THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) announced the acquisition of extensive land holdings along strike from the company’s high-grade Little Gem cobalt-gold project in Canada.
Blackstone Minerals said the acquisition provides the company with a land position over a mineralised belt proven to host very high-grade gold and cobalt.
By doing so, Blackstone has increased its target strike zone from 12 kilometres to over 48 kilometres of strike, taking the Little Gem project tenure to now cover some 335 square kilometres.
Blackstone made the purchase following its first phase of exploration at Little Gem, where the company previously announced confirmation of high-grade cobalt (up to 6.2 per cent) and gold (up to 137 grams per tonne) mineralisation it says is associated with the contact between serpentinized ultramafics and granodiorites.
The company claims this style of mineralisation to be analogous to the world class Bou-Azzer District of Morocco, which has produced over 100,000 tonnes of cobalt metal and tens of tons of gold.
Recent rock chip sample from historical adits at Little Gem returned 6.2 per cent cobalt and 46g/t gold.
Surface channel samples of massive sulphides returned assays up to 0.4m at 5.7 per cent cobalt and 1,574g/t (≈50 oz) gold and 1.8m at 5.1 per cent cobalt and 17.8g/t gold.
Underground adit channel sampling of massive sulphides returned multiple high-grade intersections including 1.8m at 4.4 per cent cobalt and 73g/t gold and 2m at 3.1 per cent cobalt and 76g/t gold.
Blackstone has also claimed discovery of a new prospect – Roxey, located 1.5km along strike from Little Gem hosting surface mineralisation of up to 24g/t gold and 1.9 per cent copper.
“Having only recently secured the acquisition, the company is delighted to have been able to substantially grow Little Gem, into a project with real scale, particularly in a district which hosts such compelling high-grade cobalt and gold mineralisation,” Blackstone Minerals managing director Hamish Halliday said in the company’s announcement to the Australian Securities Exchange.
“Blackstone looks forward to an aggressive exploration campaign over the coming year.”