LONDON (Alliance News) - W Resources PLC Thursday said it has made good progress on the trenching exploration programme at its Crato-Assumar-Arronches/Portalegre gold project in central eastern Portugal, and it now intends to start an initial drilling campaign in the south eastern part of the license to investigate the nature of the mineralised system and its extensions both laterally and along strike.
In a statement, the company said an extensive trenching campaign has now been completed within the Crato-Assumar-Arronches exploration license, with the works focused on the south-eastern part of the area to investigate a 9 kilometre-long trend of strong stream and soil gold anomalies identified during previous programmes in 2012 and 2013.
The most significant assay results from trench channel sampling were found in the eastern part of the anomaly, the company said, including Trench TR-13 showing a 17 metre wide mineralised interval with a maximum of 1.52 grammes per tonne of gold over 1 metre and a series of individual lower grade anomalous values within the selected sampled sections of the interval. W Resources said it is not possible to make a composite as sampling is not continuous.
Highlights for Trench TR-15 include 1 metre grading 3.13 grammes per tonne gold, 1m grading 2.40 grammes per tonne and another 1 metre grading 3.85 grammes per tonne. Other anomalous values have been intercepted along the trenched section which have confirmed the overall strong potential of the gold trend, it added.
"This area has never been drilled before and following the results of this programme, an initial drilling campaign will be implemented in the fourth quarter 2014 to investigate the nature of the mineralised system and its extensions both laterally and along strike. The assays from the trenching highlight not only gold but silver, lead and zinc mineralisation across a very large target area," the company said in a statement.
Chairman Michael Masterman said the company will drill an initial three to four exploration holes starting at the end of the fourth quarter.
W Resources shares were down 0.9% at 0.560 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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