|Blackstone Minerals increases Ban Phuc resource confidence on intersecting 375 metres of nickel sulphide from 2 metres |
Results from the final infill drilling program at Ban Phuc deposit will be incorporated into an updated resource estimate and form the basis of an updated mine plan to be included in the upcoming UBU PFS.
Blackstone Minerals Ltd ( ASX:BSX, OTCQX:BLSTF, FRA:B9S) has intersected 375 metres of nickel sulphide from 2 metres at the Ban Phuc DSS deposit within the wider Ta Khoa Nickel-Copper-PGE Project in northern Vietnam, demonstrating the large bulk tonnage potential.
The company has been undertaking a final infill drill program and has received some of the best, broad intersections at the deposit to date, including:
BSX plans to assess mining scenarios as part of the upstream business unit (UPU) pre-feasibility study and results from this infill drilling bode well for the potential to increase mining inventory at Ban Phuc.
- 374.7 metres at 0.3% nickel (Ni), 0.01% copper (Cu), 0.01% cobalt (Co) and 0.07 g/t platinum group elements (PGE) from 2 metres, including 49 metres at 0.45% Ni, 0.04% Cu, 0.01% CO and 0.17 g/t PGE from 2 metres;
- 211.38 metres at 0.43% Ni, 0.03% Cu, 0.01% Co and 0.13 g/t PGE from 111.62 metres, including 52.24 metres at 0.74% Ni, 0.11% Cu, 0.01% Co and 0.31 g/t PGE from 241 metres;
- 156.25 metres 0.50% Ni, 0.07% Cu, 0.01% Co and 0.15 g/t PGE from 79.75 metres, including 31.05 metres at 0.75% Ni, 0.14% Cu, 0.01% Co and 0.26 g/t PGE from 83.75 metres; and
- 169 metres at 0.43% Ni, 0.04% Cu, 0.01% Co and 0.15 g/t PGE from 62 metres, including 10.3 metres at 1.13% Ni, 0.18% Cu, 0.02% Co and 0.48 g/t PGE from 98 metres.
Results increase confidence
Speaking to the results, Blackstone Minerals’ managing director Scott Williamson said: “The high tenor of results from the final infill drilling program increases the confidence of the resource at Ban Phuc, and the mine plan that will underpin Blackstone’s UBU PFS.
“In the relatively short amount of time since acquiring the Ta Khoa Nickel-Copper-PGE Project, Blackstone has been able to define a large, disseminated sulphide deposit which considerably adds to the security of supply for the company’s vertically integrated downstream refinery.”
Ban Phuc has an indicated mineral resource of 44.3 million tonnes at 0.52% nickel for 229,000 tonnes of nickel and an inferred resource of 14.3 million tonnes at 0.35% for 50,000 tonnes.
Results from the infill drilling at Ban Phuc deposit will be incorporated into an updated resource estimate and form the basis of an updated mine plan to be included in the UBU PFS.
Shares have jumped more than 7% at the opening to A$0.455 and the company's market cap pre-open was approximately A$141 million.
PFS set for release later this year The UBU PFS, scheduled for release later this year will contemplate the option to mine several higher-grade massive sulphide vein (MSV) deposits.
These deposits have the potential to reduce initial upfront capital requirements for the UBU by enabling Blackstone to restart the existing Ban Phuc Concentrator (450,000 tonnes per annum).
By combining the company's existing mineral inventory (Ban Phuc Disseminated Sulphide - DSS), exploration potential presented by high priority targets such as Ban Chang, King Snake and Ta Cuong, and the ability to source third-party concentrate, Blackstone will be able to increase the scale of its downstream business to cater to the rising demand for downstream nickel products.