|November 06, 2018|
Blackheath Transfers Option on Borralha Tungsten Property
Blackheath Resources Inc. (TSX.V: BHR Frankfurt: 04B) ("Blackheath" or "the Company") announces that its option for acquisition of the Borralha tungsten property in northern Portugal from Mineralia -- Minas, Geotecnics e Construcoes, Lda ("Mineralia") has been transferred to PanEx Resources Limited ("PanEx"), an arm's length Mauritius corporation active in mineral exploration and development. Under the terms of the agreements, PanEx will fulfill all terms of the original option agreement with Mineralia, including the payment of 100,000 Euros due to Mineralia upon the grant of an Experimental Exploitation Licence. Panex will also expend $5 million on exploration and feasibility studies to earn a 90% interest in Borralha. The Company will retain a 10% interest upon completion of PanEx's expenditures, which interest may be converted to a 1% net smelter return royalty at the Company's option.
As part of the option transfer, PanEx has agreed to subscribe for 2,000,000 common shares of Blackheath at a price of $0.05 per share and will make further annual investments of $25,000 at market prices during the currency of the agreement. The agreements are subject to the approval of the TSX Venture Exchange.
Borralha was the second largest tungsten mine in Portugal prior to its closure in 1985 at a time of low tungsten prices. Previous work by the Company identified a large breccia zone with extensive tungsten mineralisation (wolframite), requiring further exploration and feasibility assessment.
The Company also announces that its option on the Bejanca tin-tungsten property has been terminated as a result of insufficient funds for further exploration.
ON BEHALF OF THE BOARD
Alexander Langer, President & CEO
For further information please contact Investor Relations, at 604.684.3800 or
This news release was prepared by Company management, who take full responsibility for its content. James Robertson, B..Sc., P Eng. is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
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.
You can view the Previous News Releases item: Mon Mar 12, 2018, Blackheath Drills 92 Metres of 0.25% WO3 at Borralha, Portugal
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