Sable’s interest in the Longonjo project is held through a joint venture agreement with Angolan Private company, Discovery Group (DGL), who hold title to the project.
As per this agreement, Sable have 70% equity and are project managers while DGL holds a 30% equity interest and is being free carried to a decision to undertake a Bankable Feasibility Study (BFS).
The project is located approximately 600km southeast of the Angolan capital Luanda and approximately 50km southwest of the regional city of Huambo.
The work conducted over the last four years has resulted in the definition of a number of encouraging prospects within the land holding including Longonjo REE prospect, Cassenha Hill copper-gold-uranium-iron prospect, and Lumingo manganese prospect.
Upon the successful completion of due diligence, Black Fire intends to immediately commence an exploration program, which will initially focus at the Longonjo REE prospect.
Black Fire has negotiated an option to acquire 100% of Sable Minerals and thereby their interests in the Longonjo project.
