BLACKSTONE MINERALS LIMITED - Corporate Spotlight

ASX Announcement 5 April 2018

Little Gem Project (Cobalt & Gold), Canada

▪ First drill hole intersected 3% cobalt and 44 g/t gold, consistent with historic drilling and adit

channel sampling average grades of 3% cobalt and 20 g/t gold;

▪ 48km of strike potential of untested geology analogous to the world class Bou-Azzer district;

▪ Large unexplored regional exploration footprint for further cobalt, gold and copper discoveries.

Silver Swan South Project (Gold & Nickel), Western Australia

▪ Gold and nickel sulfide exploration located only 10 km south of Silver Swan nickel mine (166 kt

Ni) and 8 km north of Kanowna Belle gold mine (+5 Moz gold).

Red Gate Project (Gold), Western Australia

▪ Gold exploration near Saracen Minerals (SAR.asx) Porphyry gold deposit (0.9 Moz gold) with

kilometres of untested shear and greenstone belt.

Middle Creek Project (Gold), Western Australia

▪ Pilbara gold exploration adjacent Novo Resources (NVO.tsx-v) Beatons Creek Conglomerate Gold project and Millennium Minerals (MOY.asx) Nullagine Gold project;

▪ Visible gold in quartz veins at surface and an untested 1.3km long gold in soil anomaly.

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Drill Company Mobilising & Multi New Targets Identified at Little Gem

ASX Announcement 22 March 2018

Blackstone Minerals Limited (“Blackstone” or the “Company”), is pleased to announce  the Company  has  engaged Radius  Drilling  Corporation(“Radius Drilling”) to begin rig mobilisation and commence drilling at the very high grade Little Gem Cobalt-Gold Project (“Little Gem”) in British Columbia, Canada (Refer Figure Three). Radius Drilling is one of British Columbia’s premier diamond drilling contractors and specialists in drilling in winter conditions.

Highlights

• Blackstone  has engaged  Radius  Drilling to  begin  rig mobilisation  and commence drilling at the Little Gem Cobalt-Gold Project (Refer Figure Two);
• Multi-element  stream sediment  geochemical sampling has  indicated  the potential for  strike  extensions of  +1.5  kmat  Little  Gem,a  significant increase to the initial target zone of ~300 m strike length (Refer Figure One);
• Blackstone is planning an initial six diamond drill holes to test the original ~300 m strike target zone at Little Gem before looking to explore the +1.0 km strike extension to the east and +500 m strike extension to the west;
• Blackstone’s maiden drilling program will re-commence and follow up the following significant result from the first drill hole:
  • 1.1 m @ 3.0% cobalt and 44 g/t gold; within
  • 4.3 m @ 1.0% cobalt & 15 g/t gold.
• The  initial results  from  the maiden  drilling  are consistent  with  historic drilling and adit channel sampling  which returned average grades of 3% cobalt and 20 g/t gold;
• The Little Gem Project covers a large land holding with 48 km of untested strike  potential  of geology  analogous  to the  world  classBou-Azzer primary Cobalt district in Morocco (Refer Figure Four);
• Little Gem is favourably located less than 15 km along strike from the Bralorne-Pioneer mining complex (endowment of 4.4 Moz at 17 g/t Au).

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Blackstone Minerals Limited is actively exploring the very high grade Little Gem Cobalt-Gold project in British Columbia, Canada. Blackstone is the first company in over 60 years to undertake systematic exploration for Cobalt at Little Gem and within the surrounding district. Blackstone owns a large land holding with 48 kilometres of untested strike potential of highly prospective geology analogous to the world class Bou-Azzer primary Cobalt district in Morocco. Blackstone is actively exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone has a board and management team with a proven track record of mineral discovery and corporate success.

The Red Gate Project is a significantly sized and strategically located gold project with “walk up” drill targets over multiple prospects. Red Gate already hosts high grade drill intersections including 14m @ 3.7g/t Au from 1 metre, 10m @ 8.5g/t Au from 9 metres & 12m @ 9.2g/t Au from 8 metres.

The Company’s Middle Creek Project is situated just 15km north-east from Millennium Minerals, Golden Eagle operations (production of ~300,000ozs Au since 2012) and only 10km west of Millennium’s latest high grade discovery at the Little Wonder Deposit (31m @ 3.4g/t Au and 15m @ 4.8g/t Au). Middle Creek covers over 12km of strike of the Middle Creek Mineralized Corridor and hosts significant gold mineralization (including free gold) at surface.

The Silver Swan South Project is strategically and geologically located along strike from the world class Kanowna Belle Gold Mine (5Moz gold endowment) as well as the high grade Silver Swan (655kt @ 9.5%Ni) nickel mine. Nickel and gold targets have already been identified at the Silver Swan South Project.

Introduction

The Middle Creek Project is adjacent to Millennium Minerals Limited’s Nullagine Gold Project (where the Golden Eagle operations have produced ~400 kozs gold since 2012), in the Pilbara region of Western Australia and consists of 22 prospecting licence applications covering 39.7 km² within the Mosquito Creek belt.

Activities during the September Quarter 2017

During the quarter Blackstone had advanced discussions on Heritage and Access agreements and expects most of the tenements of the project to be granted next quarter.

Introduction

The Red Gate Project consists of the one granted Exploration Licence E31/1096 covering an area of 145.2 km². The Project is centred 10 km north of the Porphyry Gold Mine (0.9 Moz gold endowment), 140 km northeast of Kalgoorlie. Here historical exploration work has mostly targeted the Porphyry North Prospect where shallow, out cropping mineralisation has been defined. There is the potential to discover further mineralisation at Porphyry North and several other prospects nearby.

Activities during the September Quarter 2017

During the quarter Blackstone continued to work on finalising priority targets for drill testing in the coming months.

Highlights of the Red Gate Project included:

• Red Gate project already hosts porphyries with high grade gold mineralisation including 10 m @ 8.5 g/t from 9 m at Porphyry East, 14 m @ 3.7 g/t from 1 m at Porphyry North & 12 m @ 9.2 g/t from 8 m at Porphyry West;
• The Porphyry North and Porphyry West prospects have shallow gold mineralisation coincidental with IP anomalies whilst the new porphyry zone at Porphyry South has a substantially larger IP anomaly that has yet to have been drill tested;
• Red Gate Shear Zone already hosts mineralised porphyries at Porphyry North and Porphyry West and contains the recently identified Porphyry South Prospect which is a large untested IP anomaly;
• The Reidy Prospect is interpreted to be within or immediately adjacent to the Claypan Shear Zone, host to recent significant gold discoveries such as Breaker Resources, Lake Roe Project;
• The new prospect is within the Red Gate Shear Zone and was identified through a recent reconnaissance surface sampling program that returned rock chips results of up to 79 g/t gold;
• The Red Gate Shear Zone is less than 10 km north of the historic Porphyry Gold Mine that has a gold endowment of 900,000 ozs (Produced 1.33 Mt @ 3.4 g/t gold* and has a current Indicated JORC resources of 7.2 Mt @ 2.1 g/t gold** and Inferred JORC resources of 3.7 Mt @ 2.1 g/t gold**).

* Riedel Resources Website

** Saracen Mineral Holdings Limited Annual Report 2016

Introduction

The Silver Swan South Project comprises of one granted exploration licence E27/545 and six granted prospecting licences, P27/2191 – 2196 covering an area of 47.2 km². The Project 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).

Activities during the September Quarter 2017

During the quarter Blackstone received assay results from the first phase of drilling at Silver Swan South Access limited the coverage of the initial drill program but still several significant gold and nickel results were achieved. This has allowed a more focused approach in the follow-up aircore program that has been designed and planned for completion in December 2017.

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. Drill hole SNAC033 also returned an interesting result with 1 m @ 0.21 g/t gold at the bottom of hole within pyritic 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’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.

This initial phase of drilling will focus on the following:

• Further definition of gold targets associated with the interpreted northern extension of the Fitzroy Shear (controlling host structure at the Kanowna Belle Gold deposit) located 8 km along strike.
• Infill historical, broad spaced, reconnaissance drilling which intersected up to 3.5g/t gold.
• Target thickening of the ultramafic sequence considered highly prospective for nickel sulphides and located only 10km from the Silver Swan Nickel Mine.
• Prioritise both gold and nickel targets for follow up reverse circulation (“RC”) drilling.

Blackstone’s initial phase of drilling at Silver Swan South has targeted both gold and sulphide nickel mineralization, associated with ultramafic units along strike from the Silver Swan and Black Swan Nickel Mines (Endowment 166kt Ni metal) and the Kanowna Belle Gold Mine (Endowment +5Moz Au). The programs also tested for basement hosted mineralization, using aircore drilling, to infill gold and base metal anomalism identified by previous reconnaissance style drilling.

Gold targets within the project area are associated with the interpreted northern extension of the Fitzroy Shear Zone, controlling structure for mineralization at Kanowna Belle. Previous vertical reconnaissance drilling has intersected up to 3 m @ 3.5 g/t gold and 4 m @ 1.3 g/t gold under transported lake clays. Blackstone’s drill program focused on further defining the gold target in anticipation of follow up RC drilling.

In addition to gold the Company’s initial drill programs will also target sulphide nickel mineralisation associated with the ultramafic unit. The ultramafic unit is part of a sequence of komatiites which already hosts both the Silver Swan and Black Swan Nickel deposits only 10 km to the north. This was further supported by rock samples taken during a recent geological mapping exercise with one sample (SOSN019A) containing disseminated sulphides, returning 0.1% Cu and 0.1% Ni. Drilling focused on further defining the nickel sulphide target as well as providing access for a potential down hole EM surveys.