Acquisition Of Namibian Lithium Project

Project tenure includes the historic Rubikon, Helicon and Fricke’s lithium]tantalum]cesium mines which operated intermittently from 1930 to 1994. Historic mine production data is poorly recorded, but the Rubikon mine reportedly produced some 17,000 t of lithium mineral concentrates from small scale open pit and underground mining between 1980 and 1994.

The Project has not been subjected to any modern exploration and mining activities to date were largely small scale gouging operations that only exploited small portions of the outcropping pegmatites.

The project is proximal to excellent infrastructure including the town of Karibib and the major B2 sealed highway and railway that connects Windhoek to the ports of Swakopmund and Walvis Bay.

Black Fire intends to immediately commence an aggressive exploration program to drill test the known significant strike extensions of the Rubikon and Helicon pegmatites and to assess the potential of the remaining large ground holding for new lithium pegmatite discoveries.

The acquisition represents a significant opportunity for Black Fire to capitalize on the increasing demand for lithium in the energy storage business due to the proliferation of electric vehicles and electronic equipment using Li]ion batteries.

Historic mine production data is poorly recorded, but the Rubikon mine reportedly produced some 17,000 t of lithium mineral concentrates from small scale open pit and underground mining between 1980 and 1994.

Black Fire managing director Simon Rigby said the Karibib Project had not been subjected to modern exploration and the historic lithium mining activities were largely small scale gouging operations that only exploited small portions of the outcropping pegmatites.

"This provides a significant opportunity for Black Fire to carry out drilling programs to test the down dip and strike potential of the historic deposits and utilise modern regional exploration techniques to assess the entire project area for new outcropping and/or blind lithium bearing pegmatite targets," Mr Rigby said.

He said the acquisition of Karibib also represented an excellent opportunity for the company to participate in the rapidly growing sector of the energy storage business due to the proliferation of electric cars and electronic equipment using Li]ion batteries.

"The company intends to advance both Karibib and the previously announced Mystique Gold Project through technically focused exploration activities over the next six months," Mr Rigby said.

"With the recent successful completion of a significant capital raising, the company is well positioned to fund the current projects and maintain the search for further high quality projects for potential joint venture or acquisition.”

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