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BLACKSTONE MINERALS LIMITED

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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

Drill Company Mobilising & Multi New Targets Identified at Little Gem

ASX Announcement 22 March 2018


Blackstone Minerals Limited (“Blackstone” or the “Company”), is pleased to announce  the Company  has  engaged Radius  Drilling  Corporation(“Radius Drilling”) to begin rig mobilisation and commence drilling at the very high grade Little Gem Cobalt-Gold Project (“Little Gem”) in British Columbia, Canada (Refer Figure Three). Radius Drilling is one of British Columbia’s premier diamond drilling contractors and specialists in drilling in winter conditions.


Highlights

  • Blackstone  has engaged  Radius  Drilling to  begin  rig mobilisation  and commence drilling at the Little Gem Cobalt-Gold Project (Refer Figure Two);
  • Multi-element  stream sediment  geochemical sampling has  indicated  the potential for  strike  extensions of  +1.5  kmat  Little  Gem,a  significant increase to the initial target zone of ~300 m strike length (Refer Figure One);
  • 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 the +1.0 km strike extension to the east and +500 m strike extension to the west;
  • Blackstone’s maiden drilling program will re-commence and follow up the following significant result from the first drill hole:
    • 1.1 m @ 3.0% cobalt and 44 g/t gold; within
    • 4.3 m @ 1.0% cobalt & 15 g/t gold.
  • The  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 Little Gem Project covers a large land holding with 48 km of untested strike  potential  of geology  analogous  to the  world  classBou-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).


Click here to view the full announcement

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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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