www.blackfireminerals.com.au
Black Fire Minerals' (ASX: BFE) corporate strategy includes a Mining House structure that allows both direct participation in and investment within the resources industry. The company's primary commodity focus is gold, copper and strategic minerals.
Black Fire currently has three active projects, the Longonjo Rare Earth (REE) Project in Angola, the Mystique Gold JV in Western Australia and the Karibib Lithium Project in Namibia, and is actively assessing new opportunities in Australia, Asia, the Americas and Africa.
Could Black Fire Minerals be walking with giants as drilling begins in the Tropicana Belt?
A much anticipated 2,500 metre aircore drilling program has commenced at the Black Fire Minerals (ASX:BFE) and PacMag Metals (ASX:PMH) Boonderoo Prospect at the Mystique Gold Project JV, located within the emerging Albany-Fraser/Tropicana Gold Belt in Western Australia.
Other discoveries in the Belt include Anglogold/Independence Group JV's Beachcomber prospect and Corvette Resources' Plumridge prospect.
The program will follow up an earlier large 5 kilometres x 1 kilometre gold soil anomaly generated, where no previous drilling has been undertaken.
This is a first pass test, designed to initially target a large gold soil anomaly that has never before been drilled, with the goal to test the depth to bedrock in the peak anomaly areas, and to identify a bedrock gold source.
The Tropicana Belt remains highly prospective yet under-explored. The AngloGold Ashanti (NYSE: AU, JNB: ANG) and Independence Group (ASX: IGO) JV having already identified a plus 5 million gold ounce resource, with a potential blueprint for a 2013 mining start to mill at 6 million tonnes per annum, for up to 410,000 gold ounces.
The Mystique project is centered on the historic Torquata Prospect which comprises a substantial 4km x 2.2km +10ppb gold (peak 600ppb) historic gold soil anomaly, which was discovered before and is larger and stronger than that publically reported as defining Tropicana.
While returning some anomalous (+0.1 g/t) gold intersections, subsequent historical vertical aircore drilling in parts of the anomaly on an average 200m x 100m pattern has failed to defined a bedrock source.
In light of the Tropicana discovery, the significance of the scale and tenor of the Torquata soil anomaly makes this prospect a priority for further exploration, with the Black Fire / PacMag JV also to focus further regional exploration in the broader project area to test for further significant gold soil geochemical anomalies.
Under the JV agreement from September 2009, Black Fire may earn up to 75% equity in the project with the expenditure of A$2.5M over 5 years.
