THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) announced it has exercised an option to acquire a 90 per cent interest in the Ta Khoa nickel-PGE project in northern Vietnam.
Blackstone Minerals executed the binding option agreement to purchase AMR Nickel Limited’s 90 per cent interest in the project and will subsequently issue 8.6 million shares to Ta Khoa Mining Limited as per the terms of a binding term sheet agreement of $1 million of BSX shares.
Exercising the option to acquire a 90 per cent interest in the Ta Khoa project means Blackstone has now completed a condition of the recently announced binding share purchase agreement with EcoPro.
“We are pleased to announce the acquisition of the Ta Khoa nickel-PGE project and welcome Steve Ennor and all of the team in Vietnam to the Blackstone group, we now look forward to the future of the Ta Khoa nickel-PGE project with our new partner EcoPro,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.
Blackstone indicated it now aims to deliver a maiden resource in Q3, focused initially on the disseminated sulphide (DSS) at Ban Phuc as it continues to investigate the potential to restart the existing Ban Phuc concentrator through focused exploration on both massive sulphide veins (MSV) and DSS deposits.
Blackstone has commenced a scoping study on the downstream processing facility at Ta Khoa that is anticipated to be announced in Q3, providing details for Joint Venture partners to formalise the next stage of investment.
Blackstone Minerals has commenced metallurgical testing on the Ban Phuc DSS deposit with an aim to develop a flow sheet for a product suitable for the lithium-ion battery industry and intends to investigate the potential to develop downstream processing infrastructure in Vietnam to produce a downstream nickel and cobalt product to supply Asia’s growing lithium-ion battery industry.