Blackstone Minerals (ASX:BSX) announces the Quarterly Report for the period ending 31 December 2019.
- During the quarter Blackstone announced the King Cobra discovery and recently announced assays from the discovery hole intersected 60m @ 1.3% Nickel from 32m including 13.9m @ 2.25% Nickel from 49m (see Figures 1 & 2 and ASX announcement dated 20th January 2020 for full details);
- Blackstone’s drillhole BP19-03 which returned 45m @ 1.2% Nickel from 56m is now interpreted as an earlier intersection of King Cobra mineralisation (see ASX announcement dated 6th August 2019 & 17th September 2019 for full details);
- Blackstone’s drilling has now intersected the King Cobra (KCZ) discovery zone over 200m of strike length, with the KCZ interpreted to be open along strike to the north west and south east and down dip to the north east (see Figure 1);
- Hole BP19-29 returned the most significant downhole intersections seen to date at the Ta Khoa Nickel-PGE Project, with 60m @ 1.3% Nickel including 13.9m @ 2.25% Nickel from the King Cobra Zone, and 142m @ 0.41% Nickel including 11.9m @ 1.09% Nickel from the underlying previously unnamed Ban Duoi Zone (BDZ);
- During the quarter Blackstone signed an indicative, non-binding MOU with Korea’s largest EV battery cathode manufacturer, Ecopro BM with a view to formalising a Joint Venture on the downstream processing infrastructure project in association with Blackstone’s Ta Khoa Nickel-PGE Project;
- Blackstone is continuing its aggressive drilling program at Ban Phuc with four drill rigs testing the disseminated mineralisation (DSS), including two rigs on priority step-out drilling testing for potentially significant expansions to the known Ban Phuc DSS orebody and the down dip feeder zone target at the King Cobra target zone (see Figure 1);
- Blackstone has purchased inhouse electromagnetic (EM) and Induced Polarisation (IP) equipment and has commenced an extensive ground-based geophysical survey of the Ta Khoa project.
- Blackstone is well funded to deliver a maiden resource for the Ban Phuc DSS and a scoping study with a strong cash position of $2.83 million