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Corporate Spotlight

BSX is actively exploring the BC Cobalt Project in British Columbia, Canada where the Company owns a large land holding with 48 km of untested strike of highly prospective geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco.
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INVESTOR PRESENTATION

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ADVANCED NICKEL SULFIDE PROJECT

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Blackstone to Explore Advanced Nickel Sulfide Project in a Premier Nickel District 

ASX Announcement 8 May 2019


Highlights 

  • Blackstone enters a binding term sheet for option to acquire a 90% interest in the Ta Khoa Nickel Project in Vietnam; 
  • Blackstone believes the Ta Khoa acquisition will substantially enhance the Company’s battery mineral focused asset base, which already includes the BC Cobalt Project; 
  • The Ta Khoa Project includes the Ban Phuc nickel mine which successfully operated as a mechanised underground mine from 2013 to 2016 and is currently on care and maintenance; 
  • Existing modern infrastructure built to Australian Standards includes a 450ktpa concentrator located within a premier nickel sulfide district; 
  • The acquisition includes 150km2 land package hosting more than 25 advanced stage massive sulfide vein (MSV) targets (see Figure 9) and many large disseminated sulfide (DSS) targets including the unmined Ban Phuc DSS where historic intersections include (Refer to Table One for full results):


BP04-68 

74.0m @ 1.02% Ni & 0.20% Cu from 73.0m 

Incl. 51.0m @ 1.19% Ni & 0.24% Cu from 91.0m 


LK46 

90.2m @ 1.10% Ni from 140.2m 

Incl. 54.2m @ 1.50% Ni from 162.9m 


BP14-03 

71.2m @ 0.98% Ni & 0.18% Cu from 90.5m


  • Blackstone 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;


Blackstone Mineral’s Managing Director Scott Williamson commented; 

“This is an exciting opportunity for Blackstone to acquire a 90% interest in a project that has a history of profitable nickel production even during low nickel prices. Blackstone will be the first company to explore Ta Khoa for both MSV and DSS nickel sulfide deposits all the while investigating downstream processing opportunities to meet the demands of the growing Asian lithium ion battery sector.” 


Blackstone Minerals Limited (ASX code: BSX) is pleased to announce the Company has entered into a binding term sheet for the exclusive option to acquire a 90% interest in the Ta Khoa Nickel Project. The Ta Khoa Nickel Project is located 160km west of Hanoi (see Figure 1) 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 successfully operated as a mechanised underground nickel mine from 2013 to 2016.


Previous project owners invested more than US$136m in capital and generated US$213m in revenue1 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 450ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250- person camp.


Binding Option Deal Terms 

Blackstone Minerals Limited has entered into a 12-month exclusive binding option agreement to purchase AMR Nickel Limited’s 90% interest in the Ta Khoa Project based on the following terms: 


  • Quarterly option payments to AMR Nickel Limited of US$100,000 to be spent by AMR Nickel Limited in accordance with an Approved Expenditure Budget (this payment excludes all exploration and feasibility study costs which will be incurred by and at the discretion of Blackstone Minerals). 
  • Exercise of the Option by issuing A$1,000,000 of Ordinary Fully Paid Shares in Blackstone Minerals Limited issued at a deemed issue price based on the VWAP for the 30 trading days immediately preceding the date of the exercise notice. Consideration shares under the Option Agreement will be subject to shareholder approval under Listing Rule 7.1, however approval will not be sought from shareholders until the Option is exercised by Blackstone at a later date. 
  • Blackstone may extend the option period to 24 months by spending a minimum of A$1,000,000 on exploration activities within the first 12 months of the option agreement.


Blackstone Minerals will liaise with the ASX regarding its compliance with Listing Rule 11.1.2 in relation to the transaction, however based on Blackstone’s assessment of the scale of the transaction, we believe the acquisition will not require shareholder approval under Listing Rule 11.1.2.


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RIU EXPLORERS

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QUARTERLY

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Quarterly Report for the period ending 30 September 2018

ASX Announcement 31 October 2018

Highlights 

  • Major new targets identified at BC Cobalt Project with significant Cu-Au-Co soil anomalies and coincident IP survey results indicating a large sulfide bearing body associated with the Jewel Copper-Gold-Cobalt Prospect; 
  • The new soil anomalies are greater than 1.5 kilometres long and with coincident chargeability and resistivity signatures typical of sulfides gives further evidence of a major hydrothermal system associated with the BC Cobalt Project (Refer Figures One, Two, Three, Four and Five); 
  • Erebor discovery of visible gold and cobalt delivered assays with grades of up to 2.3% cobalt and 32 g/t gold (Refer Figure Four); 
  • New surface rock chip samples taken from the Jewel Copper-Gold-Cobalt Prospect have also delivered high grade assay results including 5.6% copper and 5.1% copper (Refer Figure Three); 
  • High grade Cobalt assays from surface rock chip samples taken from the new Erebor discovery included the following significant results (Refer ASX Announcement 9 October 2018 for full set of results):
    • o 2.3% cobalt, 32 g/t gold and 1.1% nickel 
    • 1.0% cobalt o 1.0% cobalt o 0.6% cobalt 
    • 0.6% cobalt o 0.5% cobalt o 0.4% cobalt
  • The Erebor prospect is the first discovery of significant Cobalt-Gold mineralisation in the region since prospectors discovered similar mineralisation at Little Gem in the 1930’s; 
  • The Erebor discovery further suggests the potential for the Little Gem Project to host multiple deposits akin to the Bou-Azzer primary Cobalt district in Morocco (>50 deposits and 75 years of Cobalt production); 
  • Blackstone entered into a Binding Option Agreement to divest 100% of the Red Gate Project in Western Australia for a total value of A$1 million.

Canadian Projects 

BC Cobalt Project (100% interest) 

Introduction

The BC Cobalt Project (335 km² of tenure) formerly the Little Gem Project is located 180 km north of Vancouver in British Columbia, Canada. The Projectwas discovered in the 1930’s by prospectors identifying a pink cobalt-bloom on weathered mineralisation that led to three adits being developed. A total of 1,268 m of drilling was completed from underground and detailed channel sampling was taken from the adits. Blackstone acquired the BC Cobalt Project in October 2017 and has since completed an extensive maiden exploration program including drilling, geochemical and geophysical surveys, the initial results indicate potential for the project to host a world class Cobalt Belt in British Columbia

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