Blackstone Hits Massive Sulfide Nickel at King Snake

Blackstone Hits Massive Sulfide Nickel at King Snake

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to report that it has hit Massive Sulfide Vein (MSV) mineralisation in multiple drill holes from its maiden exploration program at the King Snake prospect (refer Tables 3 and 4 in Appendix 1 of this report).

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to report that it has hit Massive Sulfide Vein (MSV) mineralisation in multiple drill holes from its maiden exploration program at the King Snake prospect (refer Tables 3 and 4 in Appendix 1 of this report).

Immediate success at King Snake reaffirms the prospectivity of the region and the Company’s strategy in defining high-grade Nickel targets using Electro-magnetic (EM) geophysical techniques. Multiple EM crews are engaged at several high priority targets across the Company’s developing Ta Khoa Nickel Project in Vietnam.

Blackstone has commenced the maiden resource estimate for the Ban Chang prospect and continues drilling at Ban Phuc, Ban Chang, Ta Cuong, Ban Khoa and King Snake (refer Figure 1).

Highlights from the initial exploration program at King Snake include:

  • New EM targets generated in November 2020 (refer ASX announcement 24 November 2020) were followed up with diamond drilling, with six of the first seven holes intersecting massive sulfides along with associated disseminated sulfides (DSS) (refer Table 4);
  • New intersections together with historic drill results have defined a strike length of over 800m at King Snake which includes MSV, semi-massive sulfide vein (SMSV) and DSS mineralisation, with the mineralisation open in multiple directions;
  • Samples from the initial King Snake drill holes are with the laboratory. Due to prolonged delays in assays Blackstone will continue to keep the market informed with visual estimates as required; and
  • Following success at Ban Chang, King Snake is poised to add critical mass to the Company’s high grade MSV strategy which will see the restart of the existing 450ktpa Ban Phuc Concentrator.

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Lodgement of Codrus Minerals Limited IPO Prospectus

Key Highlights:

Codrus Minerals Limited has lodged its IPO Prospectus with ASIC to raise a minimum of $5,000,000 and a maximum of $8,000,000.
• PAC Partners Securities Ltd and Westar Capital Limited appointed as Joint Lead Managers.
• Priority offer to eligible Blackstone shareholders up to 10,000,000 shares.
• Shannan Bamforth, experienced Exploration Geologist appointed as Managing Director.
• Highly prospective Gold IPO with the spin-out of the Western Australian gold assets, including the Silver Swan South Project, Red Gate Project and the Middle Creek Project
• The Bull Run project in Oregon USA, consisting of 90 claims in Baker County in Eastern Oregon, prospective for gold and has been mined since 1929.
• Blackstone to be a substantial shareholder of Codrus.

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Appointment of Codrus Managing Director

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce the appointment of Shannan Bamforth as Managing Director of Codrus Minerals Limited (“Codrus”), the spin out of its non-core gold assets announced earlier this year (Refer to ASX announcement from 15 January 2021)

Mr Bamforth is a geologist with over 20 years’ experience in the resources industry with a focus on base metals and gold. He has worked in exploration, operations and corporate roles in Australia, Africa, China, and Indonesia. Mr Bamforth comes to Codrus from Sandfire Resources where he has been working in the role of General Manager Geology since 2010. Prior to this role he held various senior positions with a variety of companies including Regent Pacific Group, St Barbara Mines, AngloGold Ashanti, and Acacia Resources. He is a member of The Australian Institute of Mining and Metallurgy.

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Blackstone Minerals Quarterly Report for the Period Ending 31 March 2021

Ta Khoa Nickel – Copper – PGE Project

Upstream Business Unit (UBU)

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Graphite Metallurgical Test Work Update

Highlights:

  • Bulk sample of Springdale graphite concentrate estimated to be completed in Q2 2021.
  • Concentrate material will then be sent to Germany to test its amenability for the production of battery anode material suitable for use in EVs.
  • Final test results expected in Q3 2021.

Comet Resources Ltd (ASX:CRL) is pleased provide an update on ongoing test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia. Both excellent grade and recoveries were achieved on initial tests, leading to commencement of work to produce a bulk sample for further testing. Importantly, the graphite concentrates previously produced demonstrated a unique and potentially very valuable characteristic in its small size distribution, with two-thirds of the product passing the 38 µm size fraction screen. Generally, this small size fraction of graphite is a by-product of processing of larger flake fractions, which produces smaller size graphite, but in doing so also damages the smaller flake material in the process, reducing their performance and value. Deposits that contain high quality ultra-fine graphite are uncommon and are potentially suitable for supplying the expanding battery anode market, which continues to grow as the sales of electric vehicles (EVs) increase. Graphite suitable for battery anode production also achieves premium pricing in graphite markets, making it a highly sought-after product.

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Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

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