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Blackstone Minerals enters trading halt ahead of capital raising

The company is developing its landholding around the Little Gem project in Canada.

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Blackstone shares last traded at 12 cents each

Blackstone Minerals Ltd (ASX:BSX) has been granted a trading halt by the ASX pending an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of trading on Monday, December 17, or an announcement is released to market.

 

Blackstone is developing its landholding around the Little Gem project in Canada, which is rapidly emerging into British Columbia’s premier cobalt belt.

Using soil sampling techniques Blackstone identified multiple new large-scale targets at the Jewel copper-gold-cobalt prospect within Little Gem.

The new soil anomalies are greater than 1.5 kilometres long and coincide with recently identified induced polarisation targets, indicating a large sulphide-bearing body at depth.

READ: Blackstone Minerals identifies further copper-gold-cobalt targets at Canadian project

The Jewel prospect is 1.1 kilometres northeast of the Little Gem prospect and is associated with the high-grade Jewel Underground Mine with historical production of 51 tonnes between 1938 and 1940.

Historical average mining grades of 73 g/t and 0.4% copper have been supported by Blackstone rock chip samples assaying up to 98 g/t gold, 3.2% copper and 0.1% cobalt.

Quick facts: Blackstone Minerals Ltd

Price: 0.39 AUD

ASX:BSX
Market: ASX
Market Cap: $124.93 m
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