Blackstone Minerals: Quarterly Report for the Period Ending 30 June 2020
Blackstone Minerals Limited (ASX:BSX) has released its quarterly report.
• Blackstone Minerals Limited (ASX:BSX) commenced drilling regional massive sulfide vein (MSV) targets at its Ta Khoa NickelCopper-PGE project in northern Vietnam;
• Blackstone is targeting MSV prospects analogous to the previously mined Ban Phuc MSV, where previous owners successfully mined 975kt of high grade ore at average grades of 2.4% Ni & 1.0% Cu from an average vein width of 1.3m for 3.5 years between 2013 and 2016, producing 20.7kt Ni, 10.1kt Cu and 0.67kt Co;
• Blackstone’s ground-based electromagnetics (EM) geophysics crew generated a 1.2km long massive sulfide target within a 12km long district-scale exploration corridor which Blackstone
will continue to test over the coming months;
• Blackstone attracted a $6.8 million investment at a 62% premium from EcoPro, Korea’s largest cathode manufacturer, through a placement of 40 million fully paid ordinary shares at an issue price of $0.17 per share.
• The binding agreement outlines an alliance structure whereby EcoPro and Blackstone Minerals will work in partnership (through an additional investment via a Joint Venture Agreement) to develop a downstream processing facility in association with Blackstone Minerals’ Ta Khoa Nickel-Copper-PGE Project in northern Vietnam.
• The deal was completed with the appointment of Hoirim Jung as a Non-Executive Director to Blackstone’s board.
• Blackstone exercised the option to acquire a 90% interest in the Ta Khoa Nickel-Copper-PGE Project in Northern Vietnam by executing the binding option agreement to purchase AMR Nickel Limited’s 90% interest in the project as per the ASX announcement dated 8th May 2019.
• Blackstone appointed experienced business development and investor relations executive Patrick Chang as Corporate Development Officer.
• The June Quarter has seen Blackstone position itself to significantly advance the Ta Khoa Nickel Copper-PGE Project over the coming year, with a strong cash position of $6.78M and supportive shareholder base.
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