Blackthorn Resources granted Fafo gold exploration permit renewal in Burkina Faso

Wednesday, July 20, 2011

Blackthorn Resources (ASX: BTR) has been granted its second, three-year renewal of the Fafo exploration permit in Burkina Faso, located over the Boromo greenstone belt which is prospective for gold and base metals.

The Fafo exploration permit covers an area of 247 square kilometres and is located about 200 kilometres south west from Ouagadougou, the capital of Burkina Faso in West Africa.

The Boromo greenstone belt is host to the formerly operating Poura gold mine and the company’s Perkoa zinc project.

The company has been undertaking exploration activities over the Fafo Permit in recent years and is continuing to review and follow-up on these activities.

The permit area is located adjacent and between the company’s Bonzan and Naboue exploration permits.

These three contiguous exploration permits form the ‘southern’ exploration suite of tenements which covers 539 square kilometres from a total 1,134 square kilometres held by the company in Burkina Faso.

On July 11 Blackthorn increased its landholding in the underexplored and highly prospective southern African country of Zambia and continues to actively explore the neighbouring Mumbwa prospect for copper-gold (IOCG) mineralisation and is targeting extensions in the region.

The Mumbwa large-scale prospecting licence is currently held by BHP Billiton (ASX: BHP) on behalf of the Mumbwa joint venture, with the companies working mutually to renew the Mumbwa prospecting licence for its third term, prior to transferring 100% ownership of the licence to a Blackthorn subsidiary.

Blackthorn is also progressing construction at the Perkoa deposit which represents the first large scale zinc mine in Bukina Faso. Blackthorn Resources is the first ASX listed company to commence mining in the country.

Within a month, Blackthorn will receive lead and silver assays from the Perkoa Project, along with investigations into value enhancements/changes from joint venture partner and manager Glencore International (LON: GLEN).

Blackthorn is looking to transition from a junior explorer to profitable producer by 2012, marking a major turning point for the company.

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