Sunday, 5 February 2012

Black Fire Minerals: resource potential increases at Pilot Mountain with latest drill results

Black Fire Minerals (ASX: BFE) has delivered to the market some very promising tungsten and copper intersections in just the first two holes of an 18 hole program at the Pilot Mountain Tungsten-Copper Project located in Nevada, U.S.

At the Desert Scheelite Prospect, tungsten mineralisation has been intersected in expected positions, and importantly these confirm results from historic drill holes.

Highlights from the first hole included; 16.2 metres at 0.36% tungsten from 137.7 metres, 17.9 metres at 0.40% tungsten and 0.16% copper from 168.3 metres, plus the higher grade 9.1 metres at 0.66% tungsten, 0.34% copper and 151 grams per tonne (g/t) silver from 244 metres.

The second hole delivered; 10.3 metres at 0.19% tungsten, 0.23% copper and 20g/t silver from 1 metre, and 5.6 metres at 0.46% tungsten, 0.36% copper and 13g/t silver from 19.4 metres.

Adding some spice to the intersections are the peak results, which included up to 1.2% copper and 552g/t silver. In total eight holes will be drilled at Desert Scheelite, with further results expected to be delivered to the market later in the week.

Anthony Baillieu, chairman, commented on the positive results: "These excellent results in conjunction with information gained from geological logging of a further 6 drill holes, for which assays are pending, support the company’s belief in the Pilot Mountain Tungsten- Copper Project.

"There is much work yet to be completed, but the company is on track with its aim of delivering a maiden JORC Resource for the Desert Scheelite Prospect by mid-year and is highly encouraged by the increasing market interest in the Pilot Mountain Project given the very favourable global outlook for tungsten."

The Desert Scheelite program will comprise up to 4,000 metres of diamond drilling to twin and infill selected historic vertical diamond drill holes that were drilled predominantly on 33 metre by 33 metre centres.

Importantly for Black Fire, these results will provide confirmatory assay and geological information so that the extensive historic database may be brought up to a JORC standard.

Desert Scheelite - one of three advanced projects

The Desert Scheelite Prospect is one of three advanced prospects at the Pilot Mountain Project which were historically extensively drilled and subjected to mining feasibility studies by Union Carbide during the early 1980’s.

Black Fire has an initial exploration target across the three main historic prospects of 7 to 9 million tonnes at 0.30% to 0.37% tungsten.

Union Carbide “mothballed” the project in the mid 1980’s in response to a significant fall in tungsten prices at that time and there has been no significant exploration undertaken since.

Adding to the potential of the project, there are another 11 known prospects within the 13 square kilometre project area, which is strategically located less than 20 kilometres from intrastate highway and grid power.

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