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Blackstone Minerals hits 60 metres at 1.3% nickel in King Cobra discovery hole

The company says it has returned the “most significant drill hole to date” at the Ta Khoa Nickel Project in northern Vietnam.

Blackstone Minerals Ltd - Blackstone Minerals hits 60 metres at 1.3% nickel in King Cobra discovery hole
Blackstone is continuing an aggressive drilling program at the Ban Phuc deposit

Blackstone Minerals Ltd (ASX:BSX) has returned the best downhole intersections seen to date at Ta Khoa Nickel-PGE Project in northern Vietnam, including 60 metres at 1.3% nickel from 32 metres.

Within this wide intersection from 32 metres in the King Cobra discovery zone was 13.9 metres from 49.1 metres at 2.25% nickel.

Another encouraging result was 142 metres from 123 metres at 0.41% nickel including 11.9 metres at 1.09% nickel.

The company’s drilling has now intersected the King Cobra discovery zone over 200 metres of strike length, with the zone interpreted to be open along strike to the northwest and southeast and down dip to the northeast.

 “Most significant” to date

Blackstone Mineral’s managing director Scott Williamson said: “Blackstone is pleased to announce the King Cobra discovery hole as our most significant drill hole to date at the Ta Khoa Nickel Project.

Strongly mineralised disseminated sulphide from 107.3 metres downhole in drill hole BP20-03 within King Cobra zone.

Williamson said: “The King Cobra discovery continues to grow, as does our understanding of the geology of the Ban Phuc deposit.

“The King Cobra discovery is shaping up to be a high-grade, near-surface, large-scale disseminated nickel-PGE zone that has potential to deliver a highly economic starter pit at Ta Khoa.”

Results have been received for six new holes, all of which returned promising intersections of nickel mineralisation.

New drill intersections and drill hole locations in Ban Phuc ultramafic intrusion disseminated sulphide zone.

Shares increase

Shares have been up as much as 9% to an intra-day high of 18 cents.

King Cobra is a new, near-surface, high-grade zone of nickel sulphide-bearing semi-massive sulphide veins (SMSV) at the Ta Khoa project.

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

Cross-section 49850E showing the King Cobra discovery hole BP19-23 and BP19-34.

Aggressive drill program

Blackstone is continuing its aggressive drilling program at Ban Phuc with four drill rigs testing the disseminated mineralisation (DSS).

Two rigs are on priority step-out drilling testing for potentially significant expansions to the known Ban Phuc DSS ore body and the down-dip feeder zone target at the King Cobra zone.

The company aims to deliver a maiden resource on the DSS at Ban Phuc over the coming months

and investigate the potential to restart the existing Ban Phuc concentrator through focused exploration on both MSV and DSS deposits.

Scoping study underway

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

Blackstone has started metallurgical testing on the DSS deposit with an aim to develop a flow sheet for a

product suitable for the lithium-ion battery industry.

In addition, Blackstone 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.

The recently announced MOU with Asia’s largest and the world’s second-largest, EV battery cathode manufacturer, Ecopro BM Co Limited represents a major step toward making this a reality.

Ta Khoa project includes an existing modern nickel mine which has been under care and maintenance since 2016 due to falling nickel prices.

Existing infrastructure includes an internationally designed 450,000 tonnes per annum processing plant.

Quick facts: Blackstone Minerals Ltd

Price: 0.18 AUD

Market: ASX
Market Cap: $34.51 m

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