LONDON (Alliance News) - W Resources PLC on Tuesday said it has received some "exceptional results" from drilling the Sao Martinho gold project in Portugal, finding thick intersections that provide a solid base to drive extension drilling with the potential for materially larger resource.
The miner said one of the holes drilled on the project confirmed a "very thick" gold intersection of 56.4 metres at 2.34 grammes of gold per tonne of ore. That intersection is very shallow, lying only 2.6 metres underground.
"The thickness of the intersection bodes well for an increase in the size of the ore deposit and the potential to mine ore at low cost given the shallow nature of the zone," said W Resources.
The "highlight" from the drill programme was the intersection of a wide zone of 55.6 metres at 2.34 grammes of gold per tonne from 2.5 metres, including an additional deeper zone of 3.55 metres at 1.69 grammes from 194.95 metres depth.
Infill sampling of one of the holes, SMD-004, also "significantly improved the results with thicker intersections," the miner said. A further hole reported two gold bearing zones, one shallow one between 18 to 20 metres depth and a deeper one lying 104 metres at depth.
Visual gold has also been spotted in a further two holes.
"The result provides a solid base to drive extension drilling with the potential for materially larger resource. We are very pleased with the results from this drilling programme," said Chairman Michael Masterman.
W Resources shares were up 4.2% to 0.50 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2017 Alliance News Limited. All Rights Reserved.Â