On 11 November 2016, BMR entered into an option Agreement with Mineralia-Minas, Geotecnia E Construcoes, LDA (“Mineralia”) to acquire an 80% interest in an exploration concession for tungsten, tin and potentially other minerals including gold and silver over the property known as 'Ester' in Northern Portugal.
Under the terms of the Option, BMR, by investing €100,000 before November 2017 is granted the sole and exclusive option to acquire 80% interest in Ester by Mineralia. This payment excludes the annual licence fee and a bank guarantee, already paid by BMR totalling €40,000, required by the Direcao Geral de Engergia e Geologia (DGEG).
BMR and Mineralia have registered a new Portuguese company in which the Ester licence is held.
After the 12 month Option period expires, BMR has the right to either renew or terminate its interest in the Property. Should the Company choose to exercise its option and later apply for and then be granted a preliminary mining licence, Mineralia will be entitled to a payment of €100,000. Should a definitive mining licence be granted Mineralia will be due a payment of €1,000,000.
The Ester Project includes, within its 327.7 sq km, the historic Rio de Frades (“Frades”) and Regoufe Tungsten (“Wolfram”) mines. In addition, there are numerous official and unofficial small scale surface workings, old mine adits and dumps reflecting the intensity of historic mining activity and the extent of the mineralisation on the licence. The Ester licence lies approximately 70 km north of Portugal’s only operating Tungsten mine at Panasqueira.
The first field campaign was run between 21 November and 15 December 2016, during which time all the field samples collected were shipped to Wheal Jane Laboratories in Cornwall for a 28 element Inductively Coupled Plasma (“ICP”) scan and precious metals analysis.
The Board believes that the combination of (i) field sample assay results (ii) examination of historic mining data and (iii) limited structural analysis have identified/suggest the existence of multiple targets within the Ester project.
These initial results have enabled BMR to define five high-priority targets for immediate further examination within the Regoufe Granite area of the Ester Licence, each hosting vein-style Tin-Wolfram (Sn-W) mineralisation with potential Gold (Au), Silver (Ag) and Lithium (Li) credits. These have been designated:
Selected best results from the 87 samples collected include 4.69 g/t Au; 46.1 g/t Ag; 2.07 % Sn; 0.5 % W and 0.12 % Li. These are summarised by target areas below and in the Board’s opinion serve to illustrate the potential of the entire licence area.
The source of mineralisation of a previously undiscovered Roman alluvial gold mine at Janarde will form part of a future exploration campaign.
Ester’s geological structures share many similarities with Wolf Mineral’s Drakeland Mine in Devon (declared resource grades of 0.18% W and 0.03% Sn), which provides an interesting bench mark with which to compare the Company’s results so far.
Further comparison can be made with Panasqueira’s declared and indicated 0.23% Wo3 grade (0.18% W). The aerial photograph above details the results to date from the Regoufe Granite target areas.