Blackheath Resources (BHR.V) has released the assay results from its first drill hole at its Borralha tungsten project in Portugal. The company targeted the Santa Helena brecchia zone with a five hole drill program on it and the first hole encountered 0.24% WO3 over 29 meters within a longer intercept of 62 meters at 0.18% WO3. 0.18% WO3 might not sound very exciting, but if you’d convert it into a gold-equivalent grade you end up with a grade of 1.58g/t AuEq, which is very decent over a 62 meter interval considering the mineralization starts close to surface.

We are looking forward to see the results of the next four holes (specifically the two holes with economic mineralization) and more importantly the deep holes which will be very important to determine the validity of the exploration target of 20 million tonnes at 0.2% WO3. This would result in a total resource estimate of 4 million mtu of WO3 for an in situ value of $1.5B.

> Click here to read the press release

Disclosure: The author holds a long position in Blackheath Resources. Blackheath is a sponsor of the website. Please see our disclaimer for current positions.

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