Blackthorn Resources (ASX: BTR) is an Australian-based resources company with a diverse portfolio of African assets including zinc, gold, copper, nickel and platinum group metals.
The company's primary assets are in west and southern Africa targeting copper, zinc and gold. The company also seeks and evaluates other projects in Australia and internationally to add to the diverse mineral asset portfolio.
Blackthorn Resources outlines plans for 2010
Australian-listed Blackthorn Resources (ASX: BTR) managing director Scott Lowe has outlined the company's plans and objectives for 2010 during his annual general meeting presentation.
The company, which has a diverse portfolio of African assets including zinc, gold, copper, nickel and platinum group metals, had a market cap of $68M on November 30 and $16.2 million cash in the bank at the end of September.
Following the release of the AGM presentation, shares in Blackthorn increased 1.5c to 72.5c.
Mr Lowe spoke on the year's highlights, which included completing the company's corporate restructuring.
He also talked about the company's achievements with its projects.
During 2009, phase 3 of the Mumbwa project was completed, as was Perkoa's ramp down, while drilling for gold kicked off at Burkina Faso and the Mokopane project was granted a final three-year prospecting licence renewal.
Blackthorn currently holds a 60% vested interest in the Mumbwa Iron Oxide Copper-Gold Project, which is being explored with joint venture partner BHP Billiton (40%) for IOCG style mineralisation by targeting anomalies identified from previous airborne FALCON™ geophysical surveys.
An in situ Inferred Mineral Resource of 87 Mt grading 0.94% Cu (using a 0.5% Cu cut-off) was announced in October. This estimate is enclosed in a much larger resource of 345 Mt grading 0.47% Cu (using a 0.2% Cu cut-off) and ranks within the top 30% of deposits globally, making it one of the largest discoveries in recent years.
At Burkina Faso, results from an IP survey in the northern tenements in OCtober provided valuable insight into the current interpretation of the geology and target selection, with further targets selected for drill testing from the IK and Q22 prospects.
The best results above a 0.45g/t cutoff were received from hole IKRB-019, which was drilled on the IK prospect, intersected 1m at 1.15g/t Au between 1m and 2m, 9m at 3.36g/t Au between 6m and 15m, including 4m at 7.38g/t Au between 8m and 12m.
Highlights of 2009 at the Perkoa Zinc Project included the update of the SRK consulting technical report, project economics improved and costs reduced and a JV partner identification commenced.
Mr Lowe said he hoped the company could commence full production by the first quarter of 2011.
He said zinc prices were on the increase, saying despite the global recession and a sharp contraction in demand, LME zinc prices have trended higher throughout most of this year.
"By Sept 2009, the 3 month zinc price reached what was then the years high to date of $2015/t, up 66% from end of 2008 levels," Mr Lowe reported.
"In Nov 2006 prices reached an all time high of $4580 a tonne."
