. It is the calibre of work
which underpins potential long-term value to our shareholders.”
Cobre is focusing on lithium micas to deliver feedstock to the global lithium
battery business, which is expanding at an unprecedented rate and changing
the way the world uses power.
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ABOUT COBRE MONTANA
Cobre Montana has strategic alliances with Pilbara Minerals Limited, Focus Minerals Limited and Tungsten
Mining NL, to investigate lithium and rare metals in prospective locations of Western Australia close to
well-developed infrastructure. Cobre also has lithium exploration assets near Ravensthorpe, Western
Australia, a technical alliance with Strategic Metallurgy P/L to optimise lithium extraction technology on
the type of mineralisation under investigation. The extraction technology being used by Cobre Montana is
subject to patent applications lodged by Strategic Metallurgy.
Cobre Montana also has a strategic alliance with European Metals Holdings Limited to investigate lithium
mineralisation at Cinovec in the Czech Republic and a technical alliance with SciAps (USA) to refine LASER
based assay technology for real-time, in-field analysis of light metals as indicators for concealed pegmatite
deposits.
MEDIA CONTACT:
Adrian Griffin Cobre Montana 08 6145 0288 | 0418 927 658
Kevin Skinner Field Public Relations 08 8234 9555 | 0414 822 631
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Lithium and Cobre Montana
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Lithium and Cobre Montana
driving your future further
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Disclaimer
This presentation is for information purposes only. Neither
this presentation nor the information contained in it
constitutes an offer, invitation, solicitation or
recommendation in relation to the purchase or sale of shares
in any jurisdiction.
This presentation may not be distributed in any jurisdiction
except in accordance with the legal requirements applicable
in that jurisdiction. Recipients should inform themselves of
the restrictions that apply in their own jurisdiction. A failure to
do so may result in a violation of securities laws in that
jurisdiction.
This presentation does not constitute financial product
advice and has been prepared without taking into account
the recipients’ investment objectives, financial circumstances
or particular needs, and the opinions and recommendations
in this presentation are not intended to represent
recommendations to particular persons. Recipients should
seek professional advice when deciding if an investment is
appropriate. All securities transactions involve risks, which
include, among others, the risk of adverse or unanticipated
market, financial or political developments.
Certain statements contained in this presentation, including
information as to the future financial or operating
performance of Cobre Montana NL (‘Cobre’ or ‘the
Company’) and its projects, are forward-looking statements.
Such forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered
reasonable by Cobre, are inherently subject to significant
technical, business, economic, competitive, political and
social uncertainties and contingencies, involve known and
unknown risks and uncertainties that could cause actual
events or results to differ materially from estimated or
anticipated events or results reflected in such forward-
looking statements, and may include, among other things,
statements regarding targets, estimates and assumptions in
respect of commodity prices, operating costs and results,
capital expenditures, ore reserves and mineral resources
and anticipated grades and recovery rates and are, or may
be, based on assumptions and estimates related to future
technical, economic, market, political, social and other
conditions.
Cobre disclaims any intent or obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or results or otherwise. The words
‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’,
‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’,
‘will’, ‘schedule’ and other, similar expressions identify
forward-looking statements. All forward-looking statements
made in this presentation are qualified by the foregoing
cautionary statements. Investors are cautioned that forward-
looking statements are not guarantees of future performance
and, accordingly, investors are cautioned not to put undue
reliance on forward-looking statements due to the inherent
uncertainty therein.
Many known and unknown factors could cause actual events
or results to differ materially from estimated or anticipated
events or results reflected in such forward-looking
statements. Such factors include, but are not limited to:
competition; mineral prices; ability to meet additional funding
requirements; exploration, development and operating risks;
uninsurable risks; uncertainties inherent in ore reserve and
resource estimates; dependence on third-party smelting
facilities; factors associated with foreign operations and
related regulatory risks; environmental regulation and
liability; currency risks; effects of inflation on results of
operations; factors relating to title to properties; native title
and Aboriginal heritage issues; dependence on key
personnel, and share-price volatility. They also include
unanticipated and unusual events, many of which it is
beyond the Company’s ability to control or predict.
Photographs in this presentation do not depict assets of the
Company.
COMPETENT PERSON’S STATEMENT
The information in this report that relates to reporting of
Exploration Results is based on and fairly represents
information and supporting documentation prepared by
Adrian Griffin, a member of the Australasian Institute of
Mining and Metallurgy. Mr Griffin is a shareholder in, and
managing director of, Cobre and has sufficient experience
relevant to the style of mineralisation and type of deposit
under consideration. He is qualified as a Competent Person
as defined in the 2012 edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and
Ore Reserves. Mr Griffin consents to the inclusion in this
report of the matters based on information in the form and
context in which it appears.
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The key to security
UNLOCKING CONSTRAINTS IN THE LITHIUM MARKET
Innovative process furnishes missing link in supply chain
Cobre, through effective application of its process licensing rights, aims to control the greatest
lithium (‘Li’) resource base of any company worldwide. The Company is one of just a few entities
globally to focus specifically on Li, applying innovative technology to Li micas – a ‘forgotten
resource’ – to create battery-grade Li carbonate.
PREPARE TO ENTER THE LITHIUM FUTURE!
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Company snapshot
SENIOR MANAGEMENT
Eduardo Valenzuela (non-executive chairman)
Project manager, specialist mining engineer
Adrian Griffin (managing director)
Exploration, production, mine management
Bryan Dixon (non-executive director)
Corporate, finance, mine development
ASX ticker: CXB
113M Ordinary Shares
52M Partly Paid Shares
15M Unlisted Options
Market cap. $6M
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Company strategy
PRODUCTION OF BATTERY-GRADE Li CARBONATE
FROM Li MICAS
Processing Li and rare metals from Li micas
Extraction based on completed proof of concept in lowest
production cost quartile. Mineral input – lepidolite, zinnwaldite
and others:
▸ common and readily available group of minerals
▸ not presently used as Li chemical feed
▸ significant potassium sulphate credits, which can be marketed
direct to the fertiliser industry
▸ potential to extract rubidium, caesium, strontium and gallium.
Low costs = competitive edge
▸ Energy-efficient process
▸ Valuable by-product credits
▸ Bottom quartile costs:
▸ less than production from hard-rock deposits
▸ comparable with those of brine producers.
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Company leverage
INNOVATION, ABUNDANCE AND COOPERATION
Innovation
▸Access to exclusive, demonstrably effective Li mica processing
technology (patents applied for by Strategic Metallurgy P/L).
▸ Technical assistance agreement with Strategic Metallurgy.
▸ Exclusive licensing rights for use of this technology throughout
Western Australia.
▸Rights to two more global floating technology licences.
Abundance of Li micas
▸Mineralisation in Western Australia.
▸Mineralisation in the Czech Republic (primary ore and tailings).
▸Waste dumps and tailings dams globally.
▸ Tailings discharges from operating mines.
Cooperation
▸ First-mover advantage by virtue of licences.
▸Development of strategic partnerships and substantial
resource base will sustain production.
▸Waste streams with high Li content to be exploited.
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3 21
LithiumLi6.941
19 2881Potassium
K39.0983
K(Li,Al,Rb) (Al,Si) O (F,OH)3 4 10 2
Lepidolite - lithium mica
13 281
AluminiumAl26.9815388
37 2 818 8 1
RubidiumRb85.4678
Battery-grade lithium carbonate. Potassium sulphate.
K(Li,Al,Fe) (Al,Si) O (F,OH)3 4 10 2
Zinnwaldite - lithium mica
Proof of concept
THE CONCEPT BECOMES REALITY [ASX: 27 Oct 2014]
From development to success in three months
Cobre used Strategic Metallurgy’s Li mica extraction
process (developed in conjunction with Cobre and
protected by patent applications) to produce battery-
grade Li carbonate from mica sourced from Lepidolite
Hill (Western Australia). Cobre is now producing Li
carbonate from Cinovec (Czech Republic) micas.
The Company’s commercial success will be
underwritten by exclusive processing rights to all Li
mica occurrences in Western Australia, as well as two
further occurrences globally. More licences will be
made available as required.
Cobre also has various projects under review
worldwide, to capitalise on its exclusive licensing
arrangements.
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The Li market
FUTURE DRIVERS
Innovations in storage and transportation
▸Escalating demand for portable power
▸Communication and consumer electronics
▸Revolutionary developments in transportation
▸ Infrastructure sharing by consumers and utilities
▸ Smart grids allowing individual control of power
Aluminium
Other
Metallurgical powders
Chemicals and pharmaceuticals
Lubricants
Batteries
Glass and ceramics
32%
22% 11%
17%
10%6%
Li consumption by application
DEMAND FOR Li BATTERIES
2%
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Power in the bank
ENERGY MADE CHEAPER AND MORE PORTABLE
Keeping consumers connected
In a future-planning report, South Australian Power Networks
estimated that, by 2023, 60-70% of dwellings will feature rooftop
solar panels, with new equipment needed to keep customers loyal to
the network.
Sharing infrastructure
Consumers will be the power producers of tomorrow, storing excess
energy when it’s not required. Utilities will buy this stored power
during periods of peak demand, thereby maximising the capital
efficiency of the infrastructure – it’s the smart grid of the future.
Revolutionising transport
As drivers replace gas-guzzlers with electron-eaters, they’ll also be
generating power at home, pulling it off the grid and charging their
electrical vehicles en route to their destination.
Li BATTERIES PUT POWER IN THE BANK!
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Sources of Li
NOW AND INTO THE FUTURE
Li mica
Li carbonate from Li micas, until
now the ‘forgotten resource’:
▸ low energy, high by-product
credit
▸ low capital and operating costs.
Hard-rock deposits
(~50% of global supply)
Li from spodumene and petalite –
Li/aluminium silicates:
▸ high-grade
▸ found in Australia, Canada,
Zimbabwe and Portugal
▸ low capital input, high operating
costs.
Brine
(~50% of global supply)
Li concentrated from soluble
salts:
▸ low-grade
▸ found in Chile, Argentina and
China
▸ high capital input but low
operating costs.
From clay
(mines in development)
Li from hectorite in volcanic
sources:
▸ low-grade
▸ economics yet to be vindicated.
Talison Lithium operationsGreenbushes, W.A.
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Li projects worldwide
In the 1980s, hard-rock Li producers faced fierce
competition as South American brine production came on
stream at low operating costs. However, Talison Lithium –
which produces the world’s highest-grade Li from its
Greenbushes pegmatite mine in Western Australia – still
supplies more than 30% of current global requirements
and 75% of Chinese demand. Recent advances in
processing technology, escalating demand and rising Li
carbonate prices have led to a resurgence in exploration
and one new hard rock-operation has been commissioned,
in Canada. Ultimately, the need for cost and energy
efficiencies, along with valuable by-product credits,
will lower the cost of producing Li carbonate from Li
micas and provide potential for direct competition with
brine producers. In anticipation of this, Cobre will source
targets globally.
LITHIUM PRODUCERS/DEVELOPERS
Hard-rock producers
▸ Talison, Greenbushes – Western Australia
▸ Sociedade Mineira de Pegmatites – Portugal
▸ Bikita Minerals (Pvt) Ltd – Zimbabwe
▸ Various – China
Hard-rock developers
▸ NeoMetals, Mt Marion – Western Australia
▸ General Mining, Mt Cattlin – Western Australia
▸ Altura, Wodgina – Western Australia
▸ Nemaska Lithium, Whabouchi – Canada
Cobre partnerships
▸ Cinovec (Czech Republic) – European Metals
▸ Pilgangoora (WA) – Pilbara Minerals
▸ Coolgardie (WA) – Focus Minerals
▸ Seabrook (WA) – Tungsten Mining
▸ Greenbushes (WA) – private
Cobre wholly-owned project
▸ Ravensthorpe (WA)
8.5%
36.8%
0.4%
38.2%
11.3%
1.6%3.1% Argentina
Australia
Brazil
Chile
China
Portugal
ZimbabweLi production by country[source USGS 2013]
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PROGRESS TO DATE7
1. Coolgardie Rare Metals Venture with FML
2. Li extraction technical assistance agreement
3. Production of battery-grade Li carbonate
4. Seabrook Rare Metals Venture with TGN
5. 25-year exclusive licence with Strategic Metallurgy
6. Cinovec float concentrates
7. Cinovec leach recovery
Company achievements
6
5
4
321
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IMMEDIATE ACCESS TO MINERALISATION
Partnerships
▸Cinovec, Czech Republic (with European Metals): Cobre’s
well-advanced scoping study on significant zinnwaldite
resources will culminate in a commercial development
proposal.
▸ Pilgangoora in the Pilbara, Western Australia (with Pilbara
Minerals): Cobre to evaluate the efficacy of producing Li
carbonate from abundant lepidolite in a significant Li
resource, with work to culminate in a commercial
development proposal.
▸ The Yilgarn Craton, Western Australia (Cobre 80%):
▸Coolgardie Rare Metals Venture (Focus Minerals)
▸ Seabrook Rare Metals Venture (Tungsten Mining)
▸Greenbushes (private).
▸ The Yilgarn Craton, Western Australia (Cobre 100%):
Ravensthorpe.
Company projects
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400 kilometres
The Company in Europe
CINOVEC PROJECT –
100 km north-west of Prague, near the German border
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▸Cinovec Inferred Resource – 514.8 Mt @ 0.43% Li2O (0.1% Li cut-off).
▸Cinovec additional Exploration Target – 350-450 Mt @ 0.39-0.47% Li2O.
▸Cobre evaluating Li extraction under Strategic Metallurgy processing licence.
▸Cobre to assess viability of commercial Li carbonate production at the 100% European Metals-
owned project and provide that company with a development proposal.
▸Ore contains Li mica (zinnwaldite), of which 98% can be recovered by flotation.
▸ Fast-leach kinetics, with 99.5% of Li recovered from zinnwaldite (97.6% in 4 hours).
▸Results to be included in scoping study due for release second quarter 2015.
0
20
40
60
80
100
120
0 5 10 15 20 25
Cinovec lithium leach curve
TIME (HOURS)
% R
EC
OV
ER
YThe Company in Europe (cont.)
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The Company in Western Australia
PILGANGOORA PROJECT, THE PILBARA – close to developed public
infrastructure, including road, rail, ports and mining services
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The Company in Western Australia (cont.)
▸ Partnership with Pilbara Minerals.
▸Cobre to evaluate Li carbonate production
from Pilgangoora pegmatites.
▸ Li in lepidolite and spodumene.
▸Commercial development proposal to be completed
mid-2015.
▸Altura ground: Inferred Resource –
25 Mt @ 1.23% Li2O, plus similar Exploration Target.
▸ Pilbara Minerals: Inferred Resource –
8.6 Mt @ 1.0% Li2O.
▸ Approx. 10% of pegmatites drilled to date.
▸ Very good potential for high tonnage.
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Project summaries included
as appendices
The Company in Western Australia (cont.)
YILGARN CRATON PROJECTS – close to developed public
infrastructure, including road, rail and power
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Company advantages
VALUE-ADDING FACTORS
Alliance with Strategic Metallurgy▸Access to technology protected by patent
applications.▸On-going technical support.
First-mover statusCobre is the first and only company to produce battery-grade Li carbonate from micas.
Access to mineralisationThe Company has partners in both Australia and Europe.
Opportunities previously overlooked▸ Tailings.▸Current mine-waste discharge streams.▸ Primary Li mica deposits.
Escalating demand▸Revolutionary innovations in transport. ▸New renewable-energy storage solutions.▸Emergence of smart grid systems.
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The Company moving forward
GOALS
Short-term
▸Complete Cinovec scoping study in
conjunction with European Metals.
▸ Provide European Metals with lithium
development proposal.
▸Complete evaluation of Li carbonate
production from micas at Pilgangoora.
▸ Provide Pilbara Minerals with Li development
proposal.
▸ Advance Yilgarn Block projects, including:
▸ carbonate production tests on samples
from Ravensthorpe Project
▸ drilling at Coolgardie
▸ geological reconnaissance at Seabrook
and Greenbushes.
Longer-term
▸Continue assessment of Li mica projects
on a global scale.
▸Using unique licence arrangements and
technical support, control a significant and
growing portfolio of Li resources, thereby
competing with the lowest-cost producers
globally.
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Appendices
YILGARN BLOCK PROJECTS – WESTERN AUSTRALIA
1. Coolgardie
2. Ravensthorpe
3. Lake Seabrook
4. Greenbushes
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Appendix 1
COOLGARDIE RARE METALS VENTURE (‘CRMV’)(80% Cobre, 20% Focus Minerals Ltd)
The focus of the CRMV, an initiative of Cobre and Focus
Minerals, is areas of high Li pegmatites 15 km south of
Coolgardie in Western Australia. Prior mining at Lepidolite Hill
left around 400,000 t of lepidolite-rich material in waste dumps.
Recent proof-of-concept processing, under the aegis of an
alliance with Strategic Metallurgy, produced battery-grade Li
carbonate. Extraction techniques developed for Lepidolite Hill
are being applied to other Li mica deposits, including Cinovec
and Pilgangoora.
Cobre will use its Coolgardie venture, and other occurrences, to
develop field-based techniques for real-time analysis of light
elements (Li, Be and B), which together are the signature of Li
pegmatites. This will be done in conjunction with SciAps, the US
developer of LASER base analytical equipment.
Successful development of SciAps’ LIBZ® analytical techniques
for pegmatite exploration has the potential to reduce the time
and cost involved in locating concealed Li orebodies.
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Appendix 2
RAVENSTHORPE (COCANARUP)
Li PEGMATITE PROJECT
Li and rare metals occur within the Cocanarup
pegmatites, which are related to the nearby Mt Cattlin
deposits. Cobre has the rights to a large proportion of the
Cocanarup pegmatite field.
Pegmatites have been mined previously at Cocanarup,
for beryl, and at Mt Cattlin for spodumene (Li). The Mt
Cattlin operations are being re-evaluated by ASX-listed
General Mining Corporation Limited, with the intent of
bringing operations back on line.
Samples (zinnwaldite and lepidolite) have been taken
from historic excavations in the Quarry Pegmatite. These
are being prepared for leach testing and carbonate
production.
Regional geochemical surveys will be undertaken in an
effort to locate concealed pegmatites.
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Appendix 3
SEABROOK RARE METALS VENTURE (‘SRMV’)(80% Cobre, 20% Tungsten Mining)
The SRMV centres on Li pegmatites located 60 km
north-east of Southern Cross, WA. Regionally, these
are associated with tungsten skarns and contain
lepidolite, beryl and tourmaline. Emplacement of the
pegmatites appears to be associated with a regional
shear zone that flanks tungsten mineralisation in the
north-east and the pegmatites in the south-west.
This venture gives Cobre immediate access to
prospective areas held by Tungsten Mining (green)
and pegmatite occurrences on a further application
(blue).
While Tungsten Mining retains the tungsten rights, all
other elements are vested in the SRMV, with
Tungsten Mining free-carried to the point at which a
decision is made to undertake a feasibility study.
Subsequently, the venture becomes an 80 (Cobre)/20
(Tungsten Mining) contributing joint venture.
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Greenbushesoperations
SCALE (km)
0 5 10
6,290,000mN
6,280,000mN
6,280,000mN
6,270,000mN6,270,000mN
6,260,000mN 6,260,000mN
6,250,000mN6,250,000mN
40
0,0
00
mE
41
0,0
00
mE
42
0,0
00
mE
Brookhamptonpegmatites
6,280,000mN
Greenbushespegmatite
6,280,000mN
Koala Roadpegmatite
6,280,000mN
Greenbushessouth pegmatite
6,280,000mN
Mullalyuppegmatite
Cobre Montana
E70/4690
E70/4690
Appendix 4 – Greenbushes Li project
GREENBUSHES PROJECT (80% Cobre, 20% private) – E70/4690 UNDER APPLICATION
The project area – which abuts the world's largest
producing Li mine, operated by Talison Lithium P/L –
covers a 50 km structural trend containing numerous
pegmatite swarms. Among them is the Koala Road
pegmatite, which has marked similarities to the currently
producing Greenbushes pegmatite.
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Contact
driving your future further
ASX: CXB
Adrian Griffin Managing director
+61 418 927 658
www.cobremontana.com.au
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