Blackheath Resources (BHR.V) has announced the first results of an exploration program at its Bejanca project in Portugal. This work program focusing on Phase I mapping and sampling of historic mines and workings, and grab samples revealed tungsten assays of up to 2.12% WO3. Additionally, a 3.4 kilogram waste dump sample adjacent to the historic smelter at Mina de Vale Gouro assayed an astonishing 17.85% WO3, so more high-grade zones might be encountered at the Bejanca project.
However, we consider the Bejanca project to be a tin project, as 2/3rd of the historical revenue came from tin. And if we look at the historical resource (1953) estimate of the alluvial and eluvial sand areas, there’s clearly more tin in the ground than tungsten as the Bejanca project contained 12,660 tonnes of tin and 2,460 tonnes of WO3. Using the current spot price of $22,800/t for tin and $39,000/t for WO3, the historical resource estimate at the Bejanca project has a total in situ value of $385M, and 75% of the value comes from tin.
These first exploration results are quite encouraging, and at this moment, Blackheath Resources historical estimates at the Covas and Bejanca project result in a combined in situ value of $660M. We strongly believe Blackheath Resources has some very valuable land packages in Portugal, and we’re keen to see some more exploration results on the company’s three projects.
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Disclosure: The author holds a long position in Blackheath Resources. Blackheath is a sponsor of the website. Please see our disclaimer for current positions.
