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Black Fire Minerals rapidly advances Pilot Mountain with more robust tungsten results

Black Fire Minerals (ASX: BFE) has now defined tungsten skarn mineralisation over 550 metres of strike and a vertical extent of 330 metres with mineralisation remaining open in all directions at the Pilot Mountain Tungsten-Copper Project in Nevada.

Assays for a further four diamond holes at the Desert Scheelite Prospect have been received with best intersections including:

- 14.2 metres at 0.32% tungsten from 62.6 metres;
- 11.3 metres at 0.39% tungsten from 91.6 metres;
- 13.9 metres at 0.28% tungsten and 36 grams per tonne (g/t) silver from 151.4 metres; and
- 5.7 metres at 0.33% tungsten, 0.46% copper and 10g/t silver from 200 metres.

Chairman Anthony Baillieu said Desert Scheelite continues to deliver excellent results.

“Given the extent of historic data, Feasibility Studies and trial mining, Black Fire intends to rapidly progress the project towards development with the commencement of Scoping Studies in the third quarter,” he said.

A total of 12 holes of a revised planned program of 15 holes have been completed to date, with further assays due in mid-March.

Black Fire Minerals is aiming to convert historic drill results from the Desert Scheelite prospect to a maiden JORC Resource by the end of June.

Importantly, the company is aiming to deliver a maiden JORC Resource at a time of high tungsten demand and corresponding high prices.

“With the media and market becoming increasingly aware of the strong fundamentals of tungsten, and various government and industry bodies listing tungsten as a critical supply metal, Black Fire is well placed to realise significant value from the Pilot Mountain Project,” Baillieu said.

Following the delivery of an initial Resource, Black Fire will begin a Scoping Study in the September quarter 2012.


Exploration Upside


Providing exploration upside at Pilot Mountain is the 11 other prospect areas identified within the 13 square kilometre area, which is strategically located less than 20 kilometres from an intrastate highway and grid power.

The Desert Scheelite Prospect is one of three advanced prospects which were historically extensively drilled and subjected to mining feasibility studies by Union Carbide during the early 1980s.

Union Carbide mothballed the project in the mid-1980s in response to a significant fall in tungsten prices at that time and there has been no significant exploration undertaken since.

Worth noting is that tungsten prices are now eight times higher compared to when Union Carbide suspended operations at Pilot Mountain.

Black Fire Minerals has outlined an exploration target for Desert Scheelite of 4-5 million tonnes at 0.3-0.34% tungsten, while the overall exploration target across the three advanced prospects is 7-9 million tonnes at 0.3-0.37% tungsten.



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Timeline

Newswire
October 15 2012

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