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Avrupa Minerals Ltd. (TSXV:AVU,FWB:8AM) has signed an agreement to option out the Arga Tungsten-Gold Project to Blackheath Resources Inc. The 27.71 square kilometer Arga license is located adjacent to the Covas Tungsten Project, which is already a joint venture between Avrupa and Blackheath, and is presently being explored by the JV.
As quoted in the press release:
Under the terms of the agreement, Blackheath has a first option to earn a 51% interest in the Arga license by spending EUR200,000 in exploration on the project before March 23, 2015, of which EUR60,000 is a firm commitment that must be spent by March 23, 2014. Blackheath can then earn a further 19% in a second option by spending an additional EUR800,000 for a total interest of 70% for total expenditures of EUR1,000,000, by March 23, 2017. Finally, Avrupa has granted a third option to Blackheath to earn an additional 15% of the Project by completing a pre-feasibility study for Arga by March 23, 2020.
Click here to read the Avrupa Minerals Ltd. (TSXV:AVU,FWB:8AM) press release
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