Posts

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

 

Blackstone Minerals’ Consistent Cobalt Hits Continue to Polish Little Gem

THE INSIDE STORY: Blackstone Minerals (ASX: BSX) has made a rapid start and impressive progress since joining the competition to discover high-grade cobalt deposits.

Blackstone Minerals listed on the ASX in January 2017 and in July that year acquired 100 per cent of the Little Gem project, located in British Columbia, Canada.

Cobalt is very much a metal-of-the-moment, due mainly to its 60 per cent contribution to the makeup of lithium-ion batteries, which is the basis for 50 per cent of global demand.

Expected growing demand for electric vehicles leads the lithium-ion battery charge that is sweeping cobalt along in its wake.

As a result, cobalt is expected to have a supply deficit, especially as current global mining output is only just meeting demand.

The cobalt price has enjoyed a buoyant run over the past two years, rising from US$10 per pound (US$22,000/tonne) to US$40/lb (US$87,000/t).

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

Blackstone Minerals commenced a six-hole maiden diamond drilling program at Little Gem in 2017, which came up trumps from the get go.

The first drill hole intersected massive, semi-massive and disseminated mineralisation, returning:

4.3 metres at 1 per cent cobalt and 15 grams per tonne gold, including 1.1m at 3 per cent cobalt and 44g/t gold.

These results were encouraging and were consistent with high-grade historic underground drilling and adit channel sampling data results of 1.8m at 2.4 per cent cobalt and 112g/t gold and 1.8m at 4.4 per cent cobalt and 73g/t gold respectively.

The first hole only tested the upper portion of the mineralised target but was able to identify multiple zones of massive sulphide (cobalt-gold) mineralisation within a broader alteration halo.

Blackstone re-commenced its 2018 field season drilling in April and immediately revealed the Little Gem alteration halo to be much larger than the company had previously estimated.

The 2018 drilling results the company had received at the time of writing had consistently intersected a broad alteration zone, highlighting potential for a major hydrothermal system at Little Gem.

The third hole to be completed at Little Gem, LGD18-002, continued to encourage Blackstone, returning:

3.2m at 0.8 per cent cobalt and 4g/t gold, including 1m at 1.2 per cent cobalt and 5g/t gold.

“It’s very clear that the results we have achieved to date are in line with our expectations, especially with our first hole at Little Gem hitting three per cent cobalt,” Blackstone Minerals managing director Scott Williamson told The Resources Roadhouse.

“We have now followed that result with further high-grade cobalt hits of one per cent and over.

“To put that in perspective – our peers in Australia are averaging around 0.1 per cent cobalt.

“We have recorded two intersections of over one per cent cobalt, which is ten times anything our Australian peers have encountered.

“We believe we are, potentially, dealing with a major hydrothermal system, which means there is a lot of fluid flow and a broad halo around this mineralisation.”

On the back of these positive results, Blackstone initiated a geophysical survey to test for further high-grade cobalt-gold prospects within the identified plus-1.8-kilometre strike target zone at Little Gem and the nearby Jewel prospect located 1.1km north-northeast of Little Gem.

“We are now seeing a significantly larger alteration zone at Little Gem and we are also seeing that the disseminated mineralisation is carrying good widths within flat lying zones of mineralisation,” Williamson said.

“To really understand that, we need to carry out more geophysical studies, so we can unlock what is really happening within the deposit.

“Over the next three to six months we will be focused on doing just that.”

The second mineral occurrence to attract Blackstone’s attention at the Little Gem project is the historic Jewel gold prospect which supported limited gold production from 1938 to 1940.

The Jewel prospect is located only 1.1 km north-northeast of the Little Gem Mine, near the (serpentinite/ granodiorite) contact zone which is prospective for cobalt-gold mineralisation in a fashion the company considers being analogous to the world class Bou-Azzer primary cobalt district in Morocco.

The comparisons to Bou-Azzer are inevitable with the district Little Gem is situated in having been well-explored and well-understood for gold and other metals, however, Blackstone is the first to be primarily on the hunt for cobalt.

The multi-element potential of the district has been demonstrated since Blackstone began working on the Little Gem project.

The company has verified mineralisation identified historically at the Little Gem prospect as well as at the Jewel gold prospect and discovered a new high-grade gold prospect named Roxey.

The Roxey gold prospect is located 1.5km west-southwest of the Little Gem prospect and was visually identified by Blackstone during the company’s original due diligence site visit, during which it took rock chip samples that returned assays of up to 24g/t gold, 1.9 per cent copper and 24g/t silver.

This was supported by surface rock chip samples taken at the Jewel prospect, which returned up to 98g/t gold and 3.2 per cent copper.

These results confirm what Blackstone found from its investigation of historical samples.

The Little Gem Project was discovered in the 1930s by prospectors who identified a pink cobalt-bloom on weathered mineralisation that led to the development of three adits.

A total of 1,268m of underground drilling was completed at this time and detailed channel sampling was taken from the adits.

Results from this historic work generated exceptional cobalt and gold assays including:

Historic drilling
1.8m at 2.4 per cent cobalt and 112g/t gold 3.3m at 1.4 per cent cobalt and 12g/t gold; and
4.1m at 1.4 per cent cobalt and 11g/t gold.

Underground channel sampling
1.8m at 4.4 per cent cobalt and 73g/t gold; and
2m at 3.1 per cent cobalt and 76g/t gold.

Surface channel sampling
0.4m at 5.7 per cent cobalt and 1,574g/t gold; and
0.1m at 4.6 per cent cobalt and 800g/t gold.

The Little Gem deposit is mostly underlain by granite of the Coast Plutonic Complex and ultramafic rocks on what has been interpreted to be the northern extension of the Cadwallader fault zone.

These are the major geological units and structures important to the mineral deposits either as the host rocks or sources of the mineralising fluids that gave rise to the Bridge River mining camp.

This camp has 60 mineral localities including the Bralorne-Pioneer mining complex, which boast an endowment of 4.4 million ounces at 17g/t gold and is the biggest gold producer in British Columbia and the sixth largest in Canada.

Little Gem is only 15km along strike to the north of the Bralorne-Pioneer mining complex.

Incredibly, there has been very little modern-day exploration carried out at Little Gem and what has been undertaken mostly consists of airborne geophysical surveys, including magnetic, radiometric and electromagnetic (EM) surveys completed in the 1970s and a further two drill holes completed in 1986.

“Results from the first three drill holes have confirmed Little Gem has some of the world’s highest-grade cobalt-gold mineralisation,” Williamson said.

“We are looking forward to the next round of assays and results from geophysical surveys to define the full potential of the mineralised system and the extensive alteration zone discovered at Little Gem.”

 

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, Steve Parsons, Bruce McFadzean, Michael Konnert

 

Blackstone Minerals Continues High-Grade Run at Little Gem

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) released diamond drilling results from the company’s high-grade Little Gem cobalt-gold project in British Columbia, Canada.

Blackstone Minerals has received assays from the first three drill holes of its maiden drilling program at the Little Gem project, where drilling to date has intersected the Little Gem structure within metres of the interpreted target.

Blackstone has found the Little Gem alteration halo to be larger than it had previously estimated.

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

Assay results are pending for the next three holes in the maiden drilling program at Little Gem, however results from the first three drill holes include:

LGD17-001R
1.1 metres at 3 per cent cobalt and 44 grams per tonne gold, within 4.3m at 1 per cent cobalt and 15g/t gold; and

LGD18-002
1m at 1.2 per cent cobalt and 5g/t gold, within 3.2m at 0.8 per cent cobalt and 4g/t gold.

Blackstone has initiated a geophysical survey to test for further high-grade cobalt-gold prospects within a recently identified plus-1.8 kilometre strike target zone at Little Gem and the nearby Jewel prospect located 1.1km north-northeast of Little Gem that is also considered prospective for cobalt-gold mineralisation.

“Results from the first three drill holes have confirmed Little Gem has some of the world’s highest-grade cobalt-gold mineralisation,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“We are looking forward to the next round of assays and results from geophysical surveys to define the full potential of the mineralised system and the extensive alteration zone discovered at Little Gem.”

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au

 

Blackstone Minerals Commences Little Gem Drill Program

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) commenced drilling at the company’s very high-grade Little Gem cobalt-gold project in British Columbia, Canada.

Blackstone Minerals explained the first hole in the current program is planned to intersect the entire target zone on the same section to the company’s previous drill hole which was abandoned halfway through the target zone yet encountered and intersection of 1.1 metres at 3 per cent cobalt and 44 grams per tonne gold, within 4.3m at 1 per cent cobalt and 15g/t gold.

Blackstone is planning an initial six diamond drill holes to test the original strike target zone of approximately 300m at Little Gem before looking to explore a strike extension of over one kilometre to the east and plus-500m strike extension to the west.

The company recently completed the final payment for Little Gem and is now the 100 per cent owner of project.

Blackstone indicated the initial results from its maiden drilling have been consistent with historic drilling and adit channel sampling, which returned average grades of 3 per cent cobalt and 20g/t gold.

“Blackstone is pleased to announce the company has commenced drilling at the very high-grade Little Gem cobalt-gold project in British Columbia, Canada,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“It has been a great effort by the team at Radius drilling in conjunction with our exploration team on site to establish the drill pad in the winter conditions.

“We look forward to the first assay results to be reported over the coming weeks, shareholders can expect more consistent news flow throughout the drill season as we explore the full potential of the Little Gem cobalt-gold project.”

 

Email: admin@blackstoneminerals.com.au

Website: www.blackstoneminerals.com.au