Blackheath Resources (BHR.V) has released the results from a small sampling program at the Vale das Gatas project in Portugal. A single grab sample taken from one of the veins returned a WO3 grade of 6.6%, which results in a rock value of approximately $2500/tonne. Six more samples were taken from the waste dumps and those had an average grade of 0.68% WO3 (with a rock value of in excess of $250/t). This is quite remarkable as the average grade of the waste dumps is approximately 3.5 times higher than the average reserve grade of Wolf Minerals’ (ASW:WLF) Hemerdon project in the United Kingdom.
Blackheath has an option to acquire the Vale das Gatas project by incurring 220,000 EUR in exploration expenditures within two years, and making cash payments totaling 1.125M EUR (of which the final 1M EUR is only due when the project starts producing again).
> Click here to read the press release
Disclosure: The author holds a long position in Blackheath Resources. Blackheath is a sponsor of the website Please see our disclaimer for current positions.
