WRES.L Share News (WRES)

AIM-listed tungsten and gold exploration company W Resources has unveiled results in the first phase of its Tarouca exploration programme indicating some high grade results with mineralisation. The wholly-owned 48 sq km Tarouca exploration licence covers former tungsten and tin mines 140km East of Porto in Portugal.The company said that, to date, results from 98 surface samples from outcrops and old mine works had been received, showing "some extremely high grade results with heavy mineralisation".Over 8% of the total samples assayed more than 1% WO3 [Tungsten trioxide] - which the company said represented 10 times the grade found at it flagship La Parrilla mine.Michael Masterman, Chairman of W Resources, said: "The initial results are extremely encouraging at Tarouca, a project which produced over 600 tonnes of concentrated ore between 1963 and 1984. We see potential to delineate a large high grade tungsten and tin deposit in this former mine in a short period of time."W Resources' share price was up 6.88% to 1.16p at 14:39 on Tuesday.MF