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Blackheath Resources Inc. (TSXV:BHR) has an extensive portfolio of exploration and development stage tungsten projects that includes five of the top seven past-producing tungsten mines in Portugal. Portugal is a global leader in tungsten production and home to one of the world’s largest tungsten mines: the Panasquiera Mine.
Blackheath Resources’ main focus is advancing the Covas Tungsten Project in northern Portugal. Blackheath also has options for 100% interests in four other past-producing tungsten and tin projects in the region including Borralha, Bejanca, Vale Das Gatas and Adoria.
The March 2015 Resource Estimate on Covas includes 449,800 MTUs WO3 indicated mineral resource and 767,100 MTUs WO3 inferred mineral resource based on 2,211,000 tonnes at an average grade of 0.35% WO3.
Blackheath Resources’ plans for 2015 at Covas include a drill program to further delineate resources and increase grades as well as scoping and engineering studies.
Covas Tungsten Project
The Covas Tungsten Project is located about 100 km north of the second largest city in Portugal (Porto) and covers 1,949 hectares that includes a past-producing mine and mill. The project consists of seven separate deposits in close proximity.
Existing infrastructure includes roads, power and water. Blackheath holds the option to earn an 85% interest in a joint venture on the project by incurring exploration expenditures of €2 million on the property. To date, the Company has earned a 75% interest in the property.
Historical production at Covas totaled 366,000 tonnes at 0.61% WO3 and was extracted between 1951 and 1974 via open pit and shallow underground operations. Exploration work between 1974 and 1980 led to an (non 43-101 compliant) indicated historic resource of 690,000 tonnes at 0.86% WO3 and an inferred historic resource of 233,000 tonnes at 0.56% WO3.
Since 2011, Blackheath has carried out exploration at Covas including diamond drilling, trenching, mapping, geophysics and sampling. Work focused on the Skarn Ring (which contains the historic resource) including geochemical and geophysical surveys and assessment indicating the potential for a deeper intrusion target.
In February 2015, Blackheath Resources announced the completion of a diamond drill program totaling 1,337 metres in 17 holes drilled in 6 different target areas: Lapa Grande, Muito Seco, Boundary, Castelo, Valdarcas and Telheira North.
2015 Resource Estimate
On March 31, 2015, Blackheath Resources announced the completion of a NI 43-101 compliant Technical Report on the Covus property which includes 46 diamond drill holes completed since 2012 and 326 historic drill holes. The report includes a Resource Estimate of:
- 449,800 MTUs WO3 indicated mineral resource based on 1,081,000 tonnes at an average grade of 0.42% WO3; and
- 767,100 MTUs WO3 inferred mineral resource based on 2,211,000 tonnes at an average grade of 0.35% WO3.
The 2015 Resource Estimate represents a substantial increase in MTUs over the historical estimates.
Upcoming Catalysts for Covas
More than 80% of the resource exists within 60 metres of the surface. With less than the 40% of the skarn explored, mineralization remains open in several directions including high-grade potential area.
Blackheath Resources plans to complete another drill program in 2015 focused on growing resources and increasing grades. Scoping and engineering studies are also planned this year.
“This maiden resource is a great milestone for the Company and our shareholders and we look forward to moving the Covas Tungsten Project towards our ultimate goal of production,” stated James Robertson, CEO of Blackheath Resources.
Borralha Tungsten Project
The Borralha Tungsten Project is located about 70 km east of Braga and covers 127.5 square km. Operating between 1904 and 1985, Borralha was once Portugal’s largest producing tungsten mine with an estimated total output of 18,500 tonnes. Blackheath has an option agreement to earn a 100% interest in the property.
Initial exploration by Blackheath Resources at Borralha has focused on the large 500m x 200m, partially-developed tungsten-bearing Santa Helena Breccia. Six trenches were excavated in the southern area of the breccia zone outside the partially mined open pits. Sample results showed extensive tungsten mineralization at surface and included 100 metres averaging 0.13% WO3 including 20 metres with a grade of 0.33% WO3 including 5 metres of 1.09% WO3.
In April 2014, Blackheath Resources commenced an 8-hole, 1,300-metre diamond drill program on the property designed to test the tungsten values in the Santa Helena Breccia. Results included assay intervals (hole BO-05/14) of 0.18% WO3 over 62 metres including 0.24% WO3 over 29 metres.
Bejanca Tin/Tungsten Project
The Bejanca Tin/Tungsten Project is located 55 km southeast of Porto and covers 8,900 hectares accessible by paved road. Production at Bejanca lasted from the early 1900s until 1985 from several shallow open pits and shallow underground workings. Blackheath has an option agreement to earn a 100% interest in the property (see December 12, 2012 news release).
In 2013, Blackheath Resources conducted mapping and sampling work with grab samples taken from various targets. Preliminary results included 2.12% WO3 at Vale da Fonte, 1.68% WO3 at Mina de Masgalos, 1.00% WO3 at Mina da Bodiosa and 0.85% WO3 at Mina de Vale Gouro (see November 20, 2013 news release).
Blackheath Resources is planning a future sampling program to re-assess the alluvial and eluvial material at Bejanca and to further explore the hardrock and vein potential for both tungsten and tin.
Vale das Gatas Tungsten Project
The Vale das Gatas Tungsten Project is located 60 km northeast of Porto and covers 21,300 hectares. The property includes the Vale das Gatas mine, once the second largest tungsten mine in Portugal, which produced up to 635 tonnes of tungsten concentrate (0.35% WO3 per tonne) annually prior to its closure in 1986. Blackheath has an option agreement to earn a 100% interest in the property.
Two dozen wolframite-bearing sub-vertical quartz veins covering 550 metres have been identified on the underexplored property as well as approximately 300 old mine workings. Currently, exploration work at Vale das Gatas is focused on mapping and sampling of these tungsten-bearing veins. Results of preliminary sampling from one of the veins include 6.60% WO3 or 66 kg/tonne and a single grab sample from one of the waste dumps assayed 7.28% WO3 or 72.8 kg/tonne.
Next steps for the property include a possible diamond drilling program.
Adoria Tungsten/Tin Project
The Adoria Tungsten/Tin Project is located 90 km northeast of Porto and covers 12,750 hectares. The Adoria mines were significant sources of tungsten producer between 1906 and 1972. Vein structures in the region are similar to those at Panasqueira.
Blackheath Resources has an option agreement to earn a 100% interest in the property. Exploration work in 2014 included mapping and sampling; the results are currently under review.
- Mining-friendly jurisdiction of Portugal.
- Portfolio of past-producing tungsten properties.
- March 2015 Maiden Resource Estimate of 449,800 MTUs WO3 indicated mineral resource and 767,100 MTUs WO3 inferred mineral.
- Borralha 2014 drill program results included assay intervals of 0.18% WO3 over 62 metres and 0.24% WO3 over 29 metres.
- Work programs are underway or planned at all five properties.
James Robertson, B.SC., P.Eng. – President, CEO, and Director
Mr. Robertson holds a B.Sc. in Metallurgy from the University of Nottingham and is a Professional Engineer in the Province of British Columbia. He has been actively involved in the mining industry and public resource companies for over 40 years and founded several companies, two of which graduated to full listings on the London Stock Exchange. Mr. Robertson is the principal and owner of Midas Management Inc., a private management company that provides services to junior resource companies seeking public listing and financing and to established companies in maintaining their corporate obligations. He was a founding director and Vancouver manager of Primary Metals Inc., a TSX Venture Exchange-listed company owning the operating Panasqueira tungsten mine in Portugal before its sale in 2007 to a subsidiary of the major Japanese conglomerate, Sojitz Inc.
Kerry Spong – Secretary, CFO, and Director
Mr. Spong is a self-employed accountant with over 20 years’ experience in accounting practice for private and public resource companies. He was a director and CFO for Primary Metals Inc., a TSX Venture Exchange-listed company owning a Portuguese tungsten producer, from October 2004 to October 2007 and is currently CFO for other junior public companies.
Jonathan Carter – Director
Mr. Carter is a businessman with over 35 years of experience in marketing and metal sales with particular experience in tungsten. He was previously employed by Minorco plc and Waller Metals Inc. as Sales Manager with particular reference to the sale and trading of tungsten concentrates and products. He was President and a director of Primary Metals Inc., a TSX Venture-listed company owning the operating Panasqueira tungsten mine in Portugal before its sale in 2007 to a subsidiary of the major Japanese conglomerate, Sojitz Inc.
J. Merfyn Roberts, B.SC., M.SC., CA – Director
Mr. Roberts has over 30 years of experience in fund and portfolio management. Until recently, he was a Senior Portfolio Manager with CQS Management of London, United Kingdom. He is a member of the Institute of Chartered Accountants of England and Wales and holds a Bachelor’s degree in Geology from the University of Liverpool and a Master’s degree in Geochemistry from the University of Oxford. Mr. Roberts currently serves as a director of Toronto Stock Exchange-listed companies Agnico-Eagle Mines Ltd., and Eastern Platinum Limited, and of other TSX Venture Exchange-listed companies.
Marshall Farris – Director
Mr. Farris has been actively involved in assisting public and private companies with corporate operations, capital development, corporate communications and regulatory compliance activities for over 20 years. Mr. Farris is a co-founder and principal of Ascenta Finance Corp. and has completed the Investment Funds Institute of Canada’s Exempt Market Products Course. He is currently a director of other TSX Venture Exchange-listed resource companies.
Alexander Langer – VP of Corporate Development
Mr. Langer has over nine years of experience in corporate development and capital markets in the resource sector. Mr. Langer started his career as an Investment Advisor with Canaccord Wealth Management. Most recently, Mr. Langer was Vice President Capital Markets for a TSX listed exploration company and has worked with numerous publically traded companies in various senior management positions including: Corporate Development, Investor Relations, Corporate Communications and Marketing. To date, Mr. Langer has helped raise over $200 million for junior and mid-sized resource companies through various means of financing including: equity, debt, royalty, off-take, and bond agreements.
George Cavey, B.Sc., P.Geo. – Advisory Committee
Mr. Cavey has over 35 years of experience in geological consulting for resource companies and, as the principal of OreQuest Consultants, was responsible for technical reports on Portugal’s Panasqueira tungsten mine. He is a past President of the Canadian Council of Professional Geoscientists and has been a consultant to the BC Securities Commission and the TSX Venture Exchange.
Jonathan Henry – Advisory Committee
Mr. Henry has over 18 years of experience in the international mining industry including the responsibility for execution of exploration, development and M & A activities. He currently serves as President and CEO of Gabriel Resources Ltd. and is a former CEO of London-listed Avocet Mining PLC with responsibilities including the managment of the spin-off of all tungsten assets into Primary Metals Inc.
Stuart Omsen – Investor Relations, Mammoth Market Advisory Corp.