Blackheath Resources Inc. (TSXV:BHR,FWB:04B) announced an agreement to earn up to an 85% interest in the Arga Tungsten project from Avrupa Minerals Ltd. The 27.71 square kilometer Arga license is located adjacent to the past producing Covas Tungsten Project, which is also held by Blackheath under a joint venture option agreement.
As quoted in the press release:
The details of the option agreement are:
- Blackheath can earn a 51% undivided interest in the Arga property by incurring a firm commitment of EUR60,000 in work expenditures through March 23, 2014 and by incurring a total of EUR140,000 (aggregate total EUR200,000) in work expenditures on the exploration of the property through March 23, 2015.
- To earn an additional 19% in the Arga property, for an aggregate total of 70%, Blackheath must make further work expenditures of EUR800,000 (aggregate total EUR1 million) by March 23, 2017.
- Blackheath can earn a further 15% at Arga, for an aggregate total of 85%, by funding the completion of a pre-feasibility study meeting the definition of such a study under NI 43-101 by March 20, 2020.
Blackheath Resources CEO James Robertson said:
We are very pleased to add another exciting Tungsten project in Portugal to Blackheath’s expanding portfolio. Being adjacent to the past producing Covas Tungsten Project, we feel there is significant potential to find several similar Tungsten mineral zones. We are looking forward to exploring the Arga project concurrent with our 2013 exploration programme at Covas.