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Blackthorn Resources Limited (ASX: BTR) is an Australian-based resources company with a focus on advancing the Kitumba Copper Project and exploring high priority exploration targets on its Mumbwa tenements in Zambia.
The Mumbwa Project hosts the Company’s flagship Kitumba deposit and is located in west-central Zambia, approximately 200km west of the capital, Lusaka. The Mumbwa Project comprises five contiguous licences with a total area of approximately 1000km2.
Planning and budgeting for a Definitive Feasibility Study (DFS) on the Kitumba Copper Project is underway with a view to making a Final Investment Decision (FID) late in Q4 CY2015 and commencing construction in early CY2016. A preliminary construction and mining schedule to PFS confidence level (± 25%) was outlined as part of the Optimised PFS announcement in April 2014 (please refer to Investor Relations section for this and other ASX announcements).
In April 2014, Blackthorn Resources announced that it had entered into an agreement with its joint venture partner Glencore to sell its remaining 27.3% equity interest in the Perkoa Project in Burkina Faso to Glencore. Following approval by Blackthorn Resources' shareholders in August 2014, the sale of the Company's equity interest in the Perkoa Project was completed with the Company receiving settlement proceeds of US$10 million.
In August 2014, Blackthorn Resources and Intrepid Mines Ltd (ASX: IAU) announced their agreement to merge by way of Scheme of Arrangement. The merger will create a well funded copper company in a string position to realise the potential of the Kitumba Cooper Project and add value to the broader Mumbwa Project licence areas in Zambia. The Scheme is subject to approval of both companies shareholders, with Blackthorn Resources Scheme Meeting scehduled to be held on Friday, 21 November 2014.
Blackthorn Resources is pleased to release the results of Intrepid Mines Extraordinary General Meeting and Determination Scheme Consideration.
Blackthorn Resources is pleased to release the following announcement regarding the Kitumba Mining Licence.
Blackthorn Resources is pleased to provide the following Quarterly Activities Report for 30 September 2014.