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Blackstone Minerals managing director lifts holding in company through on-market purchase

Scott Williamson has purchased a further 250,000 securities taking the overall holding in indirect interests to 3.25 million.

Blackstone Minerals Ltd - Blackstone Minerals managing director lifts holding in company through on-market purchase
The company this week discovered a new zone at the Ta Khoa Nickel Project

Blackstone Minerals Ltd’s (ASX:BSX) managing director Scott Williamson has shown his support of the company’s nickel strategy centred on Vietnam with a further on-market purchase of shares.

On December 19, Williamson added to his holding in the company by purchasing 250,000 shares at 12.5 cents each.

He now holds a total of 3.25 million shares in indirect interests.

Shares up 8%

The shares of Blackstone, which has a market cap of approximately $29.4 million, closed up 8% today to 13.5 cents.

Earlier this week the company announced the discovery of a new, near-surface higher-grade zone of nickel sulphide bearing semi-massive sulphide veins (SMSV) at its Ta Khoa Nickel Project in Vietnam.

King Cobra discovery

This discovery, called King Cobra, includes near-surface downhole intervals of up to 60 metres and visual estimates of up to 20% sulphide mineralisation.

The new discovery includes the first-ever intersection of massive sulphide vein and breccia styles of sulphide mineralisation within the Ban Phuc intrusion which may provide vectors towards the high-grade ‘feeder zone’ mineralisation.

Upcoming program

Blackstone aims to deliver a maiden resource on the DSS (disseminated sulphide) at Ban Phuc in the coming months and investigate the potential to restart the existing Ban Phuc concentrator through focused exploration on both MSV (massive sulphide vein) and DSS deposits.

A scoping study is underway on the downstream processing facility at Ta Khoa and this study will provide detail for potential joint venture partners to formalise a binding agreement.

Blackstone has also started metallurgical testing on the Ban Phuc DSS ore body with an aim to develop a flow sheet for a product suitable for the lithium-ion battery industry.

In addition, the company will investigate the potential to develop downstream processing infrastructure in Vietnam to produce a downstream nickel and cobalt product to supply Asia’s growing lithium-ion battery industry.

Quick facts: Blackstone Minerals Ltd

Price: 0.18 AUD

ASX:BSX
Market: ASX
Market Cap: $34.51 m
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Blackstone Minerals turning attention to exciting project in Vietnam

Blackstone Minerals Limited (ASX: BSX) Managing Director Scott Williamson joined Proactive's Steve Darling at the Vancouver Resource Investment Conference 2020. The Australian-listed company has recently discovered a new, near-surface higher-grade zone of nickel sulphide bearing semi-massive...

4 weeks, 1 day ago

2 min read