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Gold/Mining/Energy : Blackstone Resources BLV-CDNX -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (187)	4/20/1998 6:23:00 AM
From: Sapper	Respond to of 373

News Release: El Sauzal area property optioned to Insular; Second anniversary review Blackstone Resources Inc BZZ Shares issued 8,433,501 Apr 17 close $0.55 Mon 20 Apr 98 News Release Mr Donald McInnes reports Blackstone Resources has entered into an agreement with Insular Explorations, whereby Insular can acquire a 70% working interest in the El Diamante project, in Chihuahua, Mexico. The 50,819 hectare El Diamante project is in the Sierra Madre gold belt adjoining the El Sauzal property of Francisco Gold. The terms of the agreement require Insular to make cash payments totalling US$175,000, expend US$1,000,000 on exploration over a three year period and issue 100,000 shares. Insular can acquire an additional 20% interest in the property by paying US$500,000 in cash or shares and expending a further US$1,000,000 on exploration. Blackstone, in addition to Mexico, is exploring three properties in the Yukon Territory of Canada and one property in New Zealand. Mr McInnes also reports This month is the second anniversary of Blackstone Resources becoming a public company. At the time of going public the company's principal asset was an option to earn an interest in the Monster copper-cobalt-gold property in the Yukon Territory. Since that time more than $1.7 million has been spent on exploration of a burgeoning portfolio of exciting properties. This expansion has enhanced shareholder value with minimal dilution to shareholders' stock while increasing the asset base of the company. This year Blackstone will be active on five properties in three countries. Together with its joint venture partners over $1.5 million will be spent on exploration. Canada Taiga, a nickel-zinc-platinum-palladium property in the Yukon Territory. A successful $250,000 reconnaissance drilling program in late 1997 intersected of 5.3m grading 1.42% nickel and 0.7% zinc. Following the drilling program the property was increased from 198 to 1,468 claims in five properties. A $1,000,000 followup program this year beginning in May will consist of further drilling in the discovery area and surface work, followed by drilling on the additional claims. Glenhaven Resources can earn a 60% interest in the project by expending $2 million in exploration. Dromedary, a lead-zinc-silver-gold property in the Yukon Territory, is a classic, world-class sedex target. The property has been subject to several years of exploration by Blackstone, including drilling in 1996, and extensive additional surface work in 1997. A drilling program in the summer of 1998 will test a series of highly prospective areas identified by last season's geophysical survey. Geologix Explorations has been granted an option to earn up to a 60% interest in the property. The following is a brief update on work to date, recent events and proposed work programs for each property. Monster, a copper-cobalt-gold property in the Yukon Territory. The geological models for the Monster property are the two billion tonne Olympic Dam deposit and the Ernest Henry, a 157 million ton deposit, both in Australia. Blackstone has advanced the property over several years, and this year will continue with surface work to define drill targets. Several major mining companies have recently signed confidentiality agreements in order to review the technical data from the Monster. Property visits for these companies are planned for the spring. Mexico El Diamante gold-silver project, a 50,000 hectare property was acquired in the late summer of 1997. The property lies north-northwest and adjoins the El Sauzal property of Francisco gold. El Diamante is in the prolific Sierra Madre gold belt within a well established northwest to southeast trend. Exploratory surface work in the fall of 1997 discovered a disseminated gold system with values up to 3.4 g/t over 6m in rock chip sampling. Samples were taken from within a 700m long by 500m wide anomalous gold zone whose limits have yet to be defined. Insular Explorations has been granted an option to earn up to a 70% interest in the project and is immediately planning to commence an exploration program consisting of mapping, geochemical sampling and geophysics to delineate drill targets. New Zealand Pabia, a platinum-palladium-gold property on the South Island of New Zealand. In March of this year Blackstone in joint venture with Glenhaven made an application for a prospecting permit to explore 328,000 hectares in the Longwood and Takitimu Mountain ranges. The property surrounds Anzex Resources, Longwood Platinum-Palladium project. The area shows distinct similarities to the Bushveld Complex in South Africa and the Stillwater Complex in Montana. The Bushveld complex accounts for in excess of 70% of the world's production of platinum. Anzex has been granted permission to drill on its property. This is the first time drilling permission has been given on the Longwood Range. Blackstone and Glenhaven will begin a program of exploration following granting of title expected in the summer of 1998. In summary, Blackstone has acquired a number of properties showing world class potential in some of the most prospective geological areas of the world. Blackstone has attracted a number of strong joint ventures to further develop this promising portfolio of properties. With an experienced board of directors, Stuart Angus, Donald McInnes, Stewart McInnes and John Robins, Blackstone is well positioned to further enhance shareholder value through aggressive exploration year round on its exciting property portfolio. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com