Okay, so you have something that's so self-heating that it'll easily melt rock. In fact, it's hot enough that it self-liquifies quickly at STP. Cobalt reacts weakly with oxygen, but you'll still have to be careful with it in air, so you'll have to seal it in something; at 2000K, there are only a few materials with which you can hold and seal it, tungsten being one. Also, it's radioactive, and the tungsten sphere you put it in isn't nearly sufficient to stop the gammas.
So, you get your tungsten sphere all ready to go, let the cobalt liquify itself, pour it into the sphere, and then lower/drop it into a borehole. Better not be any water down there, or it might come back up.
Once you've got it doing it's melting thing and it's really deep at the bottom of a borehole, it probably can't hurt anyone.
I can't imagine a funding agency being ballsy-enough to fund it, and _really_ can't imagine a nuclear regulatory agency being interested in letting you build a source that could get itself so thermally hot.
TL;DR -- lots could go wrong.