Avrupa Minerals And Blackheath Start Exploration At Covas JV
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(
) said after markets closed Wednesday that work will start on its 2012 exploration program at the Covas tungsten-gold joint venture project in northern Portugal.
Blackheath Resources (CVE:BHR) has a two-stage option to earn into 70 per cent of the joint venture, by spending one million euros by March of 2014.
Blackheath can earn a further 15 per cent by funding the completion of a pre-feasibility study by March 20, 2016.
The work program anticipated will include compilation of existing data and surface work, including detailed mapping and sampling of certain anomalous areas, to be followed by trenching and a diamond drilling program, Avrupa said.
Previously, the company outlined a number of tungsten targets, as well as a potential gold target within the Covas project area.
Covas is a past producer of tungsten and historic resources on the property have been estimated at 922,900 tonnes of 0.78% tungsten trioxide, with mineralization open to expansion.
This historical resource was calculated by Union Carbide Corporation in the early 1980s.
Avrupa said it has not completed sufficient work to validate the information, although it is considered to be "reliable and relevant."
"We are pleased for the start-up of the 2012 exploration program and look forward to working with the Blackheath team," said president and CEO of Avrupa, Paul W. Kuhn.
"Avrupa has compiled a strong tungsten and gold target inventory at Covas, and with the joint venture funding and expertise provided by Blackheath, we anticipate positive progress on the project.
"The Covas JV is further indication that Avrupa's prospect generator business model continues to flourish."
Blackheath Resources is a recently listed company focused on tungsten exploration in Portugal.
Avrupa is a junior explorer using a prospect generator model, for mineral deposits in Europe, including Portugal, Kosovo, and Germany.
The company has a portfolio of exploration projects including copper and zinc in southern Portugal, tungsten and gold in northern Portugal, and silver lead, zinc and copper and gold in Kosovo.
It now holds 15 exploration licenses in three European countries, including eight in Portugal covering 2,532 square kilometres, six in Kosovo covering 198 square kilometres, and one in Germany covering 307 square kilometres.
The company operates two joint ventures in Portugal.