BLACK FIRE ENERGY LIMITED - ASX: BFE

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Description

Black Fire Minerals Ltd is a diversified resources company based in Perth, Western Australia and listed on the ASX, BFE.

Mystique Gold Project JV

Black Fire entered into the Mystique JV with PacMag Metals Ltd in September 2009. The project is located in the Proterozoic Albany - Fraser Belt (also referred to as the Tropicana Belt) whose gold prospectivity has only become apparent in the last 10 years and as such has a low exploration maturity. The discovery of the +5Moz Tropicana gold deposit by the Anglogold - Independence Group JV using simple calcrete soil geochemical techniques has resulted in much exploration interest in the Belt with a number of other encouraging prospects such as Beachcomber (Anglogold - Independence JV) and Plumridge (Corvette Resources) being reported. The Mystique project is centred on a substantial historic gold soil anomaly, defined before the discovery of Tropicana and that has to date been ineffectively drill tested and thus represents a "walk-up target" for Black Fire. Under the JV agreement with PacMag Metals, Black Fire may earn up to 75% equity in the project with the expenditure of A$2.5M over 5 years.

Karibib Lithium Pegmatite Project

Black Fire purchased the Karibib Lithium Pegmatite Project from Sunrise Minerals Pty Ltd in November 2009. The project comprises two granted and adjoining Exclusive Prospecting Licences covering 765km2 and is located approximately 25km east-southeast of the town of Karibib and 120km northwest of Namibia’s capital, Windhoek. The project is located on open grazing lands and is proximal to excellent infrastructure including the town of Karibib and the major B2 sealed highway and railway that connects Windhoek to the ports of Swakopmund and Walvis Bay. Karibib is a centre of marble and granite quarrying and also supports the nearby Anglogold Ashanti Navachab gold mine. Project tenure includes the historic Rubicon, Helikon and Fricke’s lithium-tantalum-cesium mines which operated intermittently from 1930 to 1994. Historic mine production data is poorly recorded, but the Rubicon mine reportedly produced some 17,000t of lithium mineral concentrates from small scale open pit and underground mining between 1980 and 1994. The Karibib Project has not been subjected to modern exploration, and the historic lithium mining activities were largely small scale gouging operations that only exploited small portions of the outcropping pegmatites. This provides a significant opportunity for Black Fire to carry out drilling programs to test the down dip and strike potential of the historic deposits and utilise modern regional exploration techniques to assess the entire project area for new outcropping and/or blind lithium bearing pegmatite targets.

Parrott Hill Petroleum Project JV

In 2007 Black Fire listed on the ASX as an energy company (Black Fire Energy Limited) with interests in three Western Australian petroleum projects, two located within the onshore Carnarvon Basin (EP435 & EP439) and the other within the onshore Perth Basin (EP426). Black Fire has subsequently withdrawn from its interests in EP439 and EP426, having participated in the drilling of a well in each of the permits without any evidence of commercial hydrocarbons. The Company continues with its participation in EP435 - Parrott Hill, which is located proximal to Exmouth Gulf and covers part of the productive Rough Range Field including the first petroleum discovery in Australia at Rough Range 1. The Company holds a 10% interest in the licence, having earned this interest by way of a Farm-in Agreement with Rough Range Oil Pty Ltd (38%). The other participants in the licence include Phoenix Resources PLC (25%), Australian Oil Company Ltd (17%) and Bounty Oil & Gas N.L (10%).

Mine For

oil, gas, iron ore, gold, lithium

Location of operation(s)

Western Australia, Nigeria

Address

Level 1 , 33 Ord Street
WEST PERTH, WA, AUSTRALIA

Phone

(08) 9420 9300

Email

Website

http://www.blackfireenergy.com.au

Last Updated

30/04/2010