Blackstone Minerals’ first hole of a maiden drilling program at the Little Gem cobalt-gold project in British Columbia, Canada has been rewarding for the ASX-listed explorer.
The company’s shares soared by around 23 per cent yesterday following release of the first hole’s results, which were consistent with historic drilling at a site first discovered in the 1930s.
Blackstone reported results of 4.3 metres at one per cent cobalt and 15 grams a tonne (g/t) gold, including 1.1m at three per cent cobalt and 44g/t gold.
Scott Williamson, Blackstone’s managing director, said it was an outstanding result from the first drill hole at Little Gem.
“We look forward to recommencing the maiden drill program in second quarter 2018,” Williamson said. “With further regional exploration results pending we continue to expand our understanding of the full potential of the project.
“These initial results confirm Little Gem as one of the highest-grade cobalt-gold projects in the world located within a region completely unexplored for cobalt.”
Despite the success of the first hole, Williamson explained that Blackstone had not tested the full potential of Little Gem’s cobalt and gold mineralisation.
The company will focus its upcoming drilling on defining the extent of the mineralisation, with potential to deliver a maiden resource in the medium term.
Blackstone is also exploring for gold and nickel in Australia, including in the Eastern Goldfields and Pilbara regions of Western Australia.