Blackstone Minerals Ltd (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) continues to intersect massive sulphide vein (MSV) mineralisation in all drill holes subsequent to the maiden intersections at King Snake target of the Ta Khoa Nickel–Copper-PGE Project in Vietnam.
The company is aggressively drilling at King Snake and sees significant potential for it to be incorporated into ongoing mining and processing studies, given the exploration success to date.
"One of best opportunities to date"
Blackstone Minerals’ managing director Scott Williamson said: “We are pleased by the rate of drilling at King Snake and the success of our exploration strategy in following up EM targets defined by our in-house geophysics team.
“King Snake features multiple EM plates and is proving to be one of Blackstone’s best massive sulphide nickel opportunities to date.
“We look forward to further aggressive drilling, reporting assays as they become available and being able to incorporate King Snake into our massive sulphide strategy.”
Shares have been as much as 7% higher intra-day to A$0.54 and have risen from A$0.36 at the market close on December 24, 2020, while the company's market cap is approximately $157.7 million.
Materially add to MSV inventory
Highlights from continued exploration at King Snake include
- All five additional drill holes at King Snake have intersected MSV mineralisation. KS21-06 intersected 19.55 metres of continuous mineralisation, including disseminated sulphide (DSS), semi-massive sulphide vein (SMSV) and MSV;
- New intersections together with historic drill results have defined a strike length of 800 metres. Importantly, the mineralisation is open in multiple directions;
- Blackstone's drilling at King Snake is focusing on new electromagnetic (EM) geophysics targets, which extend down plunge to the west of historic drilling. Initial visual results suggest greater thickness of sulphide mineralisation down plunge of historic drilling;
- With resource estimation underway at Ban Chang, King Snake has become the company’s highest priority MSV exploration target. Multiple drill rigs are currently on-site and will continue to test the extent of the mineralisation; and
- King Snake has the potential to materially add to the company’s MSV mining inventory and support the restart of the existing 450,000 tonnes per annum Ban Phuc concentrator.
Update on assay results
Blackstone expects to provide an update on the anticipated King Snake assay results, along with results from ongoing infill drilling at Ban Chang and Ban Phuc DSS over the coming weeks.
The most significant intercept from the latest round of drilling at King Snake was KS21-06, which intersected 19.55 metres of sulphide mineralisation including DSS, SMSV and MSV.
The company is targeting a maiden resource at King Snake in 2021 and this deposit may be incorporated into ongoing mining and processing studies as sufficient data becomes available.
Due to the Lunar New Year celebrations and holiday period, exploration activities at the site have been cut back to a minimum.
Normal activities are expected to resume from February 22.
King Snake is an MSV prospect, 1.5 kilometres northeast of the processing facility.
Results from Blackstone’s maiden program at King Snake together with historic drill results have defined a strike length of over 800 metres at King Snake, which includes MSV, SMSV and DSS.