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BSX 11.5¢

BLACKSTONE MINERALS LIMITED

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Quarterly Report for the period ending 30 June 2018

ASX Announcement 31 July 2018

Highlights

  • Blackstone has received assays from the initial six drill holes of the Company’s maiden drilling program at the Little Gem Cobalt-Gold Project in British Columbia, Canada (Little Gem); 
  • Assays are pending for a further five drill holes from the Company’s maiden drilling program at Little Gem;
  • Significant results to date from the initial six drillholes of the maiden drilling program at Little Gem include (Refer Figures One and Two and Appendix One):

  • Blackstone continues a major regional exploration program of multielement stream sediment sampling, soil sampling and prospecting across the 48 km of untested strike potential of geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco; 
  • Blackstone has commenced an extensive IP survey to test for further high grade Cobalt-Gold prospects within the +1.8km strike target zone at Little Gem and the nearby Jewel trend, located near the (serpentinite/granodiorite) contact zone; 
  • 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) (Refer Figure Three).

Introduction 

During the June Quarter Blackstone re-commenced the maiden drilling program at the very high grade Little Gem Cobalt-Gold Project in British Columbia, Canada. The drilling program started late in the 2017 field season and drilling re-commenced in late April for the 2018 field season. The Company completed the initial six diamond drill holes at Little Gem before the drilling program took a short break between seasons during the onset of the freshet (peak snow melt). After the short break Blackstone re-commenced drilling and now has assay results pending for the next five diamond drill holes from the maiden drilling program at Little Gem.

Drilling to date has intersected the Little Gem structure within metres of the interpreted target. The Little Gem alteration halo is significantly larger than previously estimated, and the 2018 drilling to date has consistently intersected a broad alteration zone, highlighting potential for a significant hydrothermal system at Little Gem.

Blackstone also commenced a major regional exploration program of multi-element stream sediment sampling, soil sampling and prospecting across the 48 km of untested strike potential of geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco. The Company has also commenced an extensive IP survey to test for further high grade Cobalt-Gold prospects within the +1.8km strike target zone at Little Gem and the nearby Jewel trend, located near the (serpentinite/granodiorite) contact zone.

On the Australian Projects, Blackstone continued to work on finalising priority targets for drill testing over the coming months.

Click here to view the full announcement


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Blackstone Continues to Intersect +1.0% Cobalt at Little Gem

ASX Announcement 31 May 2018 

Blackstone Minerals Limited (“Blackstone” or the “Company”), is pleased to announce diamond drilling results from the very high grade Little Gem CobaltGold Project (“Little Gem”) in British Columbia, Canada.

Highlights 

  • Blackstone has received assays from the first three drill holes (LGD17- 001R, LGD18-001 & LGD18-002) of the Company’s maiden drilling program at the very high grade Little Gem Cobalt-Gold Project; 
  • Significant results to date from the maiden drilling program at Little Gem include (Refer Figures One and Two):

LGD17-001R 

  • 1.1 m @ 3.0% cobalt and 44 g/t gold; within 
  • 4.3 m @ 1.0% cobalt and 15 g/t gold. (Refer ASX Announcement 9 January 2018 for full set of results)

LGD18-002 

  • 1.0 m @ 1.2% cobalt and 5 g/t gold; within 
  • 3.2 m @ 0.8% cobalt and 4 g/t gold.
  • Blackstone has consistently intersected a significantly larger alteration zone than previously interpreted, highlighting potential for a major hydrothermal system at Little Gem; 
  • Blackstone has initiated a geophysical survey to test for further high grade Cobalt-Gold prospects within the +1.8km strike target zone at Little Gem and the nearby (serpentinite/granodiorite) contact zone at the Jewel prospect, both of which are analogous to the world class Bou-Azzer primary Cobalt district in Morocco; 
  • 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) (Refer Figure Three).

Blackstone’s Managing Director commented; “Results from the first three drill holes have confirmed Little Gem has some of the world’s highest grade CobaltGold mineralisation. 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.”

Little Gem Cobalt-Gold Project 

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 2017 field season and drilling re-commenced in late April for the 2018 field season. Drilling to date has intersected the Little Gem structure within metres of the interpreted target. The Little Gem alteration halo is significantly larger than previously estimated, and the 2018 drilling 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. Significant results from the first three drill holes at Little Gem include:

LGD17-001R 

  • 1.1 m @ 3.0% cobalt and 44 g/t gold; within 
  • 4.3 m @ 1.0% cobalt and 15 g/t gold. (Refer ASX Announcement 9 January 2018 for full set of results)

LGD18-002 

  • 1.0 m @ 1.2% cobalt and 5 g/t gold; within 
  • 3.2 m @ 0.8% cobalt and 4 g/t gold. (Refer Image One and Table One & Two for full set of results and drill hole information)

The Company has initiated a geophysical survey to test for further high grade Cobalt-Gold prospects within the recently identified +1.8 km strike target zone at Little Gem and the nearby Jewel prospect located 1.1km north-northeast of Little Gem. The Jewel prospect is located near the (serpentinite/ granodiorite) contact zone which is prospective for Cobalt-Gold mineralisation analogous to the world class Bou-Azzer primary Cobalt district in Morocco.

Click here to view the full announcement 

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Blackstone Minerals (ASX:BSX) A real ‘Little Gem’

Research Report 7 May 2018

Investment Highlights 

Blackstone Minerals (BSX) is an Australian base and precious metals explorer with key assets in British Columbia, Canada. Through a transformational deal, the company acquired a 100% economic interest in the highly prospective Little Gem Cobalt-Gold Project. Whilst early stage exploration risks are considerable, we believe the potential rewards could be significant. The key attractions of the project are: 

  • High historic and recent cobalt and gold grades 
  • Tier one jurisdiction 
  • Geological similarities to the Bou-Azzer complex in Morocco (the only primary cobalt operation in the world) 
  • Exploration upside and strategic landholding 
  • Existing infrastructure 
  • Management being particularly well-versed at identifying early stage opportunities and delivering exploration success

Near term, we see any positive exploration results from the company’s recently commenced drilling program at Little Gem as a key catalyst. Longer term, testing the full strike extent at Little Gem and systematic exploration of BSX’s tenement package could lead to additional discoveries. Given the scarcity of quality cobalt plays in tier-one jurisdictions, we believe the company would gain rapid market traction with exploration success, and potentially demonstrate Little Gem’s potential to be developed into a primary cobalt producer.

Little Gem Cobalt / Gold project 

The Little Gem Project is located within the Bridge River mineral camp in BC, Canada, a wellendowed gold region. Whilst the Project is at an early stage (pre-Resource), limited historical work (adit, drilling) and initial drilling by BSX has demonstrated the potential for Little Gem to host exceptional cobalt and gold grades. Historical and BSX results included:

  • 1.8m @ 2.4% Co, 112g/t Au (drilling) 
  • 3.3m @ 1.4% Co, 80g/t Au (drilling) 
  • 1.8m @ 4.4% Co, 73g/t Au (channel sampling)
  • 1.8m @ 5.1% Co, 18g/t Au (channel sampling) 
  • 4.3m @ 1.0% Co & 15g/t Au, including 1.1m @ 3.0% Co and 44g/t Au (BSX drilling)

Cobalt outlook remains robust 

We believe the outlook for cobalt remains strong, driven by demand for use in Lithium-ion batteries. While the supply side reponse is expected to kick into gear in 2018, we note that this will be solely from DRC operations (currently ~70% of global supply). Ongoing tight market conditions have been confirmed by increased payabilities (+30% YoY) and longduration offtake deals such as that reached between Glencore and Chinese battery group GEM. Moreover, we note a very thin pipeline of advanced non-DRC projects and even then, these projects are, in the most part, 3-5 years away from production.

Australian Projects 

The company also owns several prospective, Western Australia gold and base metal projects, mostly located near existing operations owned by ASX listed producers. These projects include Silver Swan South (Gold/Nickel), Red Gate (Gold) and Middle Creek (Gold).

Overview 

BSX’s key asset is the Little Gem Cobalt-Gold Project in British Columbia, Canada. The company has recently completed vendor payments (totally C$700k, last payment in April 18) and acquired for 100% economic interest in the project. Whilst early stage, Little Gem has demonstrated outstanding grades through surface/adit sampling and limited drilling. A successful six-hole drilling campaign, currently underway, has the potential to confirm the presence of high grade cobalt/gold deposit.

Click here to view full report

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Drilling Commences at the Little Gem CobaltGold Project

ASX Announcement 26 April 2018

Blackstone Minerals Limited (“Blackstone” or the “Company”), is pleased to announce the Company has commenced drilling at the very high grade Little Gem Cobalt-Gold Project (“Little Gem”) in British Columbia, Canada (Refer Figure Three).


Highlights 

  • Blackstone has commenced drilling at the very high grade Little Gem Cobalt-Gold Project in British Columbia, Canada (Refer Figure One); 
  • The first hole in the current program is planned to intersect the entire target zone on the same section to Blackstone’s previous drill hole which was abandoned halfway through the target zone and intersected the following significant result (Refer Figure Two): 
    • 1.1 m @ 3.0% cobalt and 44 g/t gold; within 
    • 4.3 m @ 1.0% cobalt & 15 g/t gold.
  • Blackstone is planning an initial six diamond drill holes to test the original ~300 m strike target zone at Little Gem before looking to explore a +1.0 km strike extension to the east and +500 m strike extension to the west; 
  • Blackstone recently completed the final payment under the Gold Bridge option agreement and is now the 100% owner of the Little Gem project; 
  • The initial results from the maiden drilling have been consistent with historic drilling and adit channel sampling which returned average grades of 3% cobalt and 20 g/t gold; 
  • 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; “Blackstone is pleased to announce the Company has commenced drilling at the very high grade Little Gem Cobalt-Gold project in British Columbia, Canada. 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.”

Click here to view the full announcement 

ASX Announcement 5 April 2018

Little Gem Project (Cobalt & Gold), Canada

▪ First drill hole intersected 3% cobalt and 44 g/t gold, consistent with historic drilling and adit

channel sampling average grades of 3% cobalt and 20 g/t gold;

▪ 48km of strike potential of untested geology analogous to the world class Bou-Azzer district;

▪ Large unexplored regional exploration footprint for further cobalt, gold and copper discoveries.


Silver Swan South Project (Gold & Nickel), Western Australia

▪ Gold and nickel sulfide exploration located only 10 km south of Silver Swan nickel mine (166 kt

Ni) and 8 km north of Kanowna Belle gold mine (+5 Moz gold).


Red Gate Project (Gold), Western Australia

▪ Gold exploration near Saracen Minerals (SAR.asx) Porphyry gold deposit (0.9 Moz gold) with

kilometres of untested shear and greenstone belt.


Middle Creek Project (Gold), Western Australia

▪ Pilbara gold exploration adjacent Novo Resources (NVO.tsx-v) Beatons Creek Conglomerate Gold project and Millennium Minerals (MOY.asx) Nullagine Gold project;

▪ Visible gold in quartz veins at surface and an untested 1.3km long gold in soil anomaly.

Click here to view full announcement

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