The Little Gem property is located in British Columbia, Canada less than 15 km along strike to the north of the Bralorne-Pioneer mining complex which retains the status of the foremost gold producer in British Columbia and the sixth largest in Canada. Little Gem hosts high-grade cobalt and gold mineralization within a well-endowed and high-grade gold mining district.
Historical surface channel samples of the mineralized zone included results up to 5.7% cobalt and 1,574.0 g/t gold over 0.4 metres. Since acquiring the Little Gem project in 2017, Blackstone Minerals has verified mineralization identified historically at both the Little Gem prospect and the Jewel Gold prospect. They also discovered a new high-grade gold prospect named Roxey and a new high-grade cobalt-gold prospect named Erebor.
Sandstorm’s royalty interest covers the Little Gem prospect area where a maiden drilling program is underway and initial results have been consistent with historic drilling and adit channel sampling which returned average grades of 3.0% cobalt and 20.0 g/t gold.
An IP survey confirms multiple new targets to the east and west of Little Gem along a 1.8 kilometre strike zone exhibiting chargeability and resistivity signatures typical of sulfide bearing bodies. These targets will be the focus of a phase two drilling program.
Blackstone announced assay results from the first three drill holes of the maiden drilling program including 1.1 metres containing 3.0% cobalt and 44.0 g/t gold within 4.3 metres of 1.0% cobalt and 15.0 g/t gold from a depth of 193.3 metres, and 1.0 metres containing 1.2% cobalt and 5.0 g/t gold within 3.2 metres of 0.8% cobalt and 4.0 g/t gold from a depth of 196.3 metres.