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Blackheath Resources Inc. (TSX:BHR) announced its maiden resource estimate for the Covas Tungsten Project in northern Portugal: 449,800 MTUs tungsten trioxide indicated mineral resource based on 1,081,000 tonnes at an average grade of 0.42% tungsten trioxide; with 767,100 MTUs tungsten trioxide inferred mineral resource based on 2,211,000 tonnes at an average grade of 0.35% tungsten trioxide. The resource estimate includes all drilling to-date, as well as the 46 diamond drill holes completed from 2012 and 326 historic drill holes from previous operators.
Blackheath is a joint venture with Avrupa Minerals Ltd. (TSXV:AVU) whereby Blackheath can earn up to an 85% interest, after incurring minimum exploration expenditures of EUR1 million in two stages to earn a 70% interest followed by completion of a prefeasibility study to earn the additional 15% interest.
As quoted in the press release:
The Covas Tungsten Project, which consists of seven separate deposits in close proximity, is estimated to contain:
- 449,800 MTUs WO3 indicated mineral resource based on 1,081,000 tonnes at an average grade of 0.42% WO3
- 767,100 MTUs WO3 inferred mineral resource based on 2,211,000 tonnes at an average grade of 0.35% WO3
The current indicated and inferred mineral resources are stated using a cut-off grade of 0.10%. 19 total drill holes had interval grades capped to a lower average grade, allowing for a more conservative average grade. The price of tungsten is currently approximately $270 per metric tonne unit (MTU) (10kg) of contained tungsten trioxide (WO3).
More than 60% of the tungsten mineralized skarn ring is open for expansion. Blackheath intends to complete another drilling program in 2015, and proceed with scoping and engineering studies.
This resource estimate places the Covas Tungsten Project as one of the higher grade reported tungsten deposits. Historically, the mine produced from a series of open pits and shallow underground workings.
Resource Estimate Highlights
- Substantial increase in MTUs over previous historical estimates
- Shallow depth. Over 80% of the resource is located within 60 metres of surface
- Mineralization remains open in multiple directions including high-grade potential areas that will be tested during the next drill campaign focussing on resource growth and grade increase
- Higher grade resource using a 0.25% WO3 cut-off
- 375,200 MTUs WO3 indicated based on 686,000 tonnes at an average grade of 0.55% WO3 and
- 584,900 MTUs WO3 inferred based on 1,281,000 tonnes at an average grade of 0.46% WO3
Blackheath Resources CEO, James Robertson, said:
We are delighted to have exceeded our initial expectations in upgrading the non-compliant historical resource. The significant increase in size is a testament to our technical teams and the strength of the Covas Tungsten Deposit. 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.
Click here to read the Blackheath Resources Inc. (TSX:BHR) press release
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