Jun 15 2013
Blackheath Resources Inc. ("Blackheath) is pleased to announce that it has signed an agreement to earn up to an 85% interest in the Arga Tungsten project from Avrupa Minerals Ltd. (Avrupa). The 27.71 square kilometer Arga license is located adjacent to the past producing Covas Tungsten Project, which is also held by Blackheath under a joint venture option agreement.
Past exploration work at Arga indicated the potential for both tungsten and gold mineralization related to several structural zones that trend onto the Covas property and are related to known mineralization at Covas. Extensive geological mapping and soil sampling at Arga in the 1990's showed potential mineral target areas on the property through anomalous sample results for tungsten, tin, arsenic, molybdenum, bismuth, and base metals.
Initial work at Arga has started and over 300 new soil samples have been collected. Results are pending. The soil sample results will assist in the targeting process for a phase 1 drilling program at Arga.
The details of the option agreement are:
- Blackheath can earn a 51% undivided interest in the Arga property by incurring a firm commitment of €60,000 in work expenditures through March 23, 2014 and by incurring a total of €140,000 (aggregate total €200,000) in work expenditures on the exploration of the property through March 23, 2015.
- To earn an additional 19% in the Arga property, for an aggregate total of 70%, Blackheath must make further work expenditures of €800,000 (aggregate total €1 million) by March 23, 2017.
- Blackheath can earn a further 15% at Arga, for an aggregate total of 85%, by funding the completion of a pre-feasibility study meeting the definition of such a study under NI 43-101 by March 20, 2020.
James Robertson, CEO of Blackheath Resources, commented that "We are very pleased to add another exciting Tungsten project in Portugal to Blackheath's expanding portfolio. Being adjacent to the past producing Covas Tungsten Project, we feel there is significant potential to find several similar Tungsten mineral zones. We are looking forward to exploring the Arga project concurrent with our 2013 exploration programme at Covas"
Source: http://www.blackheathresources.com/