Black Fire Minerals pushes to finalise Longonjo Rare Earths joint venture in Angola

Black Fire Minerals (ASX: BFE) is continuing to work towards a comprehensive joint venture agreement for the promising Longonjo Rare Earths (REE) Project in Angola, south-central Africa.

Results from a soil geochemical program carried out in July substantially increased the size of the REE anomaly at Longonjo.

The program defined a very large 3.5 kilometre by 1.7 kilometre +0.5% 2REO (cerium + anthanum oxide) anomaly which remains open to the west.

The REE results at Longonjo are similar to Peak Resources' (ASX: PEK) Ngualla Rare Earth Project in Tanzania which is roughly 12 months in advance of Black Fire.

Black Fire said it was working towards completing in-country documentation, corporate set-up and formalising the binding heads of agreement with Angolan partner Discovery Grupo Lda into a comprehensive joint venture document.

The company’s management team, in conjunction with Australian project partner Sable Minerals, will travel to Angola next week to meet with government departments, corporate advisors and Discovery Grupo Lda.

Despite delays in the administrative processes, Black Fire’s board remains excited about the potential of the Longonjo REE prospect, and looks forward to the start of drilling.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20253/black-fire-minerals-pushes-to-finalise-longonjo-rare-earths-joint-venture-in-angola-20253.html