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Silver Swan South Project

The Silver Swan South is along trend of the massive nickel sulphide Silver Swan Deposit (pre-mining ore reserve of 655 kt at 9.5% Nickel) and associated deposits (pre-mining resource of 10.4 Mt at 1.0% Nickel), and only 8 km northeast of the major Kanowna Belle Gold Mine (+5 Moz gold endowment).

The best gold intersection from the first phase of drilling came from SNAC027 with 3 m @ 2.6g/t gold from 52 m to the end of hole within a broader intersection of 7 m @ 1.3g/t gold to the end of hole, sitting in weathered dacite.

The best nickel intersection from the first phase of drilling came from SNAC015 with 4 m @ 0.5% nickel and 180 ppm copper from 68 metres and 1 m @ 0.3% nickel, 52 ppm copper and 36ppb platinum and palladium from the bottom of hole. Drill hole SNAC019 also returned an interesting result of 12 m @ 0.8% nickel and 143 ppm copper from 24 metres.

Blackstone has completed the second phase of aircore drilling at the Silver Swan South project and the new results have highlighted an emerging gold discovery with significant gold mineralisation and extensive basement geochemical anomalism. The basement geochemistry contours at the Black Eagle prospect are similar in size to the footprint of the nearby world class Kanowna Belle deposit (+5 Moz gold endowment). The basement geochemical anomalism at the Black Hawk prospect is located along the interpreted extension of the Fitzroy Shear Zone which hosts the Kanowna Belle Gold Mine.

The best gold intersection of 10m @ 3.2g/t gold from 68m at the Black Eagle prospect shows a substantial improvement on the previous best result of 3m @ 3.5g/t gold from 60m at the Black Eagle prospect and 3m @ 2.6g/t gold from 52m at the Black Hawk prospect. The basement gold geochemical anomalism combined with the significant intersections in early stage aircore drilling suggest an emerging gold discovery at Silver Swan South.

Blackstone’s initial drilling at Silver Swan South is targeting both gold hosted by structural targets along strike from the Kanowna Belle Gold Mine (endowment +5Moz Au), and nickel sulphide mineralisation associated with ultramafic units along strike from the Silver Swan and Black Swan Nickel Mines (endowment 166kt Ni metal). The initial programs are designed to test for basement hosted mineralisation, using air core drilling, to improve definition of gold and base metal anomalism identified by previous reconnaissance style drilling.

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