early promise at mystique gold project

http://www.blackfireminerals.com.au/irm/Company/ShowPage.aspx?CPID=1090&EID=80474200

Proactive Investors - Thursday, June 17, 2010

Black Fire Minerals encouraged by early promise at Mystique Gold project


Black Fire Minerals' (ASX: BFE) JV with PacMag Metals Ltd (ASX: PMH) over the Mystique Gold project has unearthed some interesting results from soil geochemical programs.
The Mystique Gold project is located within the Proterozoic Albany ‐ Fraser Belt - also known as the Tropicana Belt, the gold prospectivity has only become apparent in the last 10 years and as such has seen relatively low exploration.
In reviewing all of the historic exploration data, Black Fire has defined 5 historic soil geochemical anomalies outside of the Torquata Prospect that warranted infill geochemical sampling. These +10ppb Au anomalies were largely defined in the late 1990s on 1km x 1km sample spacings and were not followed up at the time.
Infill sampling of the first of these anomalies has resulted in the definition of a strong, coherent 1km x 1km +10ppb gold soil anomaly located 4km south of the Torquata Prospect.
This new prospect, known as Salubris, peaks at 37ppb Au and the company will commence an immediate testing with a 5,000m aircore drill program to commence in mid July.
In light of the subsequent discovery of the +5Moz Tropicana deposit to the north, via a 10 ‐ 30ppb Au soil anomaly, these anomalies at Torquata Prospect are considered encouraging targets.
As part of this program, some scout aircore drilling will be undertaken between Torquata and Salubris to test interpreted sites of potential primary mineralisation that could be sourcing these surface anomalies.
Follow‐up infill soil sampling of the remaining 4 historic regional soil anomalies has commenced with results expected during July 2010.
Compilation of the historic aircore drilling of the Torquata Prospect has also recently been completed. This work has confirmed the importance of likely north‐south, northeast‐southwest and northwest‐ southeast controls to the gold anomalism. An initially small, 510 hole RC drilling program designed to test various interpreted bedrock source scenarios for Torquata will be undertaken as soon as an appropriate drill rig becomes available.
In preparation for drill testing both the historic Torquata Prospect and the newly defined Salubris Prospect, an Aboriginal Heritage survey has been completed over 36km2 of the north‐eastern end of E28/1915. The final heritage report for this survey has been received with no sites of significance being identified and drilling within this area can now commence.
Within the large anomaly discovered on western side of the Boonderoo Prospect, two coherent bullseye anomalies peaking at 15.6ppb Au have been defined.
The Company believes that although the Boonderoo Prospect does not display the same high tenor results as Torquata or Salubris, its size and coherency warrants aircore drill testing. An Aboriginal Heritage survey will be undertaken over the prospect area to allow this drill testing to commence as soon as possible.
Simon Rigby, managing director of Black Fire said, "the company is very pleased with the results to date from the completed soil geochemical programs. The newly defined Salubris and Boonderoo Prospects are looking very interesting and drill testing of Salubris is scheduled for mid July."
Mystique News Flow 3rd Quarter 2010 Based on the current approved exploration program and budget, the Company expects the following Mystique Project related
news flow over the next 3‐4 months; - Commencement of AC drilling at Salubris during mid July with assay results expected 4‐6 weeks later.
- Assay results for the infill soil sampling of the remaining four regional gold anomalies within E28/1915 due in July.
- Completion of an Aboriginal Heritage survey over the Boonderoo Prospect and the subsequent commencement of an AC drilling program.
- Commencement of RC drilling at Torquata dependant on rig availability.
Karibib Lithium project
Simon Rigby said, while the assay results for the diamond drilling program conducted at the Rubicon Prospect at the Karibib project in Namibia have not delivered the expected mineralised widths, the lithium grades at +1% Li2O returned from 5 of the 11 completed holes does continue to demonstrate the lithium potential of what is a relatively large 765km2 tenement position."
He said, "the Company now intends to take a more holistic exploration approach at Karibib by reviewing both the remaining historic mine workings such as Helikon and Frickes, but also following up the many new pegmatite targets defined by the HyMapper survey.
The Karibib Lithium Pegmatite Project comprises two granted and adjoining Exclusive Prospecting Licences covering 765km2 and located approximately 25km east‐southeast of the town of Karibib and 120km northwest of Namibias capital, Windhoek.