Blackheath Resources Inc. Announces Maiden Tungsten Resource at Covas
VANCOUVER, March 31, 2015 - Blackheath Resources Inc. (TSX VENTURE: BHR)Â (FRANKFURT: 04B) (the "Company") is pleased to announce the results of an independent maiden resource estimate for the Covas Tungsten Project in northern Portugal. The resource estimate incorporates all drilling to date including 46 diamond drill holes completed since 2012 and 326 historic drill holes from previous operators. This estimate significantly increases the contained tungsten totals from the historical resources estimated by Union Carbide Corp in 1980.
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
James Robertson, CEO of Blackheath Resources, stated, "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."
Summary of Mineral Resources
|Grade WO3 |
|Contained Metal |
The resource total takes into account the Lapa Grande, Valdarcas, Telheira, Castelo, Cerderinha/Boundary, Fervenca, and Muito Seco areas located within the Covas Tungsten Project.
A National Instrument 43-101 Technical Report for the Covas Tungsten Project mineral resource estimate will be filed on Sedar within 45 days.
The Covas property, which was awarded a three year Experimental Mining Licence, renewable for a further two years before the grant of a full Mining Licence, (August 20, 2013) is located about 100 kilometres north of Porto, Portugal's second largest city. Blackheath holds the property under an option from Avrupa Minerals Ltd. under a previously announced amendment to the Covas Joint Venture earn-in agreement (see news release of May 12, 2014). To date Blackheath has earned a 75% interest in Covas.
The Covas drilling and assay database contains 326 drill holes and 3,049 WO3 assays. Seven different mineralized zones were modelled, using Gemcom software, with three dimensional solids created for each zone to constrain the resource estimate. Assays for WO3 were evaluated in each zone and erratic outliers were capped.Â Uniform down hole 2 m composites were produced for each zone and were confined to the mineralized solids.Â Where possible pairwise relative semivariograms were produced from WO3 composites and spherical nested models were fit to the data.Â For each zone the portions of blocks 10 x 10 x 5 m in dimension, contained within the mineralized solids, were estimated using Ordinary Kriging. A bulk density based on 92 specific gravity determinations was assigned to each estimated block based on the estimated WO3 grade.Â Blocks were classified based on geologic and grade continuity into Indicated and Inferred categories.
Notes on analytical methods and quality control
All samples were sent to the ALS Minerals sample preparation facility in Seville, Spain. For tungsten analyses, sample material was sent by ALS to their Vancouver lab, where all samples were prepared first for a pressed pellet XRF analysis (W-XRF05).Â Samples with overlimit results, greater than 0.63% WO3, were re-analyzed using a lithium borate fusion with the addition of a strong oxidizing agent to prepare for XRF analysis (W-XRF15b).Â In addition to ALS Minerals quality assurance/quality control (QA/QC) of all work orders, the Joint Venture conducted its own normal, internal QAQC from results generated by the systematic inclusion of certified reference materials, blank samples and field duplicate samples. The analytical results from the quality control samples in all of the work orders have been evaluated, and conform to industry best practice standards.
Gary Giroux, P. Eng. is the qualified person responsible for the resource estimate. Mr. Giroux is a qualified person by virtue of education, experience and membership on a professional association. He is independent of the company applying all of the tests in Section 1.5 National Instrument 43-101 and has reviewed and approved this information.Â Mr. Giroux's complete report will be provided in the forthcoming NI-43-101 compliant report, which will be coauthored by Barry J. Price, M.Sc., P. Geo.
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 past-producing Covas, Borralha, Vale das Gatas and Adoria tungsten projects 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.Â Further information about the company's activities may be found at www.blackheathresources.com and under the company's profile at www.sedar.com
ON BEHALF OF THE BOARD
James Robertson, P. Eng., CEO and Director
This news release was prepared by Company management, who take full responsibility for its content. Mr. Gary Giroux, P.Eng and Barry J. Price, M.Sc., P.Geo. are Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators who have reviewed and approved 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.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements or information.Â All statements other than statements of historical fact included in this release, including, without limitation, statements regarding plans for the completion of a private placement financing and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties.Â There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.Â Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.Â The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
For further information contact:
Blackheath Resources Inc.
Andrew Raca, VSA Capital Limited
+44 (0)20 3005 5004