Blackheath Resources (BHR.V) announced they have signed an option agreement to earn an interest of up to 85% in the Arga tungsten from Avrupa Minerals (AVU.V).
The Arga project consists of almost 28 square kilometers, adjacent to the Covas tungsten project where Blackheath is currently exploring for Tungsten. We have the impression tungsten-veteran Jim Robertson thinks the tungsten mineralization is continuing onto the Arga licenses. Extensive mapping and sampling at Arga in the nineties returned anomalous sample results for tungsten, tin and other minerals.
The terms of the option agreement are acceptable, as Blackheath only has to spend 200,000 EUR in exploration expenditures in the first two years to gain a 51% interest in the property. By spending an additional 800,000 EUR before March 23 2017, the company earns a 70% interest and has the option to increase this interest to 85% by delivering a NI43-compliant pre-feasibility study before March 2020.
We are going to Portugal this week to have a look at Blackheath’s Covas and Borralha Projects, and you can expect a site visit report from us in the near future.
> Click here to read the press release
Disclosure: The author holds a long position in Blackheath Resources. Please see our disclaimer for current positions.
