Blackthorn Resources receives exploration permit renewal at Perkoa project in Burkina Faso
Blackthorn Resources (ASX:BTR) has received a final three year renwal of its two base metals exploration permits at the Perkoa project in Burkina Faso that will enable identification of further drilling targets.
The Poa and Guido exploration permits within Blackthorn's Northern Tenements surrounding the Perkoa mining licence cover a total area of 443.23 square kilometres.
Blackthorn now holds 100% interest in 7 exploration permits in Burkina Fsso covering a total area of 911.23 square kilometres.
It is progressing exploration work in the Northern tenements and targeting base metals in an area surrounding the Perkoa project, which is mining a volcanogenic massive sulphide deposit.
It has recently completed an airborne VTEM survey over Sepaogo and Seboun permits areas to complete electromagnetic coverage of the Northern tenement.
Final data is likely in mid-July and PGN Geoscience will be interpreting the data, extending the previous interpretation over the Poa and Guido permits as well as generating new targets for Seboun and Sepaogo.
The VMS targets identified in an earlier airborne survey done over Poa, Guido and Perkoa were also the subject of the recently concluded rotary air blast drilling program.
A total of 982 shallow RAB holes with an average depth of 8 metres for a total of 7,899metres were drilled to enable the collection of material in the upper part of the lateritic profile. First assay results are likely by August.
The Perkoa Project is a joint venture between Glencore International (project manager), Blackthorn and the Burkina Faso Government (10% free carried) which is currently developing the first large-scale underground base metals mine in the country.
The company is in the final stages of commissioning the Perkoa Mine process plant and expects to make the first zinc concentrate shipment from the Burkina Faso project in the third quarter of 2013.
Blackthorn is currently trading at over 75% cash backing (as at March 2013) with cash of $28.6 million, or $0.174 per share and a market capitalisation of $37.38 million at a current share price of $0.228.
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