Blackstone Minerals Quarterly Report for the Period Ending 31 March 2021

Blackstone Minerals Quarterly Report for the Period Ending 31 March 2021

Blackstone Minerals Limited (ASX:BSX) provided a summary of quarterly activities for the period ending 31 March 2021.

Ta Khoa Nickel – Copper – PGE Project

Upstream Business Unit (UBU)

• Multiple drill rigs active focussed on resource definition drilling and exploration for disseminated sulfide (DSS) and massive sulfide vein (MSV) prospects at the Ta Khoa Nickel – Copper – PGE Project in northern Vietnam
• Total of 14,502 metres of core drilling was completed in the March quarter, of which 5,285 metres were infill drilling at the large Ban Phuc DSS open pit orebody
• Infill drilling continued at the Ban Chang MSV prospect to support resource estimations and preliminary mining studies which are ongoing
• Testing of Electro-magnetic (EM) geophysics targets confirmed additional high grade MSV potential at the King Snake and Ta Cuong prospects:
• At King Snake high-grade massive sulfide nickel, copper and platinum group elements (PGEs) were confirmed (refer to ASX announcements dated 4 February 2021, 16 February 2021 and 11 March 2021); and
• At Ta Cuong significant sulfide mineralisation was identified in new Taipan Discovery Zone (TDZ), where drill hole TC21-03 intersected 39.70m of sulfide mineralisation including DSS, semi-massive sulfide (SMSV) and MSV (refer ASX announcement 25 February 2021)

Downstream Business Unit (DBU)

• The Company confirmed that separate Pre-Feasibility Studies (PFS) will be delivered for its Upstream and Downstream business units
• The Downstream PFS is anticipated to be completed by June/July 2021 and will consider expanded downstream refining capacity, which has potential to transform Blackstone into a globally significant Class 1 nickel producer
• Feedstock, namely nickel in concentrate, for the expanded planned refining capacity is expected to include both third – party concentrate and Blackstone’s potential orebodies within the Ta Khoa district in Northern Vietnam

Blackstone Minerals Limited (ASX:BSX) expanded downstream refinery is driven by strong indicative demand for the Company’s planned downstream products which will include Nickel:Cobalt:Manganese (NCM) precursor products suitable for the Lithium-ion battery industry, for example NCM811

• Blackstone intends to collaborate with Tier 1 partners to unlock the value of its expanded downstream refinery strategy, including EcoPro who are the world’s second largest manufacturer of cathodes and a major shareholder of Blackstone.

Corporate
• Letter of Interest signed with global commodity trading group Trafigura as part of its downstream refining strategy
• Highly-experienced hydrometallurgical engineer Tony Tang appointed General Manager Project Development – Downstream
• Blackstone to spin out non-core gold assets into new Codrus Minerals Limited IPO
• Blackstone commences trading on the US-based OTCQX Best Market
• Cash balance as at 31 March 2021 of A$19.2m

Blackstone Minerals’ Managing Director Scott Williamson commented:

“The March 2021 quarter was transformative for Blackstone as plans to expand our downstream refinery capacity were outlined to the market. Executing on our planned expanded downstream refinery strategy will see the Company become a globally significant Class I nickel producer.”

“During the March 2021 quarter the company continued an aggressive drilling program, adding confidence to the existing resource base as well as successfully targeting new massive sulfide opportunities including the King Snake prospect. The Ta Khoa district remains largely untested and we are confident based on our existing resource, initial success at multiple MSV deposits and from future exploration success, that the Ta Khoa Nickel – CuPGE project will be a significant feedstock for our downstream refinery in Vietnam for many years to come”

“The formalisation of Blackstone’s relationship with Trafigura, one of the largest commodity traders in the world, was an important milestone for the March 2021 quarter. The ability for our downstream business to access third-party concentrate will be important to meet the burgeoning demand for nickel driven by rapid growth in the Lithium-ion battery industry. During the quarter Blackstone continued to collaborate with Trafigura and the Company looks forward to presenting outcomes of the PFS for its downstream refinery business in
June / July this year.”

Click here for the full press release

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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More Massive Sulfide Nickel at King Snake

Blackstone Minerals Limited (ASX:BSX, OTC:BLSTF) is pleased to report that it continues to intersect Massive Sulfide Vein (MSV) mineralisation at King Snake. MSV has been observed in all drill holes subsequent to the maiden intersections recently announced (refer Tables 2 & 3 in Appendix 1 of this report and ASX announcement 4 February 2021).

The Company is aggressively drilling at King Snake and sees significant potential for it to be incorporated into ongoing mining and processing studies given the exploration success to date.

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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).

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.

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Elizabeth Gold Project Drilling Update

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The 2021 drilling campaign began on June 5 th . Five diamond drill holes have been completed to date for a total of 774 metres. Drill hole EZ-21-04, drilled on the Northern extension zone of the South West vein, has intersected a wide zone of quartz veining (approximately 4.2-metres), from 121.8-126.0 m, with visible gold evident over approximately one metre (see Figure 1). Additional quartz veining with visible gold has been identified in diamond drill hole EZ-21-02.

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Galaxy Resources Limited Announcement

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  • Change of Director’s interest Notice – MR

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The $6 million project, in which the Government of Quebec contributed approximately $650,000 through the Quebec Plan for the Development of Critical and Strategic Minerals, was completed on time and on budget, less than six months after the start of construction.

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Peter was previously Group Controller and has held a number of senior financial and non-financial leadership positions across Rio Tinto in Australia and the UK. In a career spanning 28 years with Rio Tinto, he has held roles including Global Head of Health, Safety, Environment & Communities; Head of Energy and Climate Strategy; and Head of Investor Relations. Prior to joining Rio Tinto, Peter qualified as a chartered accountant.

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Elizabeth Gold Project Drilling Update

Tempus Resources Ltd (“Tempus” or ” the Company” ) (ASX:TMR)(TSX.V:TMRR)(OTCQB:TMRFF) is pleased to provide an update of the drilling program at the Elizabeth Gold Project in Southern BC, Canada

The 2021 drilling campaign began on June 5 th . Five diamond drill holes have been completed to date for a total of 774 metres. Drill hole EZ-21-04, drilled on the Northern extension zone of the South West vein, has intersected a wide zone of quartz veining (approximately 4.2-metres), from 121.8-126.0 m, with visible gold evident over approximately one metre (see Figure 1). Additional quartz veining with visible gold has been identified in diamond drill hole EZ-21-02.

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Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Change of Director’s interest Notice – MR

The announcement can be viewed at:

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Rio Tinto has started operations at a new commercial scale demonstration plant to produce high-quality scandium oxide at its Rio Tinto Fer et Titane (RTFT) metallurgical complex in Sorel-Tracy, Quebec.

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Rio Tinto confirms Peter Cunningham as Chief Financial Officer

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Peter was previously Group Controller and has held a number of senior financial and non-financial leadership positions across Rio Tinto in Australia and the UK. In a career spanning 28 years with Rio Tinto, he has held roles including Global Head of Health, Safety, Environment & Communities; Head of Energy and Climate Strategy; and Head of Investor Relations. Prior to joining Rio Tinto, Peter qualified as a chartered accountant.

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