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The Blackpine Project has high grade cobalt, copper and gold mineralisation across ten major prospects and is just 15km southeast of the highly endowed Blackbird District (17Mt averaging 0.74% Co, 1.4% Cu and 1.0 g/t Au) that includes the past-producing Blackbird Mine and Jervois’ Idaho Cobalt Operation.

The Blackpine Project is accessed by well maintained gravel roads via the town of Cobalt. The project consists of:

  • 100% interest in 517 hectares covering ~6km of prospective strike
  • The historic Blackpine Mine that operated from 1945 to 1965 producing an estimated 6,000 tons of ore mined from underground grading 2.0% copper. During its prime, Blackpine included a permanent camp, office, assay laboratory and a 150 ton per day flotation mill.
  • Between 1993 and 1996, Formation Capital actively explored at Blackpine prior to a series of name changes and ultimately became part of Jervois. The work programs completed included:
  • Soil and rock chip sampling;
  • Limited geophysics; and
  • 196 drill holes for 17,935m (96 diamond & 100 RC holes).
  • No further exploration has been completed since 1996
  • Cobalt anomalism evident over 5km of strike in soils
  • High-grade cobalt, copper and gold mineralisation at several prospects, including:
  • 0.15m @ 4.79% Co & 4.00 g/t Au from 82.1m;
  • 6.2m @ 0.61% Co & 6.4 g/t Au from 77.4m;
    incl. 2.80m @ 1.25% Co & 14.00 g/t Au from 77.4m; and
  • 16.8m @ 0.37% Co & 0.59 g/t Au from 25.9m.

Regina Prospect

A high priority target, Regina is characterised by extremely high cobalt grades in drilling and a 500m long Co-Cu-Au soil anomaly.

Only 13 holes for 2,608.9m have been drilled at Regina previously – intersecting very high-grade cobalt mineralisation over 150m of strike and to a maximum depth of 275m. Mineralisation remains open at depth and along strike.

Better results include:

  • 0.15m @ 4.79% Co, 0.01% Cu & 4.00 g/t Au from 82.1m;
  • 6.2m @ 0.61% Co & 6.4 g/t Au from 77.4m;
    incl. 2.80m @ 1.25% Co & 14.00 g/t Au from 77.4m;
  • 16.8m @ 0.37% Co & 0.59 g/t Au from 25.9m;
  • 10.1m @ 0.34% Co, 0.16% Cu & 0.10% Au from 142.3m;
  • 1.2m @ 1.43% Co & 1.37 g/t Au from 159.1m; and
  • 3.2m @ 0.50% Co, & 0.71 g/t Au from 50.4m.

Figure 3. Cross Section B-B’ through mineralisation at the Regina Prospect

Troll Prospect

The Troll Prospect is an underexplored, high-priority, 500m long Cu-Co-Au soil anomaly including two known collapsed historical adits and several prospecting pits and trenches.

Gossanous material containing copper bearing minerals where one float sample assayed 1.4% Co.

Only seven holes have been drilled for 828m. Better results include:

  • 2.80m @ 0.16% Co, 4.90% Cu & 0.45 g/t Au from 10.7m;
  • 1.86m @ 0.13% Co, 3.86% Cu & 0.11 g/t Au from 24.1m;
  • 0.67m @ 0.10% Co, 11.4% Cu & 0.10 g/t Au from 74.3m; and
  • 0.52m @ 0.32% Co, 0.05% Cu & 0.01 g/t Au from 54.9m.

Figure 4. Cobalt soil geochemistry at Troll with historic drill intervals

Figure 5. Copper soil geochemistry at Troll with historic drill intervals

Swift Prospect

At the Swift Prospect, mineralisation is outcropping adjacent to the historical Blackpine Mine that produced 6,000 tons of ore grading 2.0% copper between 1945 and 1965.

Although copper-rich, Swift is defined by high-grade Co and Cu mineralisation over 500m of strike defined by drilling.

A total of 83 holes have been drilled. Mineralisation has been poorly tested, particularly at depths greater than 150m and there is considerable potential to discover additional mineralisation with further drilling.

Better drill results include:

  • 12.2m @ 0.01% Co, 2.80% Cu & 0.43 g/t Au from 29.0m;
  • 7.32m @ 0.16% Co & 1.37 g/t Au from 1.5m;
  • 4.27m @ 0.02% Co, 7.47% Cu & 0.78 g/t Au from 124.6m;
  • 2.96m @ 0.02% Co, 9.41% Cu & 0.78 g/t Au from 90.5m; and
  • 0.46m @ 0.66% Co & 14.71 g/t Au from 91.4m.

Figure 6. Cross Section A-A’ through mineralisation at the Swift Prospect

Jacob Prospect

Mineralisation at Jacob was originally discovered due to the distribution of gossanous outcrop and float along strike from the Blackpine Mine. Trenches excavated in the 1950’s further defined the mineralisation that is stratigraphically above the mineralisation at Swift.

Mineralisation at Jacob remains open at depth and along strike to the east.

34 holes have been drilled. Better results include:

  • 12.20m @ 0.002% Co, 3.51% Cu & 0.34 g/t Au from 35.1m;
  • 13.11m @ 0.001% Co, 1.92% Cu & 0.12 g/t Au from 7.9m;
  • 10.70m @ 0.003% Co, 2.39% Cu & 0.19 g/t Au from 7.6m; and
  • 1.46m @ 0.03% Co, 6.37% Cu & 1.31g/t Au from 61.3m.

Trench Prospect

Trench is immediately east of the Blackpine Adit and was discovered by a trenching program during the 1960’s. Mineralisation similar to that of the Blackpine Mine was exposed over 350m in a network of trenches.

A strong Cu-Co-As anomaly was subsequently defined over 650m, with Co anomalism strongest to the east.

A total of 40 drill holes for 4,178m have been completed at the Trench Prospect. Better results include:

  • 5.88m @ 0.003% Co, 4.41% Cu and 0.44 g/t Au from 39.8m;
  • 6.52m @ 0.18% Co, 0.09% Cu and 1.23 g/t Au from 97.1m;
  • 6.10m @ 0.14% Co, 0.93% Cu and 2.16 g/t Au from 138.4;
  • 7.62m @ 0.02% Co, 1.97% Cu and 1.12 g/t Au from 36.6m.

Vancouver Prospect

Vancouver is immediately north of the Regina Prospect. Mineralisation remains open in all directions, with extensive soil anomalism defined by a 600m long Cu-Co-Au-As anomaly that is poorly tested with drilling.

Trench samples assayed up to 1.5m at 13.2 g/t Au and 0.06% Co.

Further exploration is warranted to explore for extensions of the high-grade mineralisation intersected previously in very limited drilling.

Better results from the four holes drilled for 905.9m include:

  • 5.10m @ 0.02% Co, 2.66% Cu & 0.08 g/t Au from 94.2m;
  • 1.52m @ 0.12% Co, 0.03% Cu & 0.07 g/t Au from 188.9m;
  • 0.91m @ 0.11% Co, 0.02% Cu & 0.11 g/t Au from 104.5m; and
  • 1.10m @ 0.01% Co, 2.78% Cu & 1.23 g/t Au from 38.6m.

North Vancouver Prospect

The size, nature and high tenor of the anomalism at North Vancouver, and its proximity to the cobalt-rich Regina and Vancouver Prospects, makes it one of the Company’s highest priority undrilled target areas at the Blackpine Project.

North Vancouver consists of a 600m long Cu-Co-Au-As soil anomaly and a series of historic prospecting pits from which one sample assayed 13.1 g/t Au.

No drilling has been completed at North Vancouver and soil sampling and IP programs are planned early in early 2022 to further define targets for drilling.

DB Prospect

The DB Prospect is a 250m long Cu-Au-As soil anomaly immediately south of the Trench Prospect which is coincident with a VLF conductor that extends over 750m between the DB and Gossan Prospects. Rock chips at DB have assayed up to 1.20% Cu and 2.2 g/t Au.

Better results from the 2 holes drilled include:

  • 3.35m @ 0.01% Co, 0.52% Cu & 2.34 g/t Au from 60.7m; including
  • 0.90m @ 0.03% Co, 0.36% Cu & 8.18 g/t Au from 60.7m.

Gossan Prospect

The Gossan Prospect is a 350m long Cu-As soil anomaly that coincides with a 750m long VLF conductor that extends from the DB Prospect to the east. It is located 150m southeast of the adit at the historical Blackpine Mine.

The area also contains several prospecting pits and trenches with large blocks of gossanous material strewn over 220m of strike, samples of gossanous material assayed up to 3.42 g/t Au and 0.25% Cu.

Cuyana Prospect

Cuyana is a 250m long Cu-in-soil anomaly south-west of the Blackpine Adit that has been tested with 5 shallow holes for <300m of drilling, better results include:

  • 1.50m @ 1.91% Cu and 0.01% Co.
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