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Black Fire Minerals Secures Title Over Nevada Tungsten-Copper Project

Jul. 03, 2013 7:57 PM ET
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Black Fire Minerals (ASX: BFE) has reached an agreement with Pacific Gold Corporation to accelerate the transfer of the title to the Pilot Mountain Tungsten Copper project in Nevada by paying an initial US$350,000 (A$383,966).

This will give Black Fire full title to the mineral claims covering the project, which has a JORC Resource of 6.79 million tonnes at 0.31% WO3, 22.8 grams per tonne silver and 0.17% copper.

The company has also agreed to pay PGC a further US$850,000 by 31 March 2014 to retain title to the claims.

Under the original agreement, Black Fire could only achieve title once it had paid all outstanding options totalling US$1.5 million by September 2015.

Black Fire is keen about the future prospects at Pilot Mountain as tungsten prices have risen about 25% to about US$410 per tonne in the calendar year to date.

Pilot Mountain is located about 250 kilometres southeast of Reno, Nevada. It is well served by nearby infrastructure, including sealed roads, nearby towns and mains power lines.

Besides the JORC Resource, the company's drilling and compilations of historic data has also identified an Exploration Target of 10.8Mt to 12.5MT at between 032% and 0.35% WO3.

This reflects opportunities at the Garnet, Gunmetal and Good Hope prospects where historical drilling intersections require follow-up.

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