16 May 2012

MUMBWA PROJECT: ASSAY RESULTS RECEIVED FOR DRILL HOLES S36-037, S36-039 and S36-040

KEY POINTS

Copper assay results have been received for drill holes S36-037, S36-039 and S36-040 showing intervals of copper mineralisation to the north of the Kitumba mineral resource area. These represent the final copper assay results received for the Phase 5 drill program.

Drill-hole S36-037 confirmed copper mineralisation. Drilled thickness intercepts include:

S36-037 (Inclined -60º towards the north-west; EOH = 653.43m)

7.5m at 0.27% Cu between 38.6m and 46.1m

6m at 0.32%Cu between 65m and 71m

20m at 0.34%Cu between 119m and 139m, including

o 2m at 1.03%Cu between 121m and 123m

Drill hole S36-039 was abandoned at 186.85m and re-drilled as S36-040. Both holes confirmed copper mineralisation. Drilled thickness intercepts include:

S36-039 (Inclined -70º towards the north-west; EOH = 186.85m)

27m at 0.42% Cu between 22m and 49m

65m at 0.39% Cu between 117m and 182m

S36-040 (Inclined -70º towards the north-west; EOH = 602.55m)

21m at 0.42% Cu between 12m and 33m

14m at 0.26% Cu between 82m and 96m

10m at 0.30% Cu between 113m and 123m

61m at 0.38% Cu between 129m and 190m

11m at 0.46% Cu between 201m and 212m

15m at 0.32% Cu between 250m and 265m

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Blackthorn Resources Limited (ASX: BTR) is pleased to advise that final copper assay results have been received from the Phase 5 drilling program at Mumbwa, Zambia. Copper assay results have been received from drill holes S36-037, S36-039 and S36-040, as shown in Figure 1.

The Phase 5 drilling program commenced in August 2011 and completed drilling of 21 holes for a total of 10 934.31 meters. A summary of the Phase 5 drilling is shown in Table 1.

TABLE 1 - Planned Phase 5 targets and drill hole parameters.

Planned 

Easting (m)

Planned 

Northing (m)

Planned 

RL (m)

1 P5_001 S36‐023 500.00 483.05 479,310 8,373,955 1,440 ‐70 270

2 P5_002 S36‐024 500.00 583.48 479,240 8,373,750 1,430 ‐90 000

3 P5_003 S36‐026* 500.00 614.82 479,260 8,374,160 1,430 ‐90 000

4 P5_005 S36‐027 500.00 509.00 479,140 8,373,750 1,430 ‐90 000

5 P5_007 S36_029 600.00 600.80 479,300 8,373,440 1,500 ‐70 270

6 P5_006 S36_028 500.00 524.46 479,160 8,374,160 1,430 ‐90 000

7 P5_009 S36‐025 500.00 532.32 479,410 8,373,955 1,463 ‐65 270

8 P5_101 S36_032 500.00 500.50 479,280 8,373,900 1,452 ‐90 000

9 S36_033* 500.00 463.36

17 S36_038 *** 600.00 653.55

10 P5_103 S36_034 500.00 500.55 479,310 8,373,955 1,453 ‐90 000

16 P5_104 S36_035 500.00 500.00 479,230 8,373,900 1,435 ‐70 180

18 P5_105 S36_036 600.00 653.54 479,219 8,374,141 1,442 ‐70 180

19 P5_014 S36_037 600.00 653.43 479,947 8,375,383 1,335 ‐60 325

20 S36_039**** 600.00 186.85

21 S36_040***** 600.00 602.55

11 P5_010 S36_030 500.00 506.50 478,940 8,373,750 1,430 ‐80 090

12 KIT_03 S36_031 500.00 500.20 479,035 8,374,622 1,400 ‐60 325

13 MUSH_001 202.35

14 MUSH_003 563.00

15 Target A‐02 MUSH_002 500.00 600.00 474,731 8,378,340 1,294 ‐70 045

10900.00 10934.31

*         Drill hole S36_026 was completed to an EOH depth = 516.10m in 2011

           In January 2012 this hole was extended to EOH = 614.82m following observation of mineralisation at 516m interval.

**       Drill hole S36_033 was abandoned at 463.36m due to drilling rods becoming trapped and equipment lost in the hole.

***     Replacement drill hole S36_038 redrilled target from surface as a new hole to a deeper depth.

****   Drill hole S36_039 was abandoned at 186.85m due to problems in hole with drilling equipment.

***** Replacement drill hole S36_040 redrilled target from surface as a new hole to a deeper depth.

TOTAL

#

P5_013

479,230 8,373,900

479,791 8,375,159

P5_102

Target A‐01

Planned 

Inclination ◦

Planned 

Azimuth ◦

Actual EOH 

Depth (m)

Planned EOH 

Depth (m)

‐70 270

1,442 ‐90 000

1,405 ‐70 325

Drillhole IDTarget ID

WGS 84 Zone 35S

474,394 8,377,510 1,318800.00

Infill

Step

‐out

Scout

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Sampling and assaying of the drill core collected follows a standard site protocol with samples of half core being submitted to the AH Knight Laboratory in Kitwe, Zambia for preparation and copper analysis. A representative sample split is taken from each batch and sent to ACME Analytical Laboratories in Vancouver, Canada for gold analysis.

A cut-off grade of 0.25% Cu was applied when delineating the drilled thickness intervals of mineralisation, with weighted average grades reported. True-widths are not quoted as further work is required to determine the geometry of the mineralisation. No upper limit has been applied to copper or gold grades in these exploration results.

S36-037 – Copper Assay Results

Drill hole S36-037 is an inclined ‘step-out’ hole drilled at an angle of 60 degrees towards 325 (north-west) which was designed to test a copper-in-soil geochemical anomaly immediately north of the Kankamu Fault, as well as a gravity anomaly. The hole was terminated at an end of hole (EOH) depth of 653.43m.

A series of 339 samples excluding quality control samples were taken over the entire length of drilled core and analysed for copper, gold and multi-elements. Copper assay results identified multiple zones of copper mineralisation from surface to a depth of 167m, as displayed in Table 2. Gold and multi-element results for this hole are pending.

TABLE 2 - Summary of copper assay results for inclined drill hole S36-037 (EOH 653.43 meters)

Drilled Thickness Interval (m)

Weighted

Average Cu Grade (%)

Drilled

Depth From (m)

Drilled Depth To

(m)

1.5 at 0.31 between 8.6 and 10.1 1.5 at 0.30 between 25.1 and 26.6 1.5 at 0.37 between 32.6 and 34.1 7.5 at 0.27 between 38.6 and 46.1 1.5 at 0.37 between 55.1 and 56.6 6 at 0.32 between 65 and 71 2 at 0.31 between 75 and 77 2 at 0.26 between 83 and 85 2 at 0.36 between 101 and 103 2 at 0.29 between 109 and 111 2 at 0.34 between 119 and 139

including 

2 at 1.03 between 121 and 123 2 at 0.26 between 147 and 149 6 at 0.37 between 161 and 167 2 at 0.48 between 441 and 443

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S36-039 – Copper Assay Results

Hole S36-039 is an ‘step-out’ hole drilled at an angle of 70 degrees towards 325 (north-west) which was designed to test a copper and gold soil geochemical anomaly straddling the Kankamu Fault, as well as a gravity anomaly. The hole was abandoned at a depth of 186.85m due to drilling problems.

A series of 175 samples excluding quality control samples were taken over the entire length of drilled core and analysed for copper, gold and multi-elements. Copper assay results identified multiple zones of copper mineralisation from surface to a depth of 182m, as displayed in Table 3. Gold and multi-element results for this hole are pending.

TABLE 3 – Summary of gold assay results for vertical drill hole S36-039 (EOH depth = 186.85 meters)

Drilled Thickness Interval (m)

Weighted

Average Cu Grade (%)

Drilled

Depth From (m)

Drilled Depth To

(m)

3 at 0.28 between 2 and 5

1 at 0.25 between 9 and 10

1 at 0.26 between 15 and 16

27 at 0.42 between 22 and 49

2 at 0.33 between 54 and 56

3 at 0.31 between 62 and 65

1 at 0.26 between 67 and 68

2 at 0.29 between 86 and 88

3 at 0.32 between 95 and 98

2 at 0.32 between 109 and 111

65 at 0.39 between 117 and 182

S36-040 – Copper Assay Results

Hole S36-040 represent the re-drill of abandoned hole S36-039 and is located 3m from the latter. S36-040 was also drilled at an inclination of 70 degrees towards 325 (north-west) to an EOH depth of 602.55 meters.

A series of 483 samples excluding quality control samples were taken along the entire length of drill core for copper, gold and multi-element analysis. Copper assay results identified multiple zones of copper mineralisation from surface to a depth of 381m, as displayed in Table 4. Gold and multi-element results for this hole are pending.

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TABLE 4 – Summary of gold assay results for vertical drill hole S36-040 (EOH depth = 602.55 meters)

Drilled Thickness Interval (m)

Weighted

Average Cu Grade (%)

Drilled

Depth From (m)

Drilled Depth To

(m)

2 at 0.27 between 6 and 8 21 at 0.42 between 12 and 33 2 at 0.27 between 39 and 41 3 at 0.27 between 49 and 52 4 at 0.26 between 55 and 59

14 at 0.26 between 82 and 96 2 at 0.29 between 101 and 103

10 at 0.30 between 113 and 123 61 at 0.38 between 129 and 190 6 at 0.36 between 193 and 199

11 at 0.46 between 201 and 212 4 at 0.42 between 215 and 219 1 at 0.43 between 221 and 222 1 at 0.29 between 223 and 224 1 at 0.36 between 237 and 238 1 at 0.28 between 241 and 242 1 at 0.72 between 245 and 246

15 at 0.32 between 250 and 265 1 at 0.33 between 269 and 270 1 at 0.40 between 279 and 280 1 at 0.48 between 294 and 295 1 at 0.28 between 298 and 299 2 at 0.46 between 305 and 307 1 at 0.28 between 320 and 321 1 at 0.25 between 326 and 327 2 at 0.30 between 338 and 340 2 at 0.29 between 373 and 375 1 at 0.54 between 380 and 381

Geological Observations Copper mineralisation in holes S36-037, S36-039 and S36-040 is developed essentially from surface and is concentrated in the upper portions of these holes. Mineralisation is dominated by chalcocite and iron-manganese oxides which are secondary and interpreted to have formed from weathering, oxidation and remobilisation of primary mineralisation.

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This enhances the prospectivity of the area to the north of the presently defined Kitumba mineral resource area, where potential exists to discover secondary supergene-enriched mineralisation formed by remobilisation and reconcentration.

Managing Director Mr Scott Lowe said

“These holes were “step-out” holes in that they were drilled outside the low grade cut-off area at Kitumba and we are pleased to report evidence of additional copper mineralisation. These results warrant further investigation and consideration of additional drilling in the future. Meanwhile, the focus and priority at Kitumba remains updating the 2009 JORC estimate based on additional drilling completed since that time, and beginning to assess the economic potential of the project.”

ATTRIBUTION

The information in this report which relates to exploration results at the Mumbwa Project in Zambia is based on information compiled by Mr Michael J Robertson, MSc, Pr.Sci.Nat., MSAIMM who is a member of The South African Institute of Mining and Metallurgy, which is a Recognised Overseas Professional Organisation (‘ROPO’). Mr Robertson has 22 years’ experience in mineral exploration and is a full-time employee of The MSA Group. Mr Robertson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Robertson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Should you require further information please contact: Scott Lowe Managing Director Ph: + 61 2 9357 9000

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FIGURE 1 - Phase 5 drill hole location plan for the Kitumba mineral resource area

showing collar locations for S36-037, S36-039 and S36-040.

Drill hole

S36‐037

Drill holes

S36‐039

S36‐040

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FIGURE 2 - Geological cross section facing north-east for drill hole S36-037 showing copper assays

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FIGURE 3 - Geological cross section facing north-east for drill hole S36-039 showing copper assays

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FIGURE 3 - Geological cross section facing north-east for drill hole S36-040 showing copper assays

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