Resource Explorer based in Australia, Blina Minerals NL (ASX: BDI) currently holds considerable interests in Diakouli Gold Project, Burkina Faso and Maintirano Copper Project, Madagascar. The company has acquired a significant interest in a high-grade copper- gold project located in the Northern Territory, the Barkly Copper- Gold Project.
The Barkly project is in a prime location, situated 45 km to the east of Tennant Creek town (Australia’s NT region), while consisting of two Exploration Licences – Babbler (EL 30701) project and Barkly (EL 28620). The Barkly-Babbler Project is believed to be highly prospective for magnetite hosted Au-Cu identical to other deposits found at other places (including the Peko Mine and Nobles Nob deposits) in the Tennant Creek Goldfield.
Location of Tennant Creek Goldfield
The Tennant Creek Goldfield is situated within the central Tennant Creek Block, wherein the oldest rocks are the Proterozoic metasedimentary rocks of the Warramunga Formation, that hosts iron oxide-copper- gold-bismuth deposits (IOCG).
Previously, Tennant Creek IOCG-style mineralised systems have supported highly profitable mines and generated extremely high grades. Due to its potential for commercial discoveries, the Tennant Creek Goldfield has been the focus of extensive recent exploration efforts, especially by ASX-listed Emmerson Resources Ltd (in JV with Ivanhoe Australia Ltd and later Evolution Mining Ltd), King River Copper Ltd. and Chalice Gold Mines Ltd.
Bluebird Prospect - The Highest Priority Target within the Barkly Project
The Bluebird Prospect, comprising a 1.6km long gravity ridge open to the east where shallow geochemical drilling identified a 600m long copper anomaly, is the highest priority target and most advanced prospect within the project. A follow-up reverse circulation percussion and diamond drilling have validated Tennant Creek-style gold-copper mineralisation at the prospect.
More recent exploration drilling at the Bluebird Prospect has been extremely successful with substantial Cu-Au-Bi mineralisation intersections, summarised in the below table:
The Bluebird mineralisation follows the typical Tennant Creek style model in that it is copper rich near surface and transitions into high-grade gold as it gets deeper.
The company has recently notified about the commencement of Reverse Circulation (RC) exploration drilling program (drilling of six RC holes for 1,320 metres in 7 days) at the Bluebird Prospect to test the main mineralisation.
Acquisition of Colour Minerals
Blina has recently entered into a legally binding agreement with the owner of Barkly Copper-Gold Project -Colour Minerals Pty Ltd, to acquire a 50 per cent interest in the project. Under the terms of acquisition, the company acquired 50 per cent of Colour Minerals’ issued share capital from its only shareholder, KMM or Kalgoorlie Mine Management Pty Ltd.
Blina has already issued 861 million fully paid ordinary shares to KMM and completed due diligence. Consequently, KMM has become BDI’s key shareholder with ~15.8 per cent of the issued share capital on an undiluted basis.
BDI has also planned to spend $300,000 towards drilling and exploration activities on the tenements held by Colour Minerals within six months of completion of the Acquisition (Stage 1 Exploration Period).
Following the completion of the Stage 1 Exploration Period and subject to BDI meeting the funding commitments, the company and KMM will negotiate to discuss the commercial terms upon which BDI may raise its stake in Colour Minerals to 75 per cent from 50 per cent.
As part of the Acquisition, Blina will also be granted the right to appoint a nominee to the board of Colour Minerals at any time after the completion of the Acquisition.
Blina’s key objective is to complete further drilling in order to estimate a JORC compliant mineral resource and ultimately to develop a mining project at the Bluebird Prospect. BDI is well-positioned to advance the development of the Barkly project.
BDI last traded at $0.001 on 12 November 2019.
Have a Look at Blina’s September Quarter Report Here
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