Blackstone Minerals Ltd’s (ASX:BSX) Germany-based substantial shareholder Delphi has purchased 2.355 million shares at 8.5 cents each to increase its stake to 11.92% voting interest in Blackstone.
Delphi Unternehmensberatung Aktiengesellschaft (AG), of Heidelberg and related entities have purchased the shares via on-market trades on March 18, 2019 for a total consideration of about $200,00.
The West Perth company is looking for cobalt, copper and gold in the Canadian gold province of Bralorne, British Columbia, informed by geophysics and geochemistry work.
Blackstone managing director Scott Williamson recently said explorers had been in Bralorne looking for gold over the last century, noting the area was “the most prolific gold mining region in British Columbia".
Williamson added: “We’re not looking for gold there, we’re actually looking for cobalt and gold and we believe that there is potential for significant cobalt in this region [that has] never been explored for cobalt.
“They discovered our first target, Little Gem, in the 1930s and they were looking for gold and we believe the cobalt for them back in that period would have been difficult and now we’re looking for that as a battery metal.
The Blackstone MD acknowledged drilling of three adits around Little Gem had revealed the areas lacked the scale needed for an underground mine in modern days.
“We’ve now done a little bit more work, we’ve done some geophysics, IP surveys indicating sulphides and some geochemistries indicating significant copper-gold and cobalt, so we now have targets that are suggesting we now know where the source of this high-grade mineralisation is.
“Looking forward to drilling that in the coming season.”