WRES.L Share News (WRES)

Shares in W Resources soared over 20 per cent after the mining company announced strong results from drilling on the La Parrilla tungsten project in south-west Spain.The group successfully completed the drilling of the extension of the La Parrilla ore body. Results included eight metres at 0.29% tungsten trioxide, which is three times the average grade of the project. Three holes, located between 200 metres and 640 metres from the main ore body, were drilled to depths between 200 metres and 250 metres, showing a positive outcome from the programme. The company aims to complete a Joint Ore Reserves Committee (JORC) resource estimate for the La Parrilla in the second quarter of the year and is making progress towards first production in the second half. "The board continues to be encouraged by the results on the extension drilling programme, with the process of further delineating a more significant increase in both the grade and tonnage of the resource at La Parrilla nearing completion," Chairman Michael Masterman, said. "Drilling has been completed on budget and on schedule and we expect positive results from the re-estimation of the resources incorporating these results."RD