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Blackstone Minerals : First Drill Hole at Jewel Intersects Cu, Ni and Co Sulfide

11/29/2021 | 05:21pm EST

For personal use only

30 November 2021

British Columbia Drilling Update

Significant Cu, Ni & Co intersected from first drill hole at Jewel

Blackstone Minerals Limited ("Blackstone" or the "Company") is pleased to inform shareholders that drilling activities have recommenced at the Company's wholly owned exploration assets in British Columbia (the Gold Bridge Project, formerly the BC-Cobalt

Project).

The first drill-hole targeting a large IP anomaly at the Jewel Prospect has intersected sulfide mineralisation:

  • Large Induced Polarisation (IP) anomalies at the Jewel Prospect occur over a strike length of approximately 2km (refer Figure 3)
  • Drill hole JWD21-01, the first drill hole at the Jewel prospect intersected massive Cu-Ni-Co sulfarsenide vein mineralisation (refer Figure 1)
  • Within the mineralised intersection from drill hole JWD21-01, significant copper, nickel and cobalt has been confirmed by portable XRF (pXRF) (refer Tables 1 & 2 and

Appendix 1)

  • Further drilling will target extensions of the mineralisation discovered in JWD21-01
  • Assay results are expected in 6-10 weeks including assays for gold

Figure 1 - Core from drill hole JWD21-01 showing Cu-Ni-Co sulfarsenide mineralisation

For personal use only

30 November 2021

Scott Williamson, Blackstone's Managing Director, said:

"Although Ta Khoa remains the Company's primary focus, in the background Blackstone has continued to work-up its exploration targets in British Columbia. The first drill hole testing a 700 m long 24 mv/v IP chargeability anomaly at Jewel Prospect successfully encountered Cu, Ni and Co sulfarsenides is a great proof-of-concept result for the project. Initial success confirms not only the prospectivity of the Jewel IP target, but also the potential of Blackstone's 50 km BC cobalt target zone to host Ni, Co and Cu sulfarsenide deposits of the same style as the World Class Bou-Azzer cobalt district in Morocco."

Figure 2 - Blackstone Tenure, Gold Bridge Project

Blackstone's geological model for the Jewel prospect suggest that it is located within a similar setting to the underground mines of the world class Bou-Azzer primary cobalt district in Morocco. Much of the high grade underground primary cobalt mines in Bou- Azzer are located near the contact of the serpentinized ultramafic and quartz diorite units, of which the Gold Bridge Project is a great analogue (refer Figure 2). The historical Jewel mine is likewise located proximal to the contact of the serpentinite and granodiorite bodies (refer

Figure 4).

2

30 November 2021

For personal use only

Figure 3 - IP Survey Chargeability, Gold Bridge Project

The current exploration program builds on initial exploration success at the Little Gem prospect and involved a detailed 3D Pole-Dipole Induced Polarisation (3D IP) and Resistivity Survey (refer Figures 3 & 4). An analysis of IP survey data and regional soil, rock chip and stream sediment samples has resulted in the identification of multiple large-scale sulfide bearing targets, with the Jewel prospect being high priority.

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30 November 2021

For personal use only

Figure 4 - Jewel Prospect Long Section showing drill hole JWD21-01

  1. For Blackstone Minerals Rock Sample results refer to Table 1 in ASX Announcements 6 September 2017 and 16 October 2018
  2. Historic production results obtained from external report by Cairnes, C.E: Geology and Mineral Deposits of Tyaughton on Lake
    Map-Area, British Columbia: Geological Survey of Canada. Mineral Resources Branch, Department of Energy, Mines and
    Resources, Ottawa, Canada and Reports of Minister of Mines, British Columbia: 1937 and 1938. Also refer ASX announcement 16 October 2018.

About the Gold Bridge Project (100% interest)

The Gold Bridge Project (367km2), formerly the Little Gem - BC Cobalt Project, is located 180km north of Vancouver in British Columbia, Canada. The Gold Bridge Project was discovered in the 1930s by prospectors identifying a pink cobalt-bloom on weathered mineralisation that led to three adits being developed. A total of 1,268m of drilling was completed from underground and detailed channel sampling was taken from adits.

Blackstone acquired the Gold Bridge Project in October 2017 and has since completed an extensive exploration program including drilling, geochemical and geophysical surveys, with the initial results indicating potential for the project to host a world class cobalt belt in British Columbia.

For more information, please contact

Scott Williamson

Dhanu Anandarasa

Patrick Chang

Managing Director

Manager Corporate Development

Head of Corporate Development

+61 8 9425 5217

+61 8 9425 5217

+61 8 9425 5217

scott@blackstoneminerals.com.au

dhanu@blackstoneminerals.com.au

patrick@blackstoneminerals.com.au

4

For personal use only

30 November 2021

About Blackstone

Blackstone Minerals Ltd (ASX: BSX / OTCQX: BLSTF / FRA: B9S) is focused on building an integrated upstream and downstream battery metals processing business in Vietnam that produces Nickel: Cobalt: Manganese (NCM) Precursor products for Asia's growing Lithium-ion battery industry (refer Figure 5)

Figure 5 -Ta Khoa Project Snapshot

Ta Khoa Nickel-Cu-

UBU

90%

PGE Project

interest

Northern Vietnam

Third Party Multiple Feed Sources, Nickel in Concentrate

Feed Sources

DBU

NCM Precursor Production

?

MULTIPLE CUSTOMERS

The Company owns a 90% interest in the Ta Khoa Nickel-Copper-PGE Project. The Ta Khoa Project is located 160km 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 (refer Figure 6). The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016.

In October 2020, the Company completed a Scoping Study which investigated mining the Ban Phuc Disseminated nickel sulfide ore body (upstream) and the construction of a

200kpta downstream refinery (refer to ASX announcement of 14 October 2020, including for the full details of the Company's Mineral Resource Estimate at Ban Phuc).

Building on the outcomes of the Scoping Study, the Company has since completed a technically and economically robust Pre-feasibility Study for its Downstream Business Unit (DBU) which sees expanded downstream capacity. This is based on the Ta Khoa refinery being designed to process 400ktpa of nickel concentrate, supplied from the Ta Khoa Nickel - Cu - PGE mine as well as third party concentrate.

The Company is continuing to advance a PFS for the UBU. The UBU PFS will contemplate the option to mine several higher-grade massive sulfide vein (MSV) deposits, which has the potential to reduce initial upfront capital requirements for the UBU by enabling the Company to restart the existing Ban Phuc Concentrator (450ktpa).

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Blackstone Minerals Ltd. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 22:20:07 UTC.


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Sales 2022 0,87 M 0,62 M 0,62 M
Net income 2022 -10,0 M -7,11 M -7,11 M
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P/E ratio 2022 -26,8x
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