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BLACKSTONE MINERALS LIMITED

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Welcome to Blackstone Minerals


Blackstone Minerals Limited is actively exploring the very high grade Little Gem Cobalt-Gold project in British Columbia, Canada. Blackstone is the first company in over 60 years to undertake systematic exploration for Cobalt at Little Gem and within the surrounding district. Blackstone owns a large land holding with 48 kilometres of untested strike potential of highly prospective geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco. Blackstone is actively exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone has a board and management team with a proven track record of mineral discovery and corporate success.


The Red Gate Project is a significantly sized and strategically located gold project with “walk up” drill targets over multiple prospects. Red Gate already hosts high grade drill intersections including 14m @ 3.7g/t Au from 1 metre, 10m @ 8.5g/t Au from 9 metres & 12m @ 9.2g/t Au from 8 metres.


The Company’s Middle Creek Project is situated just 15km north-east from Millennium Minerals, Golden Eagle operations (production of ~300,000ozs Au since 2012) and only 10km west of Millennium’s latest high grade discovery at the Little Wonder Deposit (31m @ 3.4g/t Au and 15m @ 4.8g/t Au). Middle Creek covers over 12km of strike of the Middle Creek Mineralized Corridor and hosts significant gold mineralization (including free gold) at surface.


The Silver Swan South Project is strategically and geologically located along strike from the world class Kanowna Belle Gold Mine (5Moz gold endowment) as well as the high grade Silver Swan (655kt @ 9.5%Ni) nickel mine. Nickel and gold targets have already been identified at the Silver Swan South Project.



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Little Gem Cobalt-Gold Project

First hole intersects 3.0% Cobalt and 44 g/t Gold at Little Gem


Blackstone Minerals Limited (“Blackstone” or the “Company”), is pleased to announce outstanding results from the first hole of a maiden drilling program at the very high grade Little Gem Cobalt-Gold Project (Little Gem) in British Columbia, Canada (Refer Figure Three).


Highlights

 • 
Blackstone’s first drill hole has intersected massive, semi-massive and disseminated mineralisation with the following significant results: 4.3 m @ 1.0% cobalt & 15 g/t gold; including 1.1 m @ 3.0% cobalt and 44 g/t gold.


• Initial results from the maiden drilling are consistent with historic drilling and adit channel sampling which returned average grades of 3% cobalt and 20 g/t gold;


• The first hole has only tested the upper portion of the mineralised target with multiple zones of massive sulfide (Co-Au) mineralisation identified within a broader alteration halo (Refer Figure Two);


• Maiden drilling is consistent with historic underground drilling from adits including: 1.8 m @ 2.4% cobalt & 112 g/t gold; 3.3 m @ 1.4% cobalt & 80 g/t gold; and 3.3 m @ 1.4% cobalt & 12.3 g/t gold (Refer Table Two for full results).;


• Results from historic adit channel sampling at Little Gem include: 1.8 m @ 4.4% cobalt & 73 g/t gold; 2.0 m @ 3.1% cobalt & 76 g/t gold; and 1.5 m @ 5.4% cobalt & 26 g/t gold (Refer Table Three for full results);


• The Little Gem Project covers a large land holding with 48 km of untested strike potential of geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco (Refer Figure Four);


• Little Gem is favourably located less than 15 km along strike from the Bralorne-Pioneer mining complex (endowment of 4.4 Moz at 17 g/t Au).


Blackstone’s Managing Director commented; “An outstanding result from our first drill hole at Little Gem. We look forward to recommencing the maiden drill program in Q2 2018. With further regional exploration results pending we continue to expand our understanding of the full potential of the project. These initial results confirm Little Gem as one of the highest grade Cobalt-Gold projects in the world located within a region completely unexplored for cobalt”


Little Gem Project Maiden Drilling Results

Blackstone Minerals Limited has commenced its maiden drilling program at the very high grade Little Gem Cobalt-Gold Project in British Columbia, Canada. The drilling program started late in the field season and hence only one diamond drill hole was able to test the target zone before the onset of winter weather conditions. The successful diamond drill hole has only tested the upper portion of the alteration zone as it was terminated (due to mechanical issues) halfway through the mineralised target (Refer Figure Two). Although the drill hole was successful and confirmed historic drilling and sampling results, it has not tested the full potential of the cobalt and gold mineralisation at Little Gem. The successful drill hole intersected massive, semi-massive and disseminated mineralisation (Refer Image One) with the following significant results:


4.3 m @ 1.0% cobalt & 15 g/t gold; including 1.1 m @ 3.0% cobalt and 44 g/t gold. (Refer Table One for full set of results)


The Company now looks forward to completing the maiden drill program upon recommencement in Q2 2018 to follow up this outstanding result and to further understand the full potential of the Little Gem prospect. Future drilling at Little Gem will be focused on delineating the extents of the mineralisation with potential to deliver a maiden resource in the medium term.


 Click here for the full ASX annoucement

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Middle Creek Project


Introduction

The Middle Creek Project is adjacent to Millennium Minerals Limited’s Nullagine Gold Project (where the Golden Eagle operations have produced ~400 kozs gold since 2012), in the Pilbara region of Western Australia and consists of 22 prospecting licence applications covering 39.7 km² within the Mosquito Creek belt.


Activities during the September Quarter 2017

During the quarter Blackstone had advanced discussions on Heritage and Access agreements and expects most of the tenements of the project to be granted next quarter.


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Red Gate Project (100% interest)


Introduction

The Red Gate Project consists of the one granted Exploration Licence E31/1096 covering an area of 145.2 km². The Project is centred 10 km north of the Porphyry Gold Mine (0.9 Moz gold endowment), 140 km northeast of Kalgoorlie. Here historical exploration work has mostly targeted the Porphyry North Prospect where shallow, out cropping mineralisation has been defined. There is the potential to discover further mineralisation at Porphyry North and several other prospects nearby.


Activities during the September Quarter 2017

During the quarter Blackstone continued to work on finalising priority targets for drill testing in the coming months.

Highlights of the Red Gate Project included:

  • Red Gate project already hosts porphyries with high grade gold mineralisation including 10 m @ 8.5 g/t from 9 m at Porphyry East, 14 m @ 3.7 g/t from 1 m at Porphyry North & 12 m @ 9.2 g/t from 8 m at Porphyry West;
  • The Porphyry North and Porphyry West prospects have shallow gold mineralisation coincidental with IP anomalies whilst the new porphyry zone at Porphyry South has a substantially larger IP anomaly that has yet to have been drill tested;
  • Red Gate Shear Zone already hosts mineralised porphyries at Porphyry North and Porphyry West and contains the recently identified Porphyry South Prospect which is a large untested IP anomaly;
  • The Reidy Prospect is interpreted to be within or immediately adjacent to the Claypan Shear Zone, host to recent significant gold discoveries such as Breaker Resources, Lake Roe Project;
  • The new prospect is within the Red Gate Shear Zone and was identified through a recent reconnaissance surface sampling program that returned rock chips results of up to 79 g/t gold;
  • The Red Gate Shear Zone is less than 10 km north of the historic Porphyry Gold Mine that has a gold endowment of 900,000 ozs (Produced 1.33 Mt @ 3.4 g/t gold* and has a current Indicated JORC resources of 7.2 Mt @ 2.1 g/t gold** and Inferred JORC resources of 3.7 Mt @ 2.1 g/t gold**).

* Riedel Resources Website

** Saracen Mineral Holdings Limited Annual Report 2016


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Silver Swan South Project (100% interest)

Introduction

The Silver Swan South Project comprises of one granted exploration licence E27/545 and six granted prospecting licences, P27/2191 – 2196 covering an area of 47.2 km². The Project is along trend of the massive nickel sulphide Silver Swan Deposit (pre-mining ore reserve of 655 kt at 9.5% Nickel) and associated deposits (pre-mining resource of 10.4 Mt at 1.0% Nickel), and only 8 km northeast of the major Kanowna Belle Gold Mine (+5 Moz gold endowment).


Activities during the September Quarter 2017

During the quarter Blackstone received assay results from the first phase of drilling at Silver Swan South Access limited the coverage of the initial drill program but still several significant gold and nickel results were achieved. This has allowed a more focused approach in the follow-up aircore program that has been designed and planned for completion in December 2017.


The best gold intersection from the first phase of drilling came from SNAC027 with 3 m @ 2.6g/t gold from 52 m to the end of hole within a broader intersection of 7 m @ 1.3g/t gold to the end of hole, sitting in weathered dacite. Drill hole SNAC033 also returned an interesting result with 1 m @ 0.21 g/t gold at the bottom of hole within pyritic dacite.


The best nickel intersection from the first phase of drilling came from SNAC015 with 4 m @ 0.5% nickel and 180 ppm copper from 68 metres and 1 m @ 0.3% nickel, 52 ppm copper and 36ppb platinum and palladium from the bottom of hole. Drill hole SNAC019 also returned an interesting result of 12 m @ 0.8% nickel and 143 ppm copper from 24 metres.


Blackstone’s initial drilling at Silver Swan South is targeting both gold hosted by structural targets along strike from the Kanowna Belle Gold Mine (endowment +5Moz Au), and nickel sulphide mineralisation associated with ultramafic units along strike from the Silver Swan and Black Swan Nickel Mines (endowment 166kt Ni metal). The initial programs are designed to test for basement hosted mineralisation, using air core drilling, to improve definition of gold and base metal anomalism identified by previous reconnaissance style drilling.


This initial phase of drilling will focus on the following:

  • Further definition of gold targets associated with the interpreted northern extension of the Fitzroy Shear (controlling host structure at the Kanowna Belle Gold deposit) located 8 km along strike.
  • Infill historical, broad spaced, reconnaissance drilling which intersected up to 3.5g/t gold.
  • Target thickening of the ultramafic sequence considered highly prospective for nickel sulphides and located only 10km from the Silver Swan Nickel Mine.
  • Prioritise both gold and nickel targets for follow up reverse circulation (“RC”) drilling.

Blackstone’s initial phase of drilling at Silver Swan South has targeted both gold and sulphide nickel mineralization, associated with ultramafic units along strike from the Silver Swan and Black Swan Nickel Mines (Endowment 166kt Ni metal) and the Kanowna Belle Gold Mine (Endowment +5Moz Au). The programs also tested for basement hosted mineralization, using aircore drilling, to infill gold and base metal anomalism identified by previous reconnaissance style drilling.


Gold targets within the project area are associated with the interpreted northern extension of the Fitzroy Shear Zone, controlling structure for mineralization at Kanowna Belle. Previous vertical reconnaissance drilling has intersected up to 3 m @ 3.5 g/t gold and 4 m @ 1.3 g/t gold under transported lake clays. Blackstone’s drill program focused on further defining the gold target in anticipation of follow up RC drilling.


In addition to gold the Company’s initial drill programs will also target sulphide nickel mineralisation associated with the ultramafic unit. The ultramafic unit is part of a sequence of komatiites which already hosts both the Silver Swan and Black Swan Nickel deposits only 10 km to the north. This was further supported by rock samples taken during a recent geological mapping exercise with one sample (SOSN019A) containing disseminated sulphides, returning 0.1% Cu and 0.1% Ni. Drilling focused on further defining the nickel sulphide target as well as providing access for a potential down hole EM surveys.


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Quarterly Report for the period ending 31 December 2017

Highlights

Blackstone’s first drill hole at Little Gem has intersected 3.0% cobalt and 44 g/t gold with the following significant results: 4.3 m @ 1.0% cobalt & 15 g/t gold; including 1.1 m @ 3.0% cobalt & 44 g/t gold.

• Initial results from the maiden drilling at Little Gem are consistent with historic drilling and adit channel sampling which returned average grades of 3% cobalt and 20 g/t gold;

• Blackstone quadrupled the cobalt-gold target zone at Little Gem to 48 km of untested strike potential of geology analogous to the world class Bou-Azzer Cobalt district in Morocco (over 100kt of cobalt production over 75 years);

• Oversubscribed placement to institutional and sophisticated investors raised $5.0 million (before costs) with strong demand from new institutional investors from Australia, Asia and North America
.

Introduction

During the December Quarter, Blackstone commenced its maiden drilling program at the very high grade Little Gem Cobalt-Gold Project in British Columbia, Canada (Refer BSX Announcement 9 January 2018). The first successful diamond drill hole tested the upper portion of the alteration zone and was terminated (due to mechanical issues) halfway through the mineralised target (Refer Figure Two). The successful drill hole intersected massive, semi-massive and disseminated mineralisation with grades of up to 3.0% cobalt and 44 g/t gold. The initial results from the maiden drilling at Little Gem are consistent with historic drilling and adit channel sampling which returned average grades of 3% cobalt and 20 g/t gold.

The Company now looks forward to completing the maiden drill program upon recommencement in Q2 2018, to follow up the outstanding initial results and to further understand the full potential of the Little Gem prospect. Future drilling at Little Gem will be focused on delineating the extents of the mineralisation with potential to deliver a maiden resource in the medium term.

Click her for the Quarterly Report

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