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Blackstone Minerals Identifies New Ta Khoa Nickel Targets

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) has completed a maiden Induced Polarisation (IP) survey at the company’s Ta Khoa nickel project in Northern Vietnam.

Blackstone Minerals said the survey had identified multiple new targets at the Ta Khoa nickel project by indicating a strong correlation exists between high chargeability and high-grade disseminated sulphide (DSS) and massive sulphide vein (MSV) mineralization.

Blackstone is the first company to undertake an IP survey at Ta Khoa and the company indicated the geophysical method it has used defined existing and potential further high-grade zones within both MSV and DSS prospects.

The latest IP results follow-up on Blackstone’s recent drilling at Ta Khoa, which delivered initial substantial nickel sulphide intersections.

Blackstone intends using the IP survey results to target a second phase of deeper drilling that is anticipated to commence over the coming weeks.

The company considers potential exists to delineate further high-grade mineralisation throughout the Ta Khoa nickel project, initially within a five kilometre radius of the existing processing facility.

The Ta Khoa nickel project has existing modern infrastructure built to Australian Standards including a 450,000 tonnes per annum concentrator located within a premier nickel sulphide district.

Blackstone declared it would be continuing 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.

“Our maiden results from the first ever IP survey at Ta Khoa suggest we have an extensive system of magmatic nickel-copper-cobalt sulphides,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“We look forward to continuing our shallow drilling and commencing the deeper drilling of the new targets with a second drill rig mobilising over the coming weeks.”

 

Email: admin@blackstoneminerals.com.au

Web: www.blackstoneminerals.com.au

 

Blackstone Minerals Intersects Healthy Nickel Sulphides at Ta Khoa Nickel Project

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) shook away the morning cobwebs on Day Two of the Diggers & Dealers Mining Forum in Kalgoorlie by releasing results from its maiden drilling program on the company’s Ta Khoa nickel project in Northern Vietnam.

Blackstone Minerals announced its maiden drilling at the Ta Khoa nickel project in Northern Vietnam had intersected substantial disseminated nickel sulphide mineralisation within the first three drill holes delivering results, including:

BP19-01
22 metres at 0.76 per cent nickel, 0.13 per cent copper and 0.01 per cent cobalt from 138m, including 5m at 2.23 per cent nickel, 0.17 per cent copper and 0.03 per cent cobalt from 138m;

BP19-02
17.8m at 1 per cent nickel, 0.09 per cent copper and 0.01 per cent cobalt from 106.6m; and

BP19-03
45.5m at 1.2 per cent nickel, 0.17 per cent copper and 0.01 per cent cobalt from 56.5m.

All holes have platinum, palladium and gold assays pending.

In concert with the drilling Blackstone has undertaken an initial IP survey test line, the results from which it will use to target a second phase of drilling over the coming weeks.

Blackstone will continue to test for shallow DSS targets at Ban Phuc and using the IP survey results will commence the second phase of drilling to target high chargeability and low resistivity zones which correlate with the higher-grade zones within the Ban Phuc DSS.

Blackstone is the first company to use IP as a targeting tool at Ban Phuc and has interpreted the initial results to suggest the geophysical method will enable it to define higher grade zones within both the MSV and DSS prospects throughout the Ta Khoa nickel project.

“The initial results from our maiden drilling at Ta Khoa have confirmed we have a large unmined disseminated sulphide body at Ban Phuc, we look forward to more results from the IP survey to define further targets for our second phase of deeper drilling which we will commence over the coming weeks,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

The Ta Khoa nickel project is located west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine (Ban Phuc) built to Australian Standards, which is currently under care and maintenance.

The Ban Phuc nickel mine operated as a mechanised underground nickel mine from 2013 to 2016.

Blackstone ’s maiden Minerals considers its drilling results to be consistent with historic drilling and confirm the potential for a large unmined disseminated sulphide prospect at Ban Phuc.

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au

 

Strong Resources Line-up Awaits Gold Coast Investment Showcase Attendees

THE CONFERENCE CALLER: It’s only a few weeks until we pack our bags and shine our white shoes to head off to the land of sunshine to attend the 2019 Gold Coast Investment Showcase.

In the lead up to the event The Resources Roadhouse will take a weekly look at a few of the resource industry-focused companies that will be in attendance.

 

BMG Resources (ASX: BMG) announced it has formally commenced the Chilean lithium brine Joint Venture with Lithium Chile SpA (LCS) following execution of full formal documentation.

BMG entered a binding agreement with project owner LCS in 2018 to form a JV to progress and develop three Lithium brine projects.

The company executed a revised binding term sheet in February 2019 after undertaking due diligence investigations, an initial geophysical survey at Salar West, and expanding the project area that now spans over 20,000 hectares across three claims in the Salar de Atacama, Salar de Pajonales and Salar de Tuyajto – Natalie in the Chilean region of the ‘Lithium Triangle’ – a region of the Andes encompassing parts of Northern Chile, southwest Bolivia and northwest Argentina.

This is lithium brine heartland, hosting more than 50 per cent of the world’s lithium resources and the largest and highest-grade lithium brine deposits in the world.

BMG is now gearing up for its maiden drill program, which is expected to comprise two diamond holes of around 200 metres each in key conductive units in the Southern area (4,200 Ha) of Salar West the company identified in recent geophysical surveys.

“We are excited to have formalised our joint venture agreement with Lithium Chile SpA, and are now finishing preparations for our first drilling program at Salar West, which we expect to commence within the next month,” BMG Resources managing director Bruce McCracken said.

“Surveys we completed during due diligence identified a consistent strongly conductive unit on the southern properties, so we look forward to drilling this area with the support of our JV partners to gain a closer understanding of the scope of potential lithium resources.”

BMG is set to invest US$3.5 million over three years to earn a 50 per cent interest in the projects.

 

FYI Resources (ASX: FYI) received results from a recently completed drilling program undertaken at the company’s 100 per cent-owned Cadoux kaolin project (EL/4673) in Western Australia.

FYI Resources said the results came from a combination of diamond (DDH) and reverse circulation (RC) drilling and have confirmed the presence of high-grade, high-quality high purity alumina (HPA) feedstock characteristics.

The company indicated the drilling data and results will assist in progressing the current bankable feasibility study (BFS) and project permitting.

FYI said the combined RC and diamond drilling program was carried out at the Cadoux kaolin project to meet several key technical project objectives and contribute to delivery of a robust BFS for the company’s integrated HPA strategy.

As FYI progresses the BFS and commences pilot plant project studies, undertaking the detailed drilling campaign provides the company with an increased understanding of the project’s metallurgical model in terms of grade and variation of the deposit as a feedstock.

The drilling should also increase FYI’s technical understanding and confidence in the deposit for an upgrade from a Measured to a Proven Reserve for the first phase of mining as well as grade control data for the first phase of mining, increasing the predictability of the future production schedule.

“The program and subsequent results of the latest round of drilling are particularly pleasing as it confirms our view that the quality of the Cadoux kaolin has excellent feedstock characteristics for HPA processing and it also provides us with specific detailed information to finalise our environmental permitting and mining study phases in preparation for mine plan application – well ahead of normal submission timeframes,” FYI Resources managing director Roland Hill said.

 

Blackstone Minerals (ASX: BSX) struck a binding term sheet for the exclusive option to acquire a 90 per cent interest in the Ta Khoa nickel project.

The Ta Khoa nickel project is located 160 kilometres west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian Standards that is currently under care and maintenance.

The Ban Phuc nickel mine operated as a mechanised underground nickel mine from 2013 to 2016 and its previous owners invested more than US$136 million in capital and generated US$213 million in revenue during a 3.5-year period of falling nickel prices.

The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years.

Existing infrastructure associated with the project includes an internationally designed 450,000 tonne per annum processing plant connected to local hydro grid power with a fully permitted tailings facility and a modern 250- person camp.

Blackstone Minerals also has its eyes on the potential the project offers with the 150 square kilometre land package hosting more than 25 advanced stage massive sulphide vein (MSV) targets and many large disseminated sulphide (DSS) targets including the unmined Ban Phuc DSS.

Blackstone also signal its interest in investigating 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.

“This is an exciting opportunity for Blackstone to acquire a 90 per cent interest in a project that has a history of profitable nickel production even during low nickel prices,” Blackstone Mineral managing director Scott Williamson said.

“Blackstone will be the first company to explore Ta Khoa for both MSV and DSS nickel sulphide deposits all the while investigating downstream processing opportunities to meet the demands of the growing Asian lithium ion battery sector.”

 

 

Blackstone Minerals Acquires Interest in Vietnamese Nickel Project

THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) rocked the auditorium on Day One at the RIU Sydney Resources Roundup by announcing it was entering a binding term sheet for the exclusive option to acquire a 90 per cent interest in the Ta Khoa nickel project.

The Ta Khoa nickel project is located 160 kilometres west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian Standards, which is currently under care and maintenance.

The Ban Phuc nickel mine perated as a mechanised underground nickel mine from 2013 to 2016 and its previous owners invested more than US$136 million in capital and generated US$213 million in revenue during a 3.5-year period of falling nickel prices.

The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years.

Existing infrastructure associated with the project includes an internationally-designed 450,000 tonne per annum processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250- person camp.

Blackstone Minerals also has its eyes on the potential the project offers with the 150 square kilometre land package hosting more than 25 advanced stage massive sulphide vein (MSV) targets and many large disseminated sulphide (DSS) targets including the unmined Ban Phuc DSS.

Blackstone also signal its interest in investigating 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.

“This is an exciting opportunity for Blackstone to acquire a 90 per cent interest in a project that has a history of profitable nickel production even during low nickel prices,” Blackstone Mineral managing director Scott Williamson said ni the company’s announcement to the Australian Securities Exchange.

“Blackstone will be the first company to explore Ta Khoa for both MSV and DSS nickel sulphide deposits all the while investigating downstream processing opportunities to meet the demands of the growing Asian lithium ion battery sector.”

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au

 

BC Beckons Blackstone Minerals

As the snows melt in the Canadian province of British Columbia (BC), Australian exploration play Blackstone Minerals (ASX: BSX) looks to re-commence field activities at the company’s BC cobalt project.

The company’s attention will be focused on the impressive copper, gold and cobalt targets it identified by way of a soil sampling program previously undertaken on the project.

“We will be commencing our northern hemisphere exploration season in May once the snow starts to melt allowing us access to the ground,” Blackstone Minerals managing director Scott Williamson told The Resources Roadhouse.

“We have a good number of targets at the BC cobalt project that we are keen to start testing.

“Besides the Little Gem target we have identified another, sitting between Little Gem and the previously identified Erebor target, that we feel demands attention.

“We have already encountered high-grade gold and cobalt at Little Gem and at Erebor, so we feel the new target is very interesting and well worth a look.

“Besides these, we also have the Jewel prospect, which is a very big target that we consider having a lot of potential.”

Blackstone has not even had to park the drill rig at Jewel for it to be gathering some attention from astute market watchers.

Basically, the company didn’t have to do anything, thanks to the heavy lifting done by industry heavyweight, Newcrest, which recently made news with a $1.14 billion acquisition for a 70 per cent Joint Venture stake in the Red Chris mine of Toronto-listed Imperial Metals Corp.

Newcrest is no stranger to extracting maximum gain from low-grade, porphyry systems, it has been doing it with a fair rate of success for some time at the Cadia mine in New South Wales, one of the world’s biggest gold mines – after copper credits – that has similar low-grade Resources to Red Chris.

Newcrest mines Cadia at a rate of 30 million tonnes per annum, producing 240,000 ounces of gold – just in the December 2018 quarter alone.

Red Chris has Measured and Indicated Resources of 1 billion tonnes at 0.35 per cent copper and 0.35 grams per tonne gold.

These grades are the norm for BC-style porphyries and, although they may seem low-grade, they are akin to what is being mined by Newcrest at Cadia.

Newcrest has gone into the deal, and the district, with eyes wide open, knowing it has the expertise to make such deposits work and providing plenty of encouragement for others to follow suit.

“The Newcrest deal has really changed our view of the Jewel prospect, as we believe it has similar geology to Red Chris,” Williamson said.

“The Jewel target has potential to be associated with a copper-gold porphyry with cobalt.

“That deal has now put British Columbia copper-gold porphyries on the map.

“To establish such a project does require large capex; however, once underway they practically print money over a twenty to thirty-year mine life.

“We don’t know whether we have one…yet, but there is a chance we could have.”

Blackstone’s 2018 field work at the BC cobalt project consisted an extensive soil sampling program that identified several copper-gold-cobalt targets.

The program resulted in the identification of the Jewel copper-gold-cobalt prospect, located 1.1 kilometres north-northeast of the project’s original focus, the Little Gem prospect.

The new soil anomalies are greater than 1.5km long and coincide with IP targets, indicating a possible large sulphide bearing body at depth.

These copper, gold and cobalt soil anomalies are located within a structural setting near the contact between the granodiorite and serpentinite, that Blackstone considers to be analogous in geological setting to the deposits of the Bou-Azzer primary cobalt district in Morocco.

“We consider there to be forty-eight kilometres of that particular geology that delivered the Little Gem target,” Williamson explained.

“We have only tested one target – Little Gem – out of the entire belt at this stage.

“The key target that has now emerged for testing is the Jewel copper-gold-cobalt prospect.”

Surface rock chip samples taken at the Jewel prospect returned grades of up to 5.6 per cent copper and 5.1 per cent copper.

The BC project took further shape with the discovery of the Erebor cobalt-gold discovery, located 900 metres along an interpreted ultramafic trend to the south-west of the historic Little Gem adits.

Results from surface rock chip samples taken from the Erebor discovery returned assays recording grades of up to 2.3 per cent cobalt and 32 grams per tonne gold.

High-grade cobalt assays from surface rock chip samples taken from the Erebor discovery included:

2.3 per cent cobalt, 32 g/t gold and 1.1 per cent nickel;
1 per cent cobalt;
1 per cent cobalt;
0.6 per cent cobalt;
0.6 per cent cobalt;
0.5 per cent cobalt; and
0.4 per cent cobalt.

These were complemented by high-grade gold and copper assays recorded from surface rock chip samples from Erebor, including:

16.7 g/t gold and 1.6 per cent copper;
10.4 g/t gold; and
1.5 per cent copper.

Blackstone claims Erebor as the first discovery of significant cobalt-gold mineralisation in the region since prospectors discovered similar mineralisation at Little Gem in the 1930s.

The company believes the Erebor discovery further suggests the potential for the BC project to host multiple deposits, akin to the Bou-Azzer primary cobalt district in Morocco.

Blackstone remains encouraged by the fact there has been very little modern-day exploration undertaken across the BC cobalt project since the activities carried out by the early prospectors at Little Gem.

Even since then, the main activities have involved airborne geophysical surveys (including magnetic, radiometric and electromagnetic (EM) surveys) in the 1970s and a further two drill holes completed in 1986.

The mineral occurrence at the Jewel prospect supported some gold production from 1938 to 1940.

Although Blackstone Minerals’ southern hemisphere winter focus is on the company’s BC cobalt project, it also has the emerging Silver Swan South gold project, located eight kilometres along strike of the five million-ounce Kanowna Belle gold mine near Kalgoorlie in Western Australia.

The Silver Swan South project comprises one exploration licence application E27/545 and six granted prospecting licences, P27/2191 – 2196 covering an area of 47.2 square kilometres and are located approximately 40 kilometres northeast of Kalgoorlie.

Results from Blackstone Minerals’ 2018 drilling campaign at the Silver Swan South gold project produced several encouraging results.

The company’s second phase aircore drilling program at Silver Swan South demonstrated its potential as being an emerging gold discovery hosting extensive gold mineralisation and basement geochemical anomalism.

The basement geochemical anomalisms at the Black Eagle deposit as well as at the Black Hawk prospect are located along the interpreted extension of the Fitzroy Shear Zone, which hosts the Kanowna Belle gold mine.

The drilling encountered gold mineralisation and extensive basement geochemical anomalism at the Black Eagle prospect, providing a result of:

SNAC070
10 metres at 3.2 grams per tonne gold from 68m within 15m at 2.2g/t gold from 64m to end-of-hole (EOH).

On the back of this result, Blackstone was able to promote the Black Eagle prospect to priority drill target status.

Blackstone Minerals remains keen to identify the extent and source of the gold mineralisation at Silver Swan South, and to follow-up results of surface sampling of the target ultramafic unit that previously confirmed the presence of nickel sulphides (pentlandite).

“When we originally acquired this ground, we actually did so for its nickel potential,” Williamson said.

“This is the project the company originally listed on, because we liked what we saw in terms of nickel sulphide potential, so we are now going to revisit that nickel sulphide potential.”

Email: admin@blackstoneminerals.com.au
Web: www.blackstoneminerals.com.au

Directors: Hamish Halliday, Scott Williamson, Andrew Radonjic, Steve Parsons, Michael Konnert

 

Southern Hemisphere Summer Time for Domestic Exploration

THE INSIDE STORY: Northern hemisphere seasonal conditions provide Blackstone Minerals (ASX: BSX) the ideal opportunity to stay home over the holidays and explore its domestic portfolio.

Blackstone Minerals’ major focus is the company’s BC cobalt project in British Columbia, Canada, however, it also has the emerging Silver Swan South gold project, located eight kilometres along strike of the five million-ounce Kanowna Belle gold mine near Kalgoorlie in Western Australia.

The Silver Swan South project comprises one exploration licence application E27/545 and six granted prospecting licences, P27/2191 – 2196 covering an area of 47.2 square kilometres and are located approximately 40 kilometres northeast of Kalgoorlie.

“Around this time of year, we start to focus more on our Australian assets,” Blackstone Minerals managing director Scott Williamson told The Resources Roadhouse.

“The reason for this is that there is substantial snow covering in Canada, so we can’t access our ground.

“This is not at all a bad outcome, as it does allow us to give the attention, we feel, our Silver Swan South gold project in Western Australia deserves.”

Results from Blackstone Minerals’ 2018 drilling campaign at the Silver Swan South gold project produced several encouraging results.

The company’s second phase aircore drilling program at Silver Swan South demonstrated its potential as being an emerging gold discovery hosting extensive gold mineralisation and basement geochemical anomalism.

The basement geochemistry contours at the project’s Black Eagle prospect are similar in size to the footprint of the nearby Kanowna Belle deposit.

The basement geochemical anomalisms at the Black Eagle deposit as well as at the Black Hawk prospect are located along the interpreted extension of the Fitzroy Shear Zone, which hosts the Kanowna Belle gold mine.

The drilling encountered gold mineralisation and extensive basement geochemical anomalism at the Black Eagle prospect, providing a result of:

SNAC070
10 metres at 3.2 grams per tonne gold from 68m within 15m at 2.2g/t gold from 64m to end-of-hole (EOH).

On the back of this result, Blackstone was able to promote the Black Eagle prospect to priority drill target status given that it combined with previous equally encouraging reconnaissance results of 3m at 3.5g/t gold from 60m and 3m at 2.6g/t gold from 52m from the Black Hawk prospect.

Although Blackstone Minerals is keen to identify the extent and source of the gold mineralisation at Silver Swan South, it is also eager to follow-up results of surface sampling of the target ultramafic unit that previously confirmed the presence of nickel sulphides (pentlandite).

“When we originally acquired this ground, we actually did so for its nickel potential,” Williamson said.

“We have a ten-kilometre ultramafic package, which is the host for komatiite-style nickel sulphides.

“This is the project the company originally listed on, because we liked what we saw in terms of nickel sulphide potential, so we are now going to revisit that nickel sulphide potential.”

Williamson intimated the impetus behind the company’s nickel sulphide drive stems from discussions it is having with a potential partner; a Korea-based battery metals-focused company.

“We are in early discussion with a Korean entity that is interested, not only in cobalt, which is our Canadian focus, but is also interested in nickel,” he said.

Once the Canadian snow melts, Blackstone will return to British Columbia to follow-up the impressive copper, gold and cobalt targets it identified by way of a soil sampling program undertaken on the company’s BC cobalt project (previously known as the Little Gem cobalt project).

The most recent work undertaken at the BC cobalt project consisted an extensive soil sampling program that identified several copper-gold-cobalt targets.

This program identified the Jewel copper-gold-cobalt prospect, located 1.1 kilometres north-northeast of the project’s original focus, the Little Gem prospect.

The new soil anomalies are greater than 1.5 kilometres long and coincide with IP targets indicating a possible large sulphide bearing body at depth.

These copper, gold and cobalt soil anomalies are located within a structural setting near the contact between the granodiorite and serpentinite that Blackstone considers to be analogous in geological setting to the deposits of the Bou-Azzer primary cobalt district in Morocco.

“We consider there to be forty-eight kilometres of that particular geology that delivered the Little Gem target,” Williamson explained.

“We are now referring to the area as the BC cobalt project, or BC Cobalt Belt.

“We have only tested one target – Little Gem – out of the entire belt at this stage.

“The key target to have now emerged for testing is the Jewel copper-gold-cobalt prospect.”

Surface rock chip samples taken at the Jewel prospect returned grades of up to 5.6 per cent copper and 5.1 per cent copper.

The BC project took further shape with the discovery of the Erebor cobalt-gold discovery, located 900m along an interpreted ultramafic trend to the south-west of the historic Little Gem adits.

Results from surface rock chip samples taken from the Erebor discovery returned assays recording grades of up to 2.3 per cent cobalt and 32 grams per tonne gold.

High-grade cobalt assays from surface rock chip samples taken from the Erebor discovery included:

2.3 per cent cobalt, 32 g/t gold and 1.1 per cent nickel;
1 per cent cobalt;
1 per cent cobalt;
0.6 per cent cobalt;
0.6 per cent cobalt;
0.5 per cent cobalt; and
0.4 per cent cobalt.

These were complemented by high-grade gold and copper assays recorded from surface rock chip samples from Erebor, including:

16.7g/t gold and 1.6 per cent copper;
10.4g/t gold; and
1.5 per cent copper.

Blackstone claims Erebor as the first discovery of significant cobalt-gold mineralisation in the region since prospectors discovered similar mineralisation at Little Gem in the 1930s.

The company believes the Erebor discovery further suggests the potential for the BC project to host multiple deposits akin to the Bou-Azzer primary cobalt district in Morocco.

Blackstone remains encouraged by the fact there has been very little modern-day exploration undertaken across the BC cobalt project since the activities carried out by the early prospectors at Little Gem.

Even since then the main activities have involved airborne geophysical surveys (including magnetic, radiometric and electromagnetic (EM) surveys) in the 1970s and a further two drill holes completed in 1986.

The mineral occurrence at the Jewel prospect supported some gold production from 1938 to 1940.

Cobalt contributes up to 60 per cent of the value of Lithium Ion Batteries (LIBs), which in turn accounts for greater than 50 per cent of global demand.

The projected role of LIBs in the emerging electric vehicle market makes them one of the more significant sources of power in the foreseeable future.

Analysts such as Bloomberg have forecast 55 per cent of vehicles sold by 2040 to be electric.

This statistic hits reality when compared to the current figure of just one per cent of global sales attributed to EVs.

Cobalt is expected to have a supply deficit as currently mining is only just meeting demand.

The cobalt price increased from US$10/lb (US$22,000/t) to US$40/lb (US$87,000/t) in recent times before falling to US$25/lb (US$55,000/t) due to seasonal factors.

Current prices are still well short of the 2008 high of US$52/lb (US$115,000/t) which was the last time cobalt was in deficit.

 

Blackstone Minerals Limited (ASX: BSX)
…The Short Story

HEAD OFFICE
Suite 3, Level 3
24 Outram Street
West Perth, WA, 6005

Ph: +61 8 9425 5217

Email: admin@blackstoneminerals.com.au
Web: www.blackstoneminerals.com.au

DIRECTORS
Hamish Halliday, Scott Williamson, Andrew Radonjic, Michael Konnert, Stephen Parsons

 

Targets Starting to Shine at Little Gem

THE INSIDE STORY: Blackstone Minerals (ASX: BSX) is progressing the development of the company’s world-class Little Gem cobalt-gold project in the Canadian province of British Columbia.

To say Blackstone Minerals has been busy throughout the month of October would be an understatement as a steady flow of news from the Little Gem project continued to keep market watchers interested as advances emerged.

The company released results from phase two of a completed IP survey at the Jewel copper-gold-cobalt prospect, located 1.1 kilometre north-northeast of the Little Gem prospect.

The Jewel copper-gold-cobalt prospect is associated with the high-grade Jewel underground mine with historic production of 51 tonnes mined between 1938 and 1940.

This production was impressive, returning average mined grades of 73 grams per tonne gold and 0.4 per cent copper with highest grades assayed up to 243g/t gold and 19.2 per cent copper.

These historic grades were supported by Blackstone Minerals’ rock chip samples of up to 98g/t gold, 3.2 per cent copper, 0.1 per cent cobalt.

At over one kilometre long, the recently-defined IP anomalies are much larger and stronger than phase one anomalies Blackstone had previously announced and were interpreted by the company to indicate a large sulphide bearing body associated with the Jewel copper-gold-cobalt prospect.

The new large-scale IP anomalies were also judged to be coincidental with strong geochemical anomalies and favourably located within a major structural setting near the contact between the granodiorite and serpentinite that Blackstone has previously thought as an analogous geological setting to the deposits of the world class Bou-Azzer primary cobalt district in Morocco.

As the Jewel prospect has never been drill tested, Blackstone immediately designated these new, high quality IP anomalies, to be priority drill targets.

“Our field work indicates Jewel is associated with anomalous cobalt mineralisation and with the recent Erebor Cobalt-Gold discovery nearby the Little Gem project is shaping up to be a world class cobalt district,” Blackstone Minerals managing director Scott Williamson said.

“The Petrophysical analysis we completed on core samples from Little Gem indicate the sulphide alteration associated with the cobalt and gold mineralisation at Little Gem has a high IP response.

“These IP/ resistivity surveys have highlighted targets that are consistent with the measured response from Little Gem but significantly larger in size.”

The sulphide ore that was mined at the Jewel mine in the late-1930s was unable to be substantially beneficiated by concentration, resulting in gold values that were not high enough to make a profit by way of direct shipping ore (DSO) to smelters.

Only a small tonnage of ore was extracted at Jewel, after which the claims lapsed and there was no further work conducted at the prospect until Blackstone Minerals acquired its BC cobalt project approximately 12 months ago.

Since acquiring the project, Blackstone has completed an extensive program of prospecting, stream sediment and soil sampling with the geochemical results coinciding and supporting the large-scale IP chargeability and resistivity signatures at Jewel.

The next news to emanate from Blackstone Minerals’ newswire was the receipt of assay results, confirming its Erebor discovery at the Little Gem project.

The results stemmed from surface rock chip samples taken from the Erebor cobalt-gold discovery, located 900 metres along an interpreted ultramafic trend to the south-west of the historic Little Gem adits.

Blackstone claimed the high-grade samples represent the first discovery of substantial cobalt-gold mineralisation in the region since prospectors found similar mineralisation known as Erythrite in the 1930s by identifying a pink cobalt-bloom on weathered mineralisation which led to the discovery of the Little Gem cobalt-gold project.

High-grade cobalt assays from surface rock chip samples taken from the Erebor discovery included:

2.3 per cent cobalt, 32 grams per tonne gold and 1.1 per cent nickel;
1 per cent cobalt;
1 per cent cobalt;
0.6 per cent cobalt;
0.6 per cent cobalt;
0.5 per cent cobalt; and
0.4 per cent cobalt.

High-grade gold and copper assays were also recorded from surface rock chip samples taken from the Erebor discovery, including:

16.7g/t gold and 1.6 per cent copper;
10.4g/t gold; and
1.5 per cent copper.

“These high-grade assays confirm the Erebor discovery as the first known occurrence of high-grade cobalt-gold mineralisation in the region since prospectors identified similar mineralisation in the 1930s, which led to the initial discovery of Little Gem,” Williamson said.

“The Erebor discovery opens up the potential for multiple targets similar to the Bou-Azzer primary cobalt district in Morocco and combined with the recent IP survey results see the Bridge River Mining Camp emerging as a potential world class cobalt belt located in a tier one mining jurisdiction in British Columbia, Canada.”

More news, however, was to emerge from the Jewel prospect in the form of results from further soil sampling that identified major copper-gold-cobalt targets centred on the Jewel prospect.

The new soil anomalies are greater than 1.5 kilometres long and coincide with the earlier IP survey results that indicated a large sulphide bearing body associated with the prospect.

The later surface rock chip samples taken from the Jewel prospect delivered high-grade assay results including:

5.6 per cent copper; and
5.1 per cent copper.

Blackstone signalled these results, combined with its earlier efforts, had made the Jewel prospect the company’s highest priority target to be drill tested at the earliest opportunity.

“Our soil sampling program has identified a major copper-gold-cobalt target at Jewel which coincides with the large IP anomaly we believe to be a substantial sulphide bearing body at depth,” Williamson said.

“We are eagerly anticipating the drilling of these new targets so as to better understand the primary source of the high-grade copper-gold-cobalt mineralisation at Jewel, Little Gem and Erebor.

“We look forward to further results from our 2018 fieldwork program as we continue to unlock what is shaping up to be a potential world class cobalt district.”

Blackstone has already completed an initial six diamond drill holes at Little Gem and at the time of writing was awaiting assay results for the remaining five diamond drill holes.

Drilling to date has intersected the Little Gem structure within metres of the interpreted target.

The 2018 drilling to date has consistently intersected a broad alteration zone, highlighting potential for a major hydrothermal system at Little Gem.

Results from the first six drill holes at Little Gem include:

LGD17-001R1
1.1m at 3 per cent cobalt and 44g/t gold within 4.3m at 1 per cent cobalt and 15g/t gold;

LGD18-0022
1m at 1.2 per cent cobalt and 5g/t gold within 3.2m at 0.8 per cent cobalt and 4g/t gold;

LGD18-0033
0.4m at 1.2 per cent copper, 5g/t gold and 0.12 per cent cobalt within 1m at 0.5 per cent copper, 4g/t gold and 0.08 per cent cobalt; and

LGD18-0053
0.8m at 0.6 per cent cobalt and 9g/t gold within 1.6m at 0.4 per cent cobalt and 5g/t gold.

The carried out by Blackstone since acquiring Little Gem has also led to the discovery of the high-grade Roxey gold-copper prospect.

The Roxey gold-copper prospect is located 1.5km west-southwest of the Little Gem prospect and was visually identified by Blackstone during its due diligence site visit when rock chip samples were taken within the target area which assayed up to 24g/t gold, 1.9 per cent copper and 24g/t silver.

 

Blackstone Minerals Limited (ASX: BSX)
…The Short Story

HEAD OFFICE
Suite 3, Level 3
24 Outram Street
West Perth, WA, 6005

Ph: +61 8 9425 5217

Email: admin@blackstoneminerals.com.au
Web: www.blackstoneminerals.com.au

DIRECTORS
Hamish Halliday, Scott Williamson, Andrew Radonjic, Michael Konnert, Stephen Parsons

 

Blackstone Minerals Identifies Copper Cobalt Targets

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) has identified copper-gold-cobalt targets centred on the Jewel prospect located 1.1 kilometres north-northeast of the Little Gem prospect at the company’s BC cobalt project in British Columbia, Canada.

Blackstone Minerals identified the new soil anomalies over more than 1.5 kilometres adding they coincide with recently announced IP survey results, which indicate a large sulfide bearing body associated with the Jewel copper-gold-cobalt prospect.

The company took surface rock chip samples from the Jewel prospect that also delivered high-grade assay results including 5.6 per cent copper and 5.1 per cent copper.

Blackstone explained the Jewel prospect has never been drill tested and with the multiple large-scale IP targets coinciding with the new copper-gold-cobalt soil anomalies it has declared the Jewel prospect is its highest priority target to be drill tested at the earliest opportunity.

Blackstone has now completed the first ever cobalt focussed exploration field season in the Bridge River Mining Camp and the initial results indicate the BC Cobalt Belt is rapidly emerging into a potential world class cobalt district.

“Our soil sampling program has identified a major copper-gold-cobalt target at Jewel which coincides with the large IP anomaly we believe to be a substantial sulfide bearing body at depth,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“We are eagerly anticipating the drilling of these new targets so as to better understand the primary source of the high-grade copper-gold-cobalt mineralisation at Jewel, Little Gem and Erebor.

“We look forward to further results from our 2018 fieldwork program as we continue to unlock what is shaping up to be a potential world class cobalt district located in a tier one mining jurisdiction in British Columbia, Canada.”

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au

 

Blackstone Minerals Confirms Erebor Cobalt Discovery

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) announced assay results from the Erebor cobalt-gold discovery, located at the company’s Little Gem cobalt-gold project in British Columbia, Canada.

Blackstone Minerals explained that surface rock chip samples had been taken from the Erebor cobalt-gold discovery, located 900 metres along an interpreted ultramafic trend to the south-west of the historic Little Gem adits.

The company declared the high-grade samples represent the first discovery of noteworthy cobalt-gold mineralisation in the region since prospectors found similar mineralisation known as Erythrite in the 1930s by identifying a pink cobalt-bloom on weathered mineralisation which led to the discovery of the Little Gem project.

By confirming high-grade cobalt-gold mineralisation outside of the known mineralisation at Little Gem, Blackstone Minerals believes it has taken a major step towards unlocking the potential for multiple deposits in a region with geology analogous to the Bou-Azzer primary cobalt district in Morocco.

The assays from the Erebor discovery also indicate the presence of nickel mineralisation which is potentially associated with the primary cobalt mineral, skutterudite, which is also associated with the high-grade mineralisation at Bou-Azzer.

High-grade cobalt assays from surface rock chip samples taken from the new Erebor discovery include the following results:

2.3 per cent cobalt, 32 grams per tonne gold and 1.1 per cent nickel

1 per cent cobalt;

1 per cent cobalt;

0.6 per cent cobalt;

0.6 per cent cobalt;

0.5 per cent cobalt; and

0.4 per cent cobalt.

High-grade gold and copper assays were also recorded from surface rock chip samples taken from Erebor including:

16.7g/t gold and 1.6 per cent copper;

10.4g/t gold; and

1.5 per cent copper.

“These high-grade assays confirm the Erebor discovery as the first known occurrence of high-grade cobalt-gold mineralisation in the region since prospectors identified similar mineralisation in the 1930s, which led to the initial discovery of Little Gem,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“The Erebor discovery opens up the potential for multiple targets similar to the Bou-Azzer primary cobalt district in Morocco and combined with the recent IP survey results see the Bridge River Mining Camp emerging as a potential world class cobalt belt located in a tier one mining jurisdiction in British Columbia (BC), Canada,”

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au

 

Blackstone Minerals Confirms Multiple Little Gem Targets

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) released results from phase one of a recently completed IP survey at the company’s Little Gem cobalt-gold project in British Columbia, Canada.

Blackstone Minerals said the IP survey identified two new targets showing anomalies with chargeability and resistivity signatures typical of sulfide bearing bodies.

Following its recent discovery of cobalt-gold mineralisation at Erebor, Blackstone has interpreted these new targets to indicate a potential source of the high-grade mineralisation at Little Gem where it continues to unlock the potential for multiple deposits.

Blackstone declared the results from phase one of the recently completed IP survey confirm multiple new targets along the 1.8 kilometre strike target zone at Little Gem.

The IP anomalies are large in scale (up to 800m long and 500m wide) and exhibit chargeability and resistivity signatures typical of sulfide bearing bodies.

The IP targets are shallow, easily accessible and located to the east and west of Little Gem with coincident geochemical anomalies and a favourable structural setting.

Following the latest geophysical and geochemical results Blackstone considers these latest targets to be of highest priority for its next round of drilling at Little Gem.

The Company is nearing completion of a detailed soil sampling program over multiple prospects adjacent to Little Gem, as well as regional reconnaissance sampling targeting some 335 square kilometres of tenure prospective for primary cobalt and gold mineralisation.

“Our first phase of IP survey results confirm the potential for multiple discoveries along the plus-1.8 kilometre strike target zone at Little Gem,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“We continue to see a belt-scale opportunity similar to the world class Bou-Azzer primary cobalt district in Morocco.

“We have now surveyed only a small portion of our total tenure and already have two new high priority drill targets showing coincident geochemical and geophysical anomalies.

“The IP anomalies have been elevated to our highest priority targets at Little Gem and will be drill tested at the earliest opportunity.”

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au