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Blina cashes out stake in NZ exploration play

Blina Minerals will cash in its 11% stake in private New Zealand focused explorer, Condamie Resources and will pocket just over $200,000 from the transaction.

Blina will use the funds to advance exploration across its recently acquired Barkly gold-copper project near Tennant Creek in the Northen Territory.

Blina considered the investment made earlier this year as a “suitable strategic opportunity”, however with Condamine experiencing delays in the promised public listing and getting its boots on ground, Blina decided to use its funds to chase gold and copper at Barkly.

The company recently took a 50% shareholding in unlisted Australian exploration company, Colour Minerals, effectively giving it a 50% shareholding in the promising Barkly project in the NT.

The new project comes gift wrapped with a high-ranking drill target where historical drilling previously identified some sizzling intersections such as 20m grading 8.17 grams per tonne gold, 0.61% copper and 0.22% bismuth from 157m down-hole.

Primary mineralisation at Bluebird is hosted in ironstone and has been defined to a depth of 150m below the surface and over a length of 120m.

Mineralisation is still open to the east, according to Blina.

The Perth based company plans to rack up some 1,300m of RC drilling at Bluebird that will test high-grade extensions to the existing mineralisation discovered historically.

Blina’s Barkly project, at the very least, appears to be rich in “nearology” with direct geological analogies able to be made to the Peko and Nobles Nob mines, located approximately 20km west of Barkly.

Peko has produced 400,000 ounces of gold and 146,000 tonnes of copper, with Nobles Nob producing a significant, 1.2 million ounces of gold, from 1934 onwards.

Nobles Nob was known as one of Australia’s richest gold mines in its day and was so well-endowed with the shiny yellow metal, that when the ore was hit with a hammer it would not fracture, but rather it would flatten out like soft gold.

With a swag of decent historical results to chase down at Bluebird, it shouldn’t be too hard for Blina to create a touch of excitement at Barkly from its first pass drill program.

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

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