Blackstone Minerals : New Massive Nickel Sulfide Discoveries at Ta Khoa

For personal use only

2 June 2022

Ta Khoa Drilling Update

• Portable XRF records up to 20% Ni at New Massive Sulfide Discovery
• Resource drilling at Ban Chang and King Snake continues to deliver
  impressive results

Blackstone Minerals Limited ("Blackstone" or the "Company") is pleased to provide an update on drilling at the Company's flagship Ta Khoa Nickel Project (TKNP) in northern Vietnam.

New Massive Nickel Sulfide Targets

Blackstone drilling targeting new opportunities within the Ta Khoa district has identified Massive Sulfide Vein (MSV), Semi-Massive Sulfide Vein (SMSV) and Net-textured Sulfide (NTS) mineralisation.

• At the Suoi Phang prospect (refer Figures 2, 3), drill hole SP22-01 has intersected 2.95m of sulfide (including MSV, SMSV and NTS) with Portable XRF readings indicating the
  presence of up to 20% Ni (refer Table 1, Table 3, Table 4 and Appendix 1)
• At the Suoi Chanh prospect (refer Figure 4), the second drill hole SC22-02has intersected SMSV consistent with the Blackstone Electromagnetic (EM) targeting.

Resource Drilling

Blackstone has continued to drill its most advanced MSV deposits (Ban Chang & King Snake), primarily focusing on upgrading the current resources (refer ASX announcement 23 December 2021) into a higher confidence category. At King Snake, the most recent drilling indicates potential for the deposit to continue to plunge further west and at depth (refer

Image 1, Figure 7, Figure 8 & Table 2).

Highlights from infill drilling at Ban Chang include:

BC21-66	9.6m @ 2.02% Ni, 1.92% Cu, 0.1% Co & 3.04g/t PGE1 from 60.1m
including	4.8m @ 3.38% Ni, 3.07% Cu, 0.16% Co & 5.29g/t PGE1 from 63.7m
BC21-104	6.75m	@ 1.44% Ni, 2.1% Cu, 0.08% Co & 1.32g/t PGE1 from 27.7m
including	3.65m	@ 2.58% Ni, 2.1% Cu, 0.15% Co & 1.21g/t PGE1 from 30.8m
BC21-77	25.55m @ 0.63% Ni, 0.43% Cu, 0.04% Co & 0.33g/t PGE1 from 43.65m
including	3.57m	@ 2.17% Ni, 0.82% Cu, 0.12% Co & 0.94g/t PGE1 from 62.43m
BC21-62	3.75m	@ 2.16% Ni, 0.82% Cu, 0.13% Co & 1.09g/t PGE1 from 101.6m
BC21-90	13.95m @ 0.99% Ni, 0.63% Cu, 0.05% Co & 0.99g/t PGE1 from 78.75m
including	8.52m	@ 1.49% Ni, 0.88% Cu, 0.07% Co & 1.35g/t PGE1 from 79.08m
BC21-48	7.75m	@ 1.00% Ni, 0.53% Cu, 0.06% Co & 0.84g/t PGE1 from 59.25m
including	2.65m	@ 1.52% Ni, 0.43% Cu, 0.09% Co & 1.81g/t PGE1 from 63m

1 Platinum (Pt) + Palladium (Pd) + Gold (Au)

Level 5, 600 Murray Street, West Perth, Western Australia 6005 | PO Box 1175, West Perth WA 6872

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2 June 2022

Highlights from infill drilling at King Snake include:

KS21-34	15.7m @ 1.25% Ni, 0.69% Cu, 0.05% Co & 1.66g/t PGE1 from 249.5m
including	6.02m @ 2.18% Ni, 0.62% Cu, 0.08% Co & 2.97g/t PGE1 from 250.4m
KS21-38	1.92m @ 3.02% Ni, 0.63% Cu, 0.11% Co & 2.13g/t PGE1 from 400.5m
KS21-40	1.35m @ 3.67% Ni, 0.54% Cu, 0.15% Co & 2.25g/t PGE1 from 154.1m
KS21-32	2.52m @ 1.07% Ni, 0.35% Cu, 0.04% Co & 1.93g/t PGE1 from 321.3m

1 Platinum (Pt) + Palladium (Pd) + Gold (Au)

Image 1 - MSV from drill hole KS22-17

Scott Williamson, Blackstone's Managing Director, said:

"It is an exciting phase of exploration for the Company as we start to look at massive sulfide opportunities in addition to Blackstone's established resources at Ban Chang and King Snake. Suoi Chanh is yet another example of our in-house geophysics teams proven track record, with success being achieved from the second drill hole. We look forward to continuing to systematically assess the massive sulfide potential at Ta Khoa."

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Level 5, 600 Murray Street, West Perth, Western Australia 6005 | PO Box 1175, West Perth WA 6872

T [phone] | F [phone] | E [e-mail] | blackstoneminerals.com.au

2 June 2022

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Figure 1. Ta Khoa District Geology Map

Suoi Phang

The Suoi Phang prospect is located at the far western end of the Ta Khoa license area and is hosted within Devonian metasediments of the Ban Mong Formation (see Figure 1). Massive sulfide was exposed in a historical adit, and two gossans were exposed in historical trenching (assays up to 5.9% Ni). The northern gossan measures 120m in strike length and the south part of the gossan is 100m long (see Figure 2).

Blackstone's exploration program at Suoi Phang is following up targets generated from surface EM surveying, with the most recent drillhole (SP22-01) intersecting massive sulfide close to surface, and with Portable XRF readings indicating the presence of up to 20% Ni.

3

Level 5, 600 Murray Street, West Perth, Western Australia 6005 | PO Box 1175, West Perth WA 6872

T [phone] | F [phone] | E [e-mail] | blackstoneminerals.com.au

2 June 2022

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Figure 2. Suoi Phang Plan View

*Historic trench results previously announced to the ASX on 29 May 2020

4

Level 5, 600 Murray Street, West Perth, Western Australia 6005 | PO Box 1175, West Perth WA 6872

T [phone] | F [phone] | E [e-mail] | blackstoneminerals.com.au

2 June 2022

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Figure 3. Suoi Phang Cross Section 3500E

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Level 5, 600 Murray Street, West Perth, Western Australia 6005 | PO Box 1175, West Perth WA 6872

T [phone] | F [phone] | E [e-mail] | blackstoneminerals.com.au