Longonjo Carbonatite Yet to Be Drill Testing? Resource Drilling? Confirmed Other Prospects Ground Assessment & Prioritise? Drill Testing?
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ASX ANNOUNCEMENT By Electronic Lodgement ASX: BFE By Electronic Lodgement 17th November 2011 Company Announcements Office ASX Limited SHARE INFORMATION 2 The Esplanade Perth WA 6000 Issued Shares: 117.4m Unlisted Options: 17.0m ANNUAL GENERAL MEETING PRESENTATION BOARD OF DIRECTORS Please find attached the presentation to be given today at the Chairman: A. Baillieu Company’s Annual General Meeting by Executive Director, Mr Simon Rigby. 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 E: [email protected] FURTHER INFORMATION bl ac k fi r e mi n er al s. c o m. 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 E: [email protected] REGISTRY ENQUIRIES Computershare Investor Services Level 2, 45 St Georges Tce Perth Phone: +61 (8) 9323 2000 For personal use only 1 | P a g e AGM Presentation 17th November 2011 Building Sustainable For personal use only 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. For personal use only 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. For personal use only 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 Resource Drilling Resource/Metallurgy Scoping Study & Infill Drilling? Kangeshi Other Prospects Review & Prioritise Drill Testing? PILOT MT PROJECT Desert Scheelite Resource Drilling Resource/Metallurgy Scoping Study? Garnet/Gunmetal Resource Drilling Other Prospects Review & Prioritise LONGONJO PROJECT Start date Longonjo Carbonatite yet to be Drill Testing? Resource Drilling? confirmed Other Prospects Ground Assessment & Prioritise? Drill Testing? MYSTIQUE PROJECT TorquataFor personal use only 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 TUNGSTEN GOLD RARE EARTHS Project Name Kangeshi Pilot Mountain Mystique Longonjo BFE Equity Acquiring 54% Acquiring 100% Earning 75% Acquiring 70% Rift Valley Minerals Inc Pacific Gold Corp PacMag Metals Sable Minerals Partner / Vendor TSM Entreprise SPRL Resource Resource Drill Testing Drill Testing Exploration Stage Definition Definition 25-35Mt @ 0.8-1.2% Cu Exploration Target* 7-9Mt @ 0.3-0.37% WO3 Pending Pending For personal use only & 15-20g/t Ag Following-up significant Historically drilled, feasibility Following-up very large and Following-up very large shallowly dipping copper- studied and trial mined by robust gold soil anomaly in and robust REE soil Comments silver mineralisation Union Carbide in early 1980’s. the Tropicana Belt of WA. anomaly in Angola. Rock defined by Vale in 9 drill Mothballed due to collapse in chip results to 18% TREO. holes over 5km tungsten prices in mid 1980’s 5 Kangeshi Copper-Silver Project BLACK FIRE Democratic Republic of Congo (DRC) 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 JORC resource in June half 2012. DRC Black Fire holds staged Options to Purchase over a KINSHASA total 54% project equity (combined direct and Kangeshi indirect) from Canadian private companies Rift For personal use only Valley Minerals Inc (60% and manager) and Lubumbashi Labrador Copper Holdings (10%) and private DRC company TSM Entreprise SPRL (30%). 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. For personal use only 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 For personal use only Kangeshi Prospect Prospect. 2.5km 8 Kangeshi – Outcropping Mineralisation BLACK FIRE ~5m Thick Copper Mineralised Horizon With Extensive Green Copper Oxides (Malachite) For personal use only Malachite Mineralisation Malachite Mineralisation Chalcocite Mineralisation 9 Kangeshi – Vale Drill Results & BLACK FIRE Primary Target Initial Exploration Target is 25-35Mt @ 0.8-1.2% Cu & 15-20g/t Ag* For personal use only 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 For personal use only Resource Drilling Resource/Metallurgy Scoping Study & Infill Drilling? Kangeshi Prospect Other Prospects Review & Prioritise Drill Testing? Planned activities are subject to change depending on results of previous completed activity 11 Pilot Mountain Tungsten-Copper Project BLACK FIRE Nevada, USA 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. BFE Initial Exploration Target across the three Nevada main historic prospects of 7-9Mt @ 0.30 – RENO 0.37% WO3 *. Pilot Mt Subject to an Option to Purchase agreement Las Vegas with Pacific Gold Corp under which BFE may acquire 100% for US$2m over 4 years or For personal use only revert to a 50:50 JV for US$1.5m over 3 years. 12 Why Pilot Mountain Project? BLACK FIRE Project covers significant