The hit of 4.3m grading 1% cobalt and 15 grams per tonne gold (including 1m at 3% cobalt and 44gpt gold), from Blackstone’s maiden drilling, was consistent with historic underground drilling carried out from adits by previous owners.

Blackstone acquired the asset last year and only began drilling very late in the field season.

Little Gem is six hours drive from Vancouver via the major skiing destination of Whistler.

The project is 15km along strike from the Bralorne-Pioneer mining complex that has endowment of 4.4 million ounces at 17gpt gold.

Little Gem’s geology is promoted by Blackstone as being “analogous to the world class Bou-Azzer primary cobalt district in Morocco”.

A maiden resource at Little Gem is targeted in the “medium term”.

Blackstone was formed by NZ geologists and resource sector entrepreneurs Steve Parsons and Hamish Halliday.

The company’s recently appointed MD is ex-Hartleys analyst and Resolute Mining BD operative Scott Williamson.

Blackstone raised A$5 million in December by issuing new shares priced at 42c.

Shares in Blackstone spiked 33% to 64.5c in early trade before softening and being up 17% at 56.2c in late morning trade.

At that price the stock is capitalised at $36 million.