Blackstone Minerals Swimming Upstream at Ban Phuc

COMMODITY CAPERS: Blackstone Minerals (ASX: BSX) recently reported some of the best broad DSS drilling intersections encountered to date at the Ban Phuc deposit within the company’s Ta Khoa nickel–copper-PGE project in Northern Vietnam.

Blackstone Minerals reported the drilling had hit a 375 metres nickel sulphide intersection to further demonstrate the large bulk tonnage potential of the Ban Phuc disseminated (DSS) deposit.

Drilling from Ban Phuc included:

374.7 metres at 0.3 per cent nickel, 0.01 per cent copper, 0.01 per cent cobalt and 0.07g/t PGE from 2m, including 49m at 0.45 per cent nickel, 0.04 per cent copper, 0.01 per cent cobalt and 0.17g/t PGE from 2m;

The Ban Phuc DSS deposit is anticipated to underpin the Upstream Business Unit (UBU) PFS due later this calendar year.

Completion of the final infill drilling program is aimed at increasing the confidence of the existing JORC resource of:
Indicated Mineral Resource of 44.3 million tonnes at 0.52 per cent nickel for 229,000 tonnes nickel; and
Inferred Mineral Resource of 14.3 million tonnes at 0.35 per cent nickel for 50,000 tonnes nickel.

“The high tenor of results from the final infill drilling program increases the confidence of the resource at Ban Phuc, and the mine plan that will underpin Blackstone’s UBU PFS,” Blackstone Minerals managing director Scott Williamson said.

“In the relatively short amount of time since acquiring the Ta Khoa nickel-copper-PGE project, Blackstone has been able to define a large, disseminated sulphide deposit which considerably adds to the security of supply for the company’s vertically integrated downstream refinery.”

Blackstone followed this up by announcing the appointment of leading independent advisors to arrange debt financing for the development of the vertically integrated Ta Khoa nickel-copper-PGE project and Downstream Refinery project (Ta Khoa Project).

The Korea Development Bank (KDB) and BurnVoir Corporate Finance (BurnVoir) will act jointly and in collaboration with Blackstone to secure an attractive, flexible funding package for the development of the Ta Khoa project.

“KDB and BurnVoir bring their respective strengths across the lithium-ion battery value chain, including strong relationships with potential customers of the Ta Khoa Downstream Refinery,” Williamson said.

“Both KDB and BurnVoir have extensive experience in arranging development funding for quality projects, and their involvement in the Ta Khoa project is an endorsement of Blackstone’s strategy and ability to execute.”