Blackheath Resources (BHR.V) announced it has entered into an agreement for an option to acquire 100% of the Vale das Gatas tungsten project in Portugal. This will be the fourth tungsten-related asset for Blackheath in Portugal, and means the company is serious about becoming Europe’s number 1 tungsten-focused corporation.
Blackheath continues to expand its portfolio of past-producing tungsten mines (youtube video), as the Vale das Gatas project was the second most important tungsten asset in Portugal after the Borralha mine, which is currently being explored by Blackheath as well. So far, the company has found more than 300 old mine workings on the property.
Blackheath will have to spend 220,000 EUR on the property in the first two years of the agreement, and make staged payments totaling 1.125M EUR (of which the final 1M EUR has to be paid when reaching the full scale commercial production stage).
> Click here to read the press release
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