WRES.L Share News (WRES)

(ShareCast News) - Iberian Peninsula-focused tungsten, copper and gold mining, production, exploration and development company W Resources announced initial results of the first hole from the 1,500 metre diamond core drilling campaign that commenced in mid-September at the São Martinho Gold Deposit in Portugal on Friday.The AIM-traded firm said a total of nine of holes have been drilled so far, and the first assay results concluded - from the first hole SMD-04 - that it intersected significant gold mineralisation in 6 levels including 2m at 4.2g/t and 2m at 7.6g/t.It said the hole was planned to confirm the upper mineralised section from a previous high-grade intercept drilled in the early 1990s by Portuglobal, and to investigate the deeper parts of the gold system which were not drilled previously.Both objectives were fully achieved, and the shallow section - although narrower - correlates well with that in hole POR-96-2 and a new high-grade deeper zone that may potentially increase the resource basis with additional drilling.In addition to the first assay results, W said visual gold was picked up in holes SMD-10 and SMD-11."The results from the first hole at São Martinho are a great start with good grades at multiple levels from the relatively shallow 4.2 g/t Au at a downhole depth of around 33m to the deeper results," said chairman Michael Masterman."The pick-up of visual gold in subsequent holes 10 and 11 together with these first results bodes well for a very successful program."Our objective is to step out and significantly expand the size of the JORC gold resource which currently sits at over 110,000 oz."