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Blackstone Minerals Ltd

Blackstone Minerals' diamond drilling results show very high-grade cobalt and gold

Blackstone Minerals (ASX:BSX) managing director Scott Williamson speaks to Proactive Investors about developments at the company's flagship Little Gem Colbalt-Gold Project in Canada, and also touches on the status of other assets in the portfolio.

The Australia and Canada-focused explorer today announced results from the first three of six diamond drill holes at Little Gem, with results from the remaining three holes due to flow in the coming month.

“[In] the initial hole we hit 3% cobalt and 44 grams per tonne gold, so this is very much in line with the average grade of all the historic data at Little Gem… We’ve got a very high-grade gold system, with cobalt, and we think that these first three holes have really confirmed that we’ve got some of the highest grade cobalt you’ll see anywhere,” says Williamson.

Blackstone Minerals is funded for the next three to six months of activity at Little Gem, and aims to progress towards a maiden resource by end 2018.

“We’ll continue to drill… we’ll also do some geophysical surveys at Little Gem. We looking at an IP survey along the 1.8 kilometre strike extensions at Little Gem. We’ve also got a contact zone that we’ll be testing. It’s the contact zone which is similar to the Bou-Azzer mine in Morocco. So we have a very similar geological contact to the Bou-Azzer mine in Morocco, which is the only primary cobalt mine in the world,” explains Williamson.

Williamson continues, “we’ll continue to send geologists out into the field looking for cobalt in a district that’s never been explored for cobalt. This is a gold mining district - there’s never been this focus on cobalt until now - so we think there’s a real opportunity to use the modern geophysics, boots on the ground, and really open up this belt.”

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Price: $0.17

Market: ASX
Market Cap: $27.36 m
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