Blackheath Announces Option to Acquire Arga Tungsten Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/14/13 -- Blackheath Resources Inc. (TSX VENTURE: BHR)(FRANKFURT: 04B) ("Blackheath) is pleased to announce that it has signed an agreement to earn up to an 85% interest in the Arga Tungsten project from Avrupa Minerals Ltd. (Avrupa). 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.
Past exploration work at Arga indicated the potential for both tungsten and gold mineralization related to several structural zones that trend onto the Covas property and are related to known mineralization at Covas. Extensive geological mapping and soil sampling at Arga in the 1990's showed potential mineral target areas on the property through anomalous sample results for tungsten, tin, arsenic, molybdenum, bismuth, and base metals.
Initial work at Arga has started and over 300 new soil samples have been collected. Results are pending. The soil sample results will assist in the targeting process for a phase 1 drilling program at Arga.
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.
James Robertson, CEO of Blackheath Resources, commented that "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."
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
Blackheath Resources Inc. is listed on the TSX Venture Exchange, and is focused on tungsten exploration and development in Portugal. The Company holds the Covas and Borralha tungsten projects, where exploration is currently underway, and also the Bejanca tungsten/tin project. Management of Blackheath has previous experience in tungsten mining operations in Portugal through Primary Metals Inc., the operator of the Panasqueira Tungsten Mine from 2003 to 2007.
On behalf of the Board,
James Robertson, P. Eng., CEO, President & Director
This news release was prepared by Company management, who take full responsibility for its content. James Robertson, P.Eng. is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.