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Avrupa Minerals Ltd. (TSXV:AVU) has signed an amended joint venture agreement with Blackheath Resources Inc. (TSXV:BHR) for the Covas joint venture project which allows for further interim funding by Blackheath and an expanded time frame for the agreement. Additionally, both companies have terminated their Arga joint venture agreement due to less than desired drill results. Avrupa has dropped the property, as per the requirements of Portuguese mining law.
As quoted in the press release:
Covas is a past-producing tungsten mine, and remaining historic resources on the property have been estimated at 922,900 metric tonnes of 0.78% WO3 by Union Carbide in 1980, based on work including 327 drill holes on the property. Mineralization is open to expansion. The price of tungsten has increased significantly in recent years and is currently approximately $36 per kilogram of contained tungsten trioxide.
Avrupa Minerals CEO, Paul W. Kuhn, said:
Amending the JV agreement with Blackheath allows the JV to systematically drill test the Project within a more reasonable time frame before completing the more advanced, trial exploitation stage that is required in Portuguese mining laws. We are currently underway with planning and preparing for the Phase 3 drilling program, which will bring the JV closer to the goal of completing a NI 43-101 resource estimate for the Project in 2014.
Click here to read the Avrupa Minerals (TSXV:AVU) press release
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