LONDON (Alliance News) - W Resources PLC saw its shares rise Tuesday morning after it said it had completed the scout diamond drilling programme at the CAA/Portalegre gold and base metal exploration licence in Portugal and had got encouraging results from the five holds drilled.
The company said that the most significant result from the programme was from Hole CAAD-05 which intersected 16 metres of gold at 1.37 grams per tonne between 124 metres and 140 metres. The same hole also intersected 16 metres at 1.37 grams per tonne from 124 metres, 2 meters at 4.32 grams a tonne from 128 metres, and 2 meters at 3.83 grams a tonne from 138 metres. Hole CAAD-04 intersected 16 meters at 0.44 grams a tonne from 66 metres.
It added that holes CAAD-01 and CAAD-03BIS and CAAD-03BIS2 reported low grade zinc and silver mineralisation. This mineralisation appears distinct from the gold mineralisation in Hole CAAD-05 and Hole CAAD-04 providing scope for exploration for silver lead zinc targets, it said.
"These results have further delineated the strong potential for extensions at CAA/Portalegre. There appears to be continuity between the trenching gold assay results in 2014, Hole CAAD-04 and Hole CAAD-05 pointing to extensions at depth and to the South East. CAA is now at an advanced stage of exploration and our priority is to translate these results into a discovery in the next phase of gold exploration," W Resources Chairman Michael Masterman said.
W Resources shares were up 10.9% at 0.305 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.