You'd have to read some of my previous stuff to get an idea how these deposits form and why I suspect there's an economical base of gold there. The only other project in the tungsten gold arena that I know a fair amount about is GreenLight in Atlantic Canada. GR.v is another great company who's sp is in the toilet. I mention them so you can read up on the occurrences of the related mineral groups to better help you understand the geologies and formations of tungsten deposit. I'm not endorsing GR.v as ready for investment yet.
For the Phantom Lake occurrences see: http://www.publications.gov.sk.ca/details.cfm?p=6041
Here is the Blackheath NR:
|March 28, 2013|
Blackheath Reports Completion of Phase 1 Exploration at Covas Tungsten Project
Blackheath Resources Inc. (TSXV: BHR) reports the completion of the Phase 1 exploration program at the company's Covas Tungsten Project in northern Portugal. The program successfully confirmed and tested known skarn-related mineral zones and extensions as well as new targets at Covas. Work included re-interpretation of magnetic data and completion of a gravity survey as well as mapping and sampling and a total of 1,606 metres of diamond drilling in 15 completed holes. Review of all data and results is now underway in preparation for the next phase of work which will commence later this April and will include further diamond drilling.
Highlights of the Phase 1 program included previously reported intercepts of high grade tungsten mineralization including 2.11% WO3 over 7.98 metres starting at a depth of 44.57 metres in Hole CO 7/12 at the Telheira target and 1.56% WO3 over 11.40 metres in Hole CO 13/12 starting at a depth of 52.70 metres at the Lapa Grande target. Other results from the program confirmed extensions of tungsten mineralization in the skarn zones at Covas. (See news releases dated November 26, 2012 and March 1, 2013 for details) The last two holes of the Phase 1 program were drilled at the Lapa Grande target and have not been previously reported. Hole CO 20/13 tested an area to the east of the mineralized zone with weak tungsten grades but with a previously unknown gold zone averaging 0.31 grams/tonne gold and 4.4 grams/tonne silver over 5 metres starting at a depth of 53.70 metres. This may be an intrusion related gold zone associated with a northwest trending shear or greisen zone. Hole CO 21/13 tested an area to the west and intercepted 4.02 metres of skarn mineralization starting at 62.63 metres and averaging 0.142% WO3. (See news release March 1, 2013 for drill hole locations). Drill holes were vertical and intercepts are considered to represent close to the true thickness of the mostly flat-lying mineralized zones.
"We are pleased with the results of our Phase 1 program at Covas and look forward to planning the next phase of our work. The objectives of our 2013 program, which will include further diamond drilling, will be to expand the known skarn-related tungsten mineralization and to develop a larger tungsten-gold target in the central Covas Dome area" said James Robertson, President & CEO of Blackheath Resources. "In the meantime we will be commencing a program of initial exploration of our past-producing Borralha tungsten and Bejanca tin-tungsten projects in northern Portugal."
Covas is a past-producing tungsten mine and remaining historic resources (indicated and inferred) on the property have been estimated at 922,900 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. (These resources are historic in nature, prepared by Union Carbide Corp. in 1980 and are considered relevant. However, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not considering the historical estimates as current mineral resources.)
The Covas property is located about 100 kilometres north of Porto, Portugal's second largest city. Blackheath holds the property under an option from Avrupa Minerals Ltd. to earn up to an 85% interest in a joint venture in the project, after incurring minimum exploration expenditures of €1 million in two stages to earn a 70% interest followed by completion of a prefeasibility study to earn the additional 15% interest.
Further information about the Covas Tungsten Project and the company's activities may be found atwww.blackheathresources.com and under the company's profile at www.sedar.com