Perth-based diversified resources company Black Fire Minerals has announced that assay results from the rock chip geochemical sampling program at the Karibib Project in Namibia have been returned with very encouraging lithium and tantalum results.

A total of 51 samples from Rubicon and 36 samples from the Helikon Projects were collected from the historic open pits, stockpiles and waste dumps during late December 2009 with the aim of establishing the tenor of the lithium, tantalum, rubidium, beryllium and cesium mineralisation within the various portions of the extensively zoned pegmatite bodies.

Following the announcement, shares in the company jumped 18.2% to 13c.

Although the Company has searched widely for historic mining information, very limited data has been found regarding the actual lithium and associated metals grades returned from the extensively developed petalite – lepidolite – tantalite mineralisation and thus this rock chip geochemical data is an important step in the final planning of the upcoming drilling programs.

Rock chip assay results for a geochemical sampling program at the historic Rubicon and Helikon lithium pegmatite mines at the 100% owned Karibib Project have been returned with very encouraging lithium and tantalum results.

The average lithium assay for the 87 samples was 1.88% Li2O with 57 (65%) of the samples returning assays above 1.00% Li2O. The highest lithium assay returned was 7.18% Li2O from a sample taken at Helikon.

The average tantalum assay for the 86 samples, excluding the highest grade sample that returned 14.55% Ta, was 415ppm Ta with 36 (41%) of the samples returning assays above 100ppm Ta. The next highest tantalum assay returned was 1.83% Ta.

The assay results for rubidium, cesium, niobium and beryllium are also considered of interest with peaks of 1.83% Rb, 0.74% Cs, 26.87% Nb and 3.98% Be.

Commencement of the Company’s first drilling program at Rubicon and Helikon is scheduled for the first week of March 2010.

Managing Director Simon Rigby said the assay results for lithium, the key target metal at Karibib, were considered to be very encouraging with both petalite and lepidolite mineralisation carrying grades competitive with other lithium pegmatite deposits around the world.

"Importantly, the Karibib Project would appear to have the potential for additional “credit metals” and Black Fire intends to investigate the potential economic significance of these metals as part of the evaluation of the Karibib Project," Mr Rigby said.

"The Company’s efforts are now focused on the commencement of a drilling program at Karibib which is scheduled for the first week of March."

The Karibib Lithium Pegmatite Project comprises two granted and adjoining Exclusive Prospecting Licences covering 765km2 and located approximately 25km east-southeast of the town of Karibib and 120km northwest of Namibia’s capital, Windhoek.