Vietnam Approves Blackstone’s Exploration & Reserve Report

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce that the Vietnamese Ministry of Natural Resources and Energy (“MONRE”) has approved the Company’s Exploration and Reserve Report for the Ta Khoa Nickel Mine. This is a significant milestone in the permitting and licensing of Blackstone’s projects in northern Vietnam, most importantly allowing the Company to progress the Ban Phuc, Ban Khoa, King Snake and Ban Chang Mining License applications.

The approval, and the inclusion of proposed exploration areas in the National Mineral Master Plan earlier this year (refer ASX announcement 07 August 2023) also enables the Company to advance new nickel sulphide targets and grow the resources and reserves within the Ta Khoa Dome immediately adjacent to the proposed mining operations.

Figure 1: Lon Taranaki, General Director, Ta Khoa Project, delivering a speech to the National Reserve Assessment Council

Background

The Company was granted Mineral Exploration License No. 1366/GP-BTNMT dated 10 July 2014 (area 49.7km2) for a period of four years. During this period the Company undertook an extensive exploration programme over a 49.7km2 area surrounding the existing mine. The programme included:

• Geological mapping at 1/25,000 scale over the exploration license: 49.7km2
• Geological mapping at 1/2000 scale for twelve prospects: 17.3km2
• Topographic survey at 1/2000 scale for four deposits: 4.4km2
• Soil sampling for 12 prospects: 17,028 samples
• Magnetic survey and fixed loop electromagnetic survey: 5,232 stations across 101 loops on Tạ Khoa, Ta Hộc and Hong Ngai
• Trenching: 117 trenches, 2,768m long over 3,753m3 for a total of 880 samples
• Drilling: 131,647m of diamond drilling for a total of 27,411 samples
• Underground bulk sample development drive: 907m long, sampling 4,669t of ore
• Study on hydrogeology and engineering geology for four deposits including geotech mapping

• Geographical location characteristics of the exploration area
• Details on the geological exploration works and environmental protection issues
• Quality characteristics and properties of Ni-Cu sulphide ores
• Hydrogeological characteristics
• Engineering geology and mining technical conditions
• Estimation for reserves and resources of deposits

The process as stipulated in the Vietnamese Mining Law requires companies to have their Exploration and Reserve Report assessed and approved by content experts and government officials. The National Reserve Assessment Council, a division under MONRE are responsible for the assessment and ultimate approval of the report.

The Company submitted the Exploration and Reserve report to the National Reserve Assessment Council and the Council reviewed, inspected and discussed the content of the report. On 9 August 2023, the Reserve Council formally met, and under the chair of Tran Quy Kien, undertook a final review and assessment. The chair approved the Report and instructed the Reserve Council to prepare the formal approval notice. On the 21 September 2023, the Company received official notice that the Report was approved.

Blackstone Minerals’ Managing Director, Scott Williamson, commented:

“I would like to congratulate our Vietnamese team on achieving this significant and very critical milestone for the Company. The outcome is the cumulation of many years of hard work and dedication in exploring, discovering and developing the Ta Khoa Dome and we look forward to restarting exploration of the prolific nickel sulphide district around Ban Phuc.

The Company continues to demonstrate our ability to successfully operate in Vietnam through achievements such as this approval process, recently having our projects included in the National Mineral Master Plan and the ability to secure new opportunities such as the recently announced rare earths in Dong Pao.”

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