May 13 2014
Blackheath Resources Inc. is pleased to announce it has earned a 70% interest in the Covas tungsten project in northern Portugal, following expenditures of EUR1,000,000, and has commenced the next phase of exploration at Covas.
The Covas tungsten project covers an area of 19.96 square kilometres. Tungsten mineralization generally occurs in an area known as the skarn ring. Approximately 60% of the skarn ring is untested and a geophysical IP programme has commenced to test these areas as well as a large tungsten porphyry prospect in the center of the skarn ring. The program is designed to assist in determining new drill targets as well as step-out targets adjacent to known high-grade historic resources. The data collected will also potentially show skarn mineralization is volumetrically much larger than has been mapped at surface.
"We are pleased to have now earned-in a 70% interest into the past-producing Covas tungsten project," said James Robertson, President & CEO of Blackheath Resources. "With the aid of the IP survey, Blackheath's technical team has started to develop the strategy for our Phase 3 drilling campaign at Covas, which is scheduled to start next month."
Covas is a past-producing open pit and shallow underground tungsten mine and remaining historic resources on the property have been estimated at 922,900 tonnes of 0.78% WO3 (tungsten trioxide) by Union Carbide in 1980, based on work including 329 drill holes on the property. Mineralization is open to expansion. The price of tungsten has increased significantly in recent years and is currently approximately $36 per kilogram of contained tungsten trioxide. The Covas property is located about 100 kilometres north of Porto, Portugal's second largest city. (These resources are historic in nature, prepared by Union Carbide Corp. in 1980 and are considered relevant. However, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not considering the historical estimates as current mineral resources.)
Source: http://www.blackheathresources.com/