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.
Black Fire Minerals books gain as Predictive Discovery trades at 35% premium to IPO
The market has welcomed the listing of Predictive Discovery (ASX: PDI), which is focussed on gold projects in Burkina Faso, West Africa, using new technology, with the company already trading at a 35% premium to its IPO price of $0.20.
Predictive issued 30 million shares to raise $6 million in an IPO, with the right to accept over-subscriptions to raise up to a further $2 million, which the company achieved to raise a total of $8 million.
One of the biggest to benefit from the investor interest in Predictive is Black Fire Minerals (ASX: BFE), which holds a 7.5% stake, valued at around $1.9 million on the current price. As importantly, Black Fire retains an exposure to any exploration success in West Africa by Predictive.
Black Fire purchased the stake for $580,000 in March 2010, and is therefore sitting on a $203,000 paper profit.
Predictive has a 1544 square kilometres ground position in Burkina Faso, including tenement areas under application.
It was selected through a country wide analytical assessment over the past three years that prioritised favourable mineralised geological structures and greenstone belts.
This led Predictive to the Bonsiega project in the Fada N’Gourma greenstone belt, situated in the east of the country, and along strike from the Samira Hill gold mine, just inside Niger to the northeast.
In Australia, Predictive is targeting a new discovery under cover and has acquired two projects that are ideally suited to application of the Predictore™ technology, being the Benmara project in the Northern Territory and the Westmoreland uranium field in Queensland.
Predictore™ is an Australian developed technology that resulted from over seven years of joint government/industry funded research at a cost of approximately $17 million.
A number of case history studies carried out during the research program have demonstrated the effectiveness of the approach.
Predictive has the exclusive right to apply the technology outside of Australia and has non-exclusive rights to apply it in Australia.
The technology has two components; the first is applied to regional data sets and is able to highlight subtle large and deep structures that potentially control mineralising systems, and the second utilises advanced computer simulation to map the movement of mineralising fluids through rocks and thereby attempt to predict where ore deposits are most likely to have formed.
