Blackstone Minerals Ltd (ASX:BSX) substantial shareholder Delphi Unternehmensberatung Aktiengesellschaft (AG) has boosted its stake in the company to 14.83% after a series of on-market purchases and placement participation.
German-based Delphi and related entities, including Deutsche Balaton AG, hold 28.435 million shares, up from 16.875 million on June 25, 2019.
On-market purchases in October
The prolific Australian junior resources sector investor has this month purchased 2.06 million shares on market at prices ranging from 13 cents to 15 cents per share, which follows participation in a placement during September.
Delphi’s major shareholder is Heidelberg-based businessman Wilhelm KT Zours, who has headed and chaired a number of software and strategy companies.
He invests in mining, biotechnology, renewable energy and investment management companies.
Second round of results
Last week Blackstone received its second round of drill results for six more holes from the Ta Khoa Nickel Project in northern Vietnam.
Results from the diamond drilling include 29.4 metres at 1.00% nickel, 0.12% copper, 0.02% cobalt and 0.60 g/t Pt+Pd+Au from 140.6 metres.
The Ta Khoa project hosts the Ban Phuc underground nickel mine which operated from 2013 to 2016.
First to assay for PGEs
Blackstone is the first company to assay the Ban Phuc disseminated sulphide zones (DSS) for PGEs and has uncovered a previously unrecognised opportunity.
Previous owners focused on the Ban Phuc massive sulphide vein (MSV), which has relatively low PGE grades.
Blackstone’s maiden PGE assays combined with the abundance of disseminated nickel sulphide targets suggest PGEs associated with disseminated nickel sulphide mineralisation could significantly improve the economics of the project.
Drilling is ongoing with additional drill rigs expected to mobilise soon for infill and exploration drilling targeting both DSS and MSV at the project.