27th December 2017 Dobsina Exploration Update  Initial results...

27th December 2017
Dobsina Exploration Update
 Initial results from four diamond drill holes completed at Dobsina reported: o Do-12: 1m at 0.23% Co and 0.36% Ni
 Including: 0.6m at 0.31% Co and 0.51% Ni o Do-01: 0.6m at 0.13% Co and 0.16% Ni
 Including: 0.2m at 0.37% Co and 0.47% Ni o Do-04: 3.6m at 1.22% Cu
 Including: 0.4m at 3.51% Cu o Do-16: 1.3m at 1.17% Cu

•   Channel sampling conducted along strike of the Pivo Zone reported: o 0.3m at 794g/t Ag, 1.48% Cu, 5.78% Sb and 0.3g/t Au
  o 0.5m at 120g/t Ag, 0.5% Cu, 0.88% Sb and 0.5g/t Au
  o 2.0m at 40g/t Ag, 0.85% Cu and 0.36% Sb
•   Co-Ni mineralisation in channel samples from surface exploration trenches:

o T-01: 2.2m at 0.18% Co, 0.21% Ni, 0.44% Cu and 10.9g/t Ag  Including: 1.0m at 0.31% Co and 0.33% Ni

•   Five drill holes planned to be completed across Joremeny Adit Target, verifying Co-Ni mineralisation delineated by previous underground channel sampling – drilling to commence second week of January
•   Underground drilling to commence upon refurbishment of Joremeny Adit
•   Lidar data acquired, interpretation of location and extents of waste dumps
  across site underway
•   Recently completed $20M capital raising to be utilised to expedite
  exploration and development activities at Dobsina
•   Permitting submitted for multiple underground adit refurbishments
•   Development of initial 3D Model of Zemberg-Terezian Workings completed
  | ASX: EUC | European Cobalt Ltd | Level 11, 216 St Georges Tce, Perth, WA 6000 | | www.europeancobalt.com | +61 (08) 9481 0389 |

European Cobalt Ltd (“EUC” or “the Company”, ASX: EUC) is pleased to provide an exploration update relating to the channel sampling, drilling and 3D modelling activities currently being undertaken.
Assay results have been received from two drill holes targeting mineralisation proximal to the Joremeny Adit and two holes targeting mineralisation beneath the Pivo Zone Road cutting.
The drill holes completed proximal to the Joremeny Adit have acted to assist with understanding the structural and lithological setting of mineralisation. Five drill holes specifically targeting the cobalt-nickel sulphide mineralisation within the Joremeny Adit target have been planned. Drilling of these cobalt-nickel sulphide targets proximal to the Joremeny Adit will be commencing in the second week of January.
Channel sampling of mineralised structures parallel to the Pivo Zone has confirmed that multiple zones of mineralisation extends beyond the road cutting and changes in nature to being enriched in silver-copper-antimony.
Lidar survey data has been acquired across Dobsina and has provided a high accuracy digital terrain model (“DTM”). This DTM is utilised for a multitude of purposes including the accurate identification of historical adit entry points, location/extent of historical waste dumps, detailed site based topographic information and infrastructure planning. An interpretation of the location and extents of historical waste dumps has commenced.
Initial 3D modelling of the northern underground adit development across the Zemberg-Terezian Vein system has been completed.
DRILLING OF JOREMENY TARGET
The drilling of the Joremeny Target has further supported the structural and lithological model for targeting mineralisation. The aims of drilling included to determine and refine the structural/lithological model for targeting mineralisation and understand the geometry of mineralisation.
Based on the previous geological mapping and channel sampling completed in 1992, mineralisation within the Joremeny Adit ranges in thickness from 0.3m to 2.5m. The
| ASX: EUC | European Cobalt Ltd | Level 11, 216 St Georges Tce, Perth, WA 6000 | | www.europeancobalt.com | +61 (08) 9481 0389 |
refurbishment of the Joremeny Adit underway at present will provide significant further understanding with respect to the geometry and extent of mineralisation. In addition, it is proposed that extensive underground drilling is to be completed in conjunction with detailed underground mapping and channel sampling.
Figure 1: Planned Drill Holes, Underground Channel Sampling & Drill Intercepts Do-01 & Do-04
| ASX: EUC | European Cobalt Ltd | Level 11, 216 St Georges Tce, Perth, WA 6000 | | www.europeancobalt.com | +61 (08) 9481 0389 |
Figure 2: Drill section of hole Do-01 & proximal channel sample from the Joremeny Adit
The intercept of Do-01 occurs up dip of the historical adit channel sample of 1.7m at 2.1% Co, 4.42% Ni.
PLANNED DRILLING ACROSS JOREMENY ADIT TARGET
Five diamond drill holes have been planned to be completed across the Joremeny Adit, specifically focusing on areas proximal to cobalt-nickel sulphide mineralisation identified in previous underground channel sampling1.
CHANNEL SAMPLING AND DRILLING OF PIVO ZONE
Channel sampling has been completed along strike of the Pivo Zone which has identified multiple mineralised structures. These mineralised structures, occurring along strike from the Pivo Zone are enriched in silver – copper – antimony at surface. This style of mineralisation along strike from the Pivo Zone is typical of what has been previously described in terms of metal zonation with the mineralisation transitioning to cobalt-nickel dominant at depth. Significant results from channel sampling of trenches includes:
1 Refer to ASX Release “High Grade Cobalt-Nickel-Copper Sulphide Mineralisation Delineated at Dobsina” on the 26th June 2017 for full details of previous underground channel sampling
| ASX: EUC | European Cobalt Ltd | Level 11, 216 St Georges Tce, Perth, WA 6000 | | www.europeancobalt.com | +61 (08) 9481 0389 |