Cobalt-gold explorer Blackstone discovers a not-so-Little Gem
Mining & Resources
Explorer Blackstone Minerals has identified significant 1km long copper, gold and cobalt targets at its Little Gem project in Canada.
Results from a cobalt-focused IP survey identified multiple new large-scale targets at the Jewel prospect—a very high-grade historic mine which produced at average grades of 73 g/t gold and 8g/t silver in the 1930s.
IP is a geophysical imaging technique used to identify subsurface minerals, which can return a huge IP signature.
Historic surface sampling at Jewel returned high grade assays up to 243 g/t gold and 19.2% copper, but it has never been drill tested.
Blackstone said it will now drill these new high-quality IP anomalies as a priority.
“Our field work indicates Jewel is associated with anomalous cobalt mineralisation, and with the recent Erebor cobalt-gold discovery nearby the Little Gem project is shaping up to be a world class Cobalt district,” Blackstone said.
Cobalt is usually found with copper or nickel, which makes Little Gem quite unique.
Blackstone had about $3 million in the bank at the end of June. It’s share price, which has traded between 10c and 65c over the past year, currently sits at 16c.