7 Oct 2015 11:02
W Resources Plc
("W" or the "Company")
CAA / Portalegre Licence Expanded
to Include 328,621oz São Martinho Gold Project
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration, development and production company with assets in Spain and Portugal, has signed an agreement with the Portuguese Department of Energy and Geology (DGEG) to increase its CAA / Portalegre exploration licence by 101.7 km². As a result, the project now includes the highly prospective São Martinho Gold Project.
São Martinho was discovered in 1986 and has an unclassified resource estimate of 328,621oz of gold at an average grade of 1.37 g/t Au, based on limited drilling and trenching done by Portoglobal.
The expanded licence agreement has resulted in the CAA / Portalegre project now covering 289.75 km2, including the São Martinho advanced gold exploration prospect and the very promising 9.5 km long gold soil anomaly drilled earlier this year at Assumar. W Resources has acquired this project at minimal cost and is now planning its exploration programme for the expanded area.
77 holes have been drilled in the whole property since 1986 (37 RC and 40 DD) totalling 8,566 metres. A new target area located in the anomaly mentioned above, has shown very interesting results and opens a new upside for the SE part of the exploration block.
Michael Masterman, Chairman of W Resources commented: "We are very pleased to sign the expansion agreement with the DGEG, which has significantly increased the prospectivity of the CAA / Portalegre licence at a minimal cost. We are very encouraged about the potential of this enlarged project with the two significant gold prospects. It is our intention to advance the project with a joint venture partner who will provide technical and financial input. The significant expansion of the licence area with previously defined gold mineralisation provides an even more attractive and compelling project for potential farm in partners."
Enquiries:
W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Jen Clarke / Harrison Clarke T: +44 (0) 20 7383 5100 |
SI Capital - Joint Broker Andy Thacker / Nick Emerson T: +44 (0) 1483 413500 www.sicapital.co.uk | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |
Northland Capital Partners - Joint Broker John Howes / Abigail Wayne (Corporate Broking) T: +44 (0) 20 7382 1100 www.northlandcp.co.uk |
About CAA / Portalegre
On 23 March 2012, W Resources' 100% owned subsidiary, Iberian Resources Portugal, was awarded a licence for the exploration of the "Crato-Assumar-Arronches area", adjacent to the original São Martinho gold prospect area. Both areas are located near the town of Portalegre (Northern Alentejo) and around 200km East of Lisbon. The CAA area covers an area of 188.05km² and the São Martinho area has an area of 101.7km². The expanded licence is valid until September 2018.
Technical information in this report and on the W website has been prepared in accordance with the JORC Code or defined by National Instrument 43-101 and approved for inclusion by Mr José Mario Castelo Branco, EuroGeol, who is a "qualified person" in respect of the AIM Rules for Companies with over 32 years' experience in the Exploration and Mining Geology industry. Mr Castelo Branco holds a B.Sc. in Geology from the University of Porto in Portugal. He is also a member of the Portuguese Association of Geologists (Number 354), the European Federation of Geologists, the Society of Economic Geologists, the Society for Geology Applied to Mineral Deposits and the Prospectors and Developers Association of Canada.