Black Fire checks out DRC copper prospect

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THE BOURSE WHISPERER: Perth-based diversified exploration play Black Fire Minerals has entered into an exclusive due diligence and option agreement with Canadian private company, Rift Valley Minerals and private Democratic Republic of Congo company, TSM Entreprise.

The agreement is for the acquisition of up to 54% effective equity in the Kangeshi copper-silver project located in the Democratic Republic of Congo.

The project is located in the southern part of the DRC, some 190 kilometres north of Lubumbashi in the copper mining province of Katanga.

Black Fire said its interest in the Kangeshi project was raised by results of very broadly spaced diamond drilling undertaken by international mining company Vale in 2008.

A total of nine holes were drilled along five kilometres of strike and intersected significant copper-silver mineralisation up to 1.3km down dip (but only up to 180m down-hole) from surface outcrops.

The best true width drill intersections from this historic drilling included:

– 11 metres at 1.10% copper and 23.6 grams per tonne silver;

– 10.5m at 1.20% copper and 22.6g/t silver;

– 4.7m at 1.42% copper and 37.2g/t silver; and

– 9.85m at 0.85% copper and 16.3g/t silver.

“We are very excited about the potential of the Kangeshi project to deliver a large tonnage, mid- grade copper and silver deposit in the highly copper prospective and very active mining province of Katanga, where a number of other ASX and TSX listed companies are also having success,” Black Fire Minerals acting chairman Anthony Baillieu said in the company’s announcement to the Australian Securities Exchange.

“We look forward to working with our partners at Rift Valley Minerals and TSM to fast track drilling programs with the aim of outlining a maiden mineral resource within the next 6-8 months”.

Based on the available data and a recent field trip to the project, Black Fire has placed an initial exploration target for open pitable mineralisation at the Kangeshi prospect at 25-35 million tonnes at 0.8% to 1.2% copper and 15g/t to 20g/t silver.