LONDON (Alliance News) - W Resources PLC Wednesday said assay results and the evaluation of historic drilling data at the Sao Martinho gold project in northern Portugal are delivering positive results that have confirmed the presence of three main mineralised zones.
W Resources shares were trading up 5.2% to 0.542 pence per share on Wednesday afternoon.
W Resources is carrying out work with the objective of establishing a mineral resource estimate, and has appointed Golder Associates to compile the associated report needed to get that estimate.
"Assay results and geological modelling using the historic drilling data, including recent drilling by W Resources, are showing positive results that confirm the presence of three main mineralised zones," said W Resources.
The three mineralised zones are Sao Martinho West, Sao Martinho East and Sao Martinho South.
Some of the significant intercepts include:
- 34.1 metres at 1.20 grammes of gold per tonne of ore, including 2.4 metres at 9.62 grammes of gold.
- 26.0 metres at 2.21 grammes of gold per tonne of ore, including 10.0 metres at 4.14 grammes of gold.
- 14.0 metres at 7.52 grammes of gold per tonne of ore, including 2.0 metres at 49.0 grammes of gold.
- 18.0 metres at 6.50 grammes of gold per tonne of ore, including 2.0 metres at 24.75 grammes of gold.
- 64.0 metres at 1.37 grammes of gold per tonne of ore, including 2.0 metres at 10.20 grammes of gold.
- 20.1 metres at 3.32 grammes of gold per tonne of ore, including 2.0 metres at 19.52 grammes of gold.
W Resources expects to have a JORC-compliant mineral resource estimate for the project sometime in the second half of 2016.
"Gold prices are strengthening and our immediate objective of adding a JORC compliant mineral resource estimate to the project would further strengthen the portfolio and generate options for a high value farm-in or potential sale of the project," said Chairman Michael Masterman.
At the company's other project in Portugal, Tarouca, W Resources is conducting new work to incorporate new high-grade material into the Regua mine development plan to improve the project's metrics.
W Resources has received high-grade tungsten results from 15 samples collected at Tarouca, producing results that exceed 0.5% tungsten trioxide, including 0.8 metres at 11.4% tungsten trioxide. W Resources said those 15 samples were from a total sample collection of 126.
The next phase in the Tarouca programme will be to complete initial metallurgy work and assess options for a reverse circulation drilling programme.
"Tarouca continues to deliver high-grade tungsten in the sampling and trenching work. We are getting an increasingly better understanding of the mineralisation and will continue to advance the project in 2016 and assess the potential of using the project to enhance the already strong metrics at the Regua Project," said Masterman.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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