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Blackstone Minerals shares spike on cobalt-gold discovery

Drilling results align with historical cobalt-gold assay results
Picture of cobalt symbol on periodic table
Second quarter drilling program could provide momentum in 2018

Blackstone Minerals Ltd’s (ASX:BSX) shares surged more than 30% intra-day to $0.645 on the back of drilling data from its Little Gem Cobalt-Gold Project in Canada.

The results featured 4.3 metres at 1% cobalt and 15 g/t gold.

The first hole has only tested the upper portion of the mineralised target with multiple zones of massive sulphide (cobalt-gold) mineralisation identified.

Drilling will continue in the second quarter of 2018.

Results consistent with historical drilling

The Little Gem Project was discovered in the 1930’s by prospectors identifying a pink cobalt-bloom on weathered mineralisation that led to three adits being developed.

Assay results of up to 1.8 metres at 2.4% cobalt and 112 g/t gold were recorded, pointing to some correlation with current data.

The Little Gem Project covers a large landholding with 48 kilometres of untested strike potential.

It is also located less than 15 kilometres along strike from the Bralorne-Pioneer mining complex which has an endowment of 4.4 million ounces at 17 g/t gold.

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