ASX ANNOUNCEMENT
By Electronic Lodgement
By Electronic Lodgement Company Announcements Office ASX Limited
17th November 2011
ASX: BFE
SHARE INFORMATION
2 The Esplanade Perth WA 6000
- Issued Shares:
- 117.4m
- 17.0m
- Unlisted Options:
ANNUAL GENERAL MEETING PRESENTATION
Please find attached the presentation to be given today at the
Company’s Annual General Meeting by Executive Director, Mr
Simon Rigby.
BOARD OF DIRECTORS
Chairman: A. Baillieu
- Exec:
- S. Rigby
Non-Exec: M. Chester Non-Exec: M. Clifford
Simon Rigby Executive Director
PRINCIPAL CONTACTS
SHAREHOLDER RELATIONS Anthony Baillieu – Chairman
- Phone:
- +61 4504 54446
TECHNICAL & CORPORATE Simon Rigby – Executive Director Phone: +61 (8) 9216 1030
FURTHER INFORMATION
blackfireminerals.com.au
REGISTERED OFFICE
Level 7, 1 William Street Perth, Western Australia
PRINCIPAL OFFICE
Level 2, 9 Colin Street West Perth, Western Australia
Phone: +61 (8) 9216 1030
- Fax:
- +61 (8) 9481 7939
REGISTRY ENQUIRIES
Computershare Investor Services Level 2, 45 St Georges Tce Perth
- Phone:
- +61 (8) 9323 2000
1 | P a g e
AGM
Presentation
17th November 2011
Building Sustainable
Value From Quality
Projects
Disclaimer
BLACK FIRE
This presentation contains only a brief overview of Black Fire Minerals Limited and its associated entities (“Black Fire") and their
respective activities. The contents of this presentation, including matters relating to the geology of the projects, may rely on
various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.
This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Black Fire’s control, may cause the actual results, performance and achievements of Black Fire to differ materially from those expressed or implied in this presentation.
To the maximum extent permitted by law, Black Fire does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Black Fire, and will not be responsible for any loss or damage arising from the use of the information.
The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Black Fire or its activities.
Quoted Exploration Targets (*) are conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource.
Competent Person Statement
The information in this presentation that relates to Exploration Results & Targets is based on information compiled by Mr. S.
Rigby, who is a Member of the Australian Institute of Geoscientists and has had sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‘. Mr. Rigby is an employee of Black Fire Minerals and consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.
2
2011FY Milestones – A Year Of Growth
BLACK FIRE
Rights to three new quality projects acquired covering high demand commodities ;
Kangeshi Copper-Silver Project
Pilot Mountain Tungsten-Copper Project Longonjo Rare Earth Project
Importantly, Kangeshi and Pilot Mountain represent ADVANCED projects at which the Company aims to deliver maiden JORC resources by the end of June 2012. Drilling to commence at both projects over next few weeks.
Company mineral tenement (licence) package increased by 75% to 4,900km2.
6,000m of drilling completed across three prospects at Mystique. Torquata
Prospect remains highly prospective for a significant gold discovery.
Board augmented with the addition of further highly experienced Non-Executive
Directors, Mr Anthony Baillieu (Chairman) & Mr Mick Clifford.
Substantial exploration programs planned over the next 12 months.
3
2012FY Planned Activities – Building Value
BLACK FIRE
- Q4 - 2011
- Q1 - 2012
- Q2 - 2012
- Q3 - 2012
- Q4 - 2012
KANGESHI PROJECT
Scoping Study & Infill Drilling?
Drill Testing?
- Resource Drilling
- Resource/Metallurgy
Kangeshi
Other Prospects
Review & Prioritise
PILOT MT PROJECT
Desert Scheelite
Resource Drilling Resource/Metallurgy
Resource Drilling
Review & Prioritise
Scoping Study?
Garnet/Gunmetal Other Prospects
LONGONJO PROJECT
Longonjo Carbonatite
Start date yet to be
- Resource Drilling?
- Drill Testing?
confirmed
Other Prospects
- Ground Assessment & Prioritise?
- Drill Testing?
MYSTIQUE PROJECT
Torquata
- Drilling
- Follow-up?
Planned activities are subject to change depending on results of previous completed activity
4
Projects Snapshot
BLACK FIRE
Kangeshi Copper-Silver Project (JV), DRC Pilot Mt Tungsten-Copper Project, Nevada Longonjo REE Project (JV), Angola Mystique Gold Project (JV), WA
Karibib Lithium Project, Namibia
- COPPER
- GOLD
- RARE EARTHS
TUNGSTEN
- Kangeshi
- Pilot Mountain
- Mystique
Longonjo
Project Name
BFE Equity
- Acquiring 54%
- Acquiring 100%
- Earning 75%
PacMag Metals
Acquiring 70%
Rift Valley Minerals Inc TSM Entreprise SPRL
- Pacific Gold Corp
- Sable Minerals
Drill Testing
Pending
Partner / Vendor
Resource Definition
Resource Definition
Drill Testing
Pending
Exploration Stage
25-35Mt @ 0.8-1.2% Cu & 15-20g/t Ag
7-9Mt @ 0.3-0.37% WO3
Exploration Target*
Following-up significant shallowly dipping copper- silver mineralisation defined by Vale in 9 drill holes over 5km
Historically drilled, feasibility studied and trial mined by
Union Carbide in early 1980’s.
Mothballed due to collapse in
tungsten prices in mid 1980’s
Following-up very large and robust REE soil anomaly in Angola. Rock chip results to 18% TREO.
Following-up very large and robust gold soil anomaly in the Tropicana Belt of WA.
Comments
5
Kangeshi Copper-Silver Project
Democratic Republic of Congo (DRC)
BLACK FIRE
Advanced 270 km2 Cu-Ag project located in highly copper endowed Katanga Province of the DRC.
Kangeshi Prospect Exploration Target of 25-35Mt @
0.8-1.2% Cu and 15-20g/t Ag* based on 9 broadly
spaced diamond holes drilled by Vale in 2008. Five other prospects yet to be assessed.
Walk-up drill target with aim to deliver maiden
DRC
JORC resource in June half 2012.
KINSHASA
Black Fire holds staged Options to Purchase over a total 54% project equity (combined direct and
indirect) from Canadian private companies Rift
Valley Minerals Inc (60% and manager) and Labrador Copper Holdings (10%) and private DRC company TSM Entreprise SPRL (30%).
Kangeshi
Lubumbashi
6
Kangeshi – Prospective Location
BLACK FIRE
Located in Central African Copperbelt – current known endowment of
+240m tonnes of copper with increasing production profile and new discoveries.
7
Kangeshi – Project Background
BLACK FIRE
Copper occurrence recorded in early 1900’s but not subjected to any
modern exploration until 2008 under a JV with Vale.
+10km long outcrop returning +1% copper and +10g/t Ag assay results.
9 diamond holes drilled by Vale at the Kangeshi Prospect in 2008 with very encouraging results for a bulk tonnage system.
Chalcocite is main copper mineral (Cu2S) - simple
Vale Rock Chip Copper Results
metallurgy and generally delivers a +40% Cu concentrate.
Significant exploration upside outside of primary Kangeshi Prospect.
Kangeshi Prospect
2.5km
8
Kangeshi – Outcropping Mineralisation
BLACK FIRE
~5m Thick Copper Mineralised Horizon With Extensive Green Copper Oxides (Malachite)
Chalcocite Mineralisation
Malachite Mineralisation
Malachite Mineralisation
9
Kangeshi – Vale Drill Results &
Primary Target
BLACK FIRE
Initial Exploration Target is 25-35Mt @ 0.8-1.2% Cu & 15-20g/t Ag*
10
Kangeshi – Planned Activities
BLACK FIRE
Diamond drilling program comprising 45 holes for 5,000m to commence in
November – Drilling contractor currently mobilizing to site.
Aiming to deliver maiden JORC resource by end of the June 2012.
Area Of Planned Drilling
- Q4 - 2011
- Q1 - 2012
- Q2 - 2012
- Q3 - 2012
- Q4 - 2012
KANGESHI PROJECT
Kangeshi Prospect Other Prospects
- Resource Drilling Resource/Metallurgy
- Scoping Study & Infill Drilling?
- Drill Testing?
- Review & Prioritise
Planned activities are subject to change depending on results of previous completed activity
11
Pilot Mountain Tungsten-Copper Project
Nevada, USA
BLACK FIRE
Advanced, resource definition stage tungsten- copper project located in favorable regulatory jurisdiction of Nevada, USA.
Drilled-out, feasibility studied and trial mined by Union Carbide Corp in early 1980’s.
Nevada
BFE Initial Exploration Target across the three main historic prospects of 7-9Mt @ 0.30 – 0.37% WO3 *.
RENO
Pilot Mt
Las Vegas
Subject to an Option to Purchase agreement
with Pacific Gold Corp under which BFE may
acquire 100% for US$2m over 4 years or revert to a 50:50 JV for US$1.5m over 3 years.
12
Why Pilot Mountain Project?
BLACK FIRE
Project covers significant tungsten, copper & silver skarn-style mineralisation discovered in 1916 and explored by Duval & Union Carbide between 1977 and 1983.
Union Carbide completed a feasibility study and trial
open pit before decommissioning the project in the mid 1980’s due to the collapse of tungsten prices.
1920’s Adits At Garnet
There has been no significant exploration undertaken
since this time.
Excellent opportunity to capitalise on the extensive
1950’s Ore Bin At Gunmetal
work undertaken by Duval & Union Carbide at a time of record tungsten prices (up 700% since 2002).
1980’s Trial Pit At Desert Scheelite
13
Pilot Mt – Primary Prospect Locations
BLACK FIRE
- Desert Scheelite
- Gunmetal
- Garnet
Pilot Peak – 9,000’
Pilot Mountain Project, February 2011 – Looking southwest
3 main historic prospects the subject of Union Carbide’s Feasibility Study
– Desert Scheelite, Gunmetal and Garnet.
11 other prospects known within the 13km2 project area.
Project less than 20km from intrastate highway and grid power.
14
Pilot Mt – Desert Scheelite Prospect
BLACK FIRE
Steeply northerly dipping skarn style
mineralisation.
Duval and Union Carbide drilled +100 diamond holes and completed feasibility studies and trial mining.
Historic resources are not compliant with the JORC Code and cannot be reported. However, the average grade of mineralisation reported from drilling was 0.33% WO3 + significant copper and silver.
Skarn Mineralisation
Extensive historic data available providing a clear “starting point” for modern exploration.
Desert Scheelite Trial Open Pit Looking West
15
Pilot Mt – Desert Scheelite Prospect
Geology & Historic Drilling
BLACK FIRE
Union Carbide Planned Open Pit
A’
Desert Scheelite Shaft
OPEN
4248000N
A
Union Carbide Trial Pit
200m
- Historic Drill Hole
- Hornfels
- Pediment - gravels
Limestone
Marble
Tungsten-copper-silver “skarn” mineralisation
Quartz monzonite intrusives
16
Pilot Mt – Desert Scheelite Prospect
Drill X-Section A-A’
BLACK FIRE
A
A’
60.3m (TW~20.0m*) @ 0.26% WO3 , NSA Ag, NSA Cu 11.6m (TW~6.6m*) @ 0.14% WO3, 0.17oz/t Ag, NSA Cu
33.0m (TW~12.6m*) @ 0.59% WO3, 0.32oz/t Ag, 0.48% Cu
19.0m (TW~8.3m*) @ 0.31% WO3, 3.97oz/t Ag, NSA Cu 7.6m (TW~5.0m*) @ 0.22% WO3, 0.32oz/t Ag, NSA Cu