WRES.L Regulatory News (WRES)

Hole ID

Dip

Depth (m)

From (m)

To (m)

Drilled width (m) (1)

WO3%

TARC004

-90

50

35

36

1

0,492

TARC011

-90

50

21

22

1

2,851

TARC012

-90

50

38

39

1

0,479

TARC013

-90

60

37

38

1

0,341

TARC014

-90

75

51

54

3

1,165

TARC015

-90

70

49

50

1

0,189

and

64

65

1

0,139

TARC021

-90

50

36

37

1

0,303

Hole_ID

Easting

Northing

RL

Dip

From (m)

To (m)

Drilled width (m)

WO3 (%)

TARC001

27448,22

145791,16

982,05

-90

NSI

TARC002

27473,85

145788,03

981,73

-90

NSI

TARC003

27515,96

145783,85

981,14

-90

NSI

TARC004

27534,05

145780,24

980,59

-90

35

36

1

0,492

TARC005

27447,12

145736,27

984,39

-90

NSI

TARC006

27470,23

145719,34

984,22

-90

NSI

TARC007

27491,49

145710,63

984,24

-90

NSI

TARC008

27524,28

145701,66

984,21

-90

48

49

1

0,050

TARC009

27593,15

145786,06

978,68

-90

13

14

1

0,050

TARC010

27641,79

145759,26

982,53

-90

NSI

TARC011

27660,09

145745,33

982,71

-90

21

22

1

2,851

TARC012

27685,55

145738,07

981,52

-90

38

39

1

0,479

TARC013

27697,42

145822,11

970,49

-90

37

38

1

0,341

TARC014

27720,60

145824,89

969,96

-90

50

51

1

0,088

TARC014

27720,60

145824,89

969,96

-90

51

52

1

2,738

TARC014

27720,60

145824,89

969,96

-90

52

53

1

0,631

TARC014

27720,60

145824,89

969,96

-90

53

54

1

0,126

TARC015

27878,21

145840,21

957,98

-90

49

50

1

0,189

TARC015

27878,21

145840,21

957,98

-90

64

65

1

0,139

TARC016

25993,25

144833,21

967,47

-90

NSI

TARC017

25952,28

144787,14

963,95

-90

37

38

1

0,063

TARC018

26227,01

144726,55

955,81

-90

26

27

1

0,050

TARC019

27315,28

145885,42

991,71

-90

NSI

TARC020

27423,70

145788,35

983,29

-90

NSI

TARC021

27560,41

145785,09

979,53

-90

29

30

1

0,063

TARC021

27560,41

145785,09

979,53

-90

36

37

1

0,303

TARC022

27618,40

145767,21

982,19

-90

NSI

TARC023

27672,06

145816,52

970,37

-90

45

46

1

0,088

TARC023

27672,06

145816,52

970,37

-90

46

47

1

0,076

TARC024

27907,13

145839,09

958,00

-90

NSI

TARC025

27462,73

145769,71

982,87

-90

NSI

TARC026

27366,50

145854,81

985,07

-90

NSI

TARC027

27631,05

145803,38

973,28

-90

NSI

TARC028

27651,79

145800,82

972,94

-90

NSI

TARC029

27593,03

145786,58

978,66

-90

23

24

1

0,063

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· W Resources (Iberian Resources Portugal) have drilled 29 Reverse Circulation (RC) holes for 1515m. All results have now been reported.One metre samples were systematically obtained from a rig-mounted cyclonesplitter and sampled dry. Approximately 90% of the RC chips were split to 600x900mm plastic bags for potential re-sampling, whilst 10% was captured at the sample port in 300x600 plastic sample bags.

· Samples were split and weights were ensured to be of sufficient size (2.5 to 3.5kgs) to be adequately representative of the drilled metre, which was verified with the use of field and lab duplicates.

· The weight of all sample bags was recorded for allowing recovery control.

· Small portions of each 1 m sample were stored in two chip trays after careful homogenisation, one with the recovered materials and the other with washed and sieved rock chips. These small potions were assessed for lithology, colour, texture, mineralisation under a shortwave UV lamp, photographed and recorded onto a logging sheet.

· The 3 kg sample bags with visually detected mineralisation were selected to be sent to the assay laboratory, as well as the samples for the one-metre intervals taken immediately before and after the mineralised ones. The samples were bagged for shipment to the laboratory inside a second plastic bags with the number written on the outside in water-proof ink.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Reverse Circulation drilling using a truck-mounted SPIDRILL 260 rig (and compressor rated 33 bar, 35m3/min) was conducted by SPI. A reverse circulation face sampling hammer with a 5.5-inch bit was utilised.

· Every one metre drilled was sampled using a rig-mounted cyclone with conesplitter.

· All drill holes were surveyed at the collar surface by high-resolution topographic survey. Data for Eastings, Northings and RL was recorded in PT-TM06/ETRS89, WGS84-UTM-ZONE29N.

· All drill holes have been subject to downhole surveying at the bottom of the hole using EZ-Trac from Reflex Instruments to record variations from the original inclination.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Each one metre drilled interval was sampled using a rig-mounted cyclone with cone splitter.

· Samples were weighted while drilling and a field assessment of sample volume was estimated to be in the range of 37 to 43 kg.

· RC drilling sample weights allowed to measure recovery and to ensure samples were maximised.

· Recoveries were excellent, generally above 90%. Sample recovery was recorded by the geologist as "good" for all RC holes.

· All records were inserted in an Excel spreadsheet.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· RC chips sieved dry samples were logged for each meter interval then stored in RC chip trays marked with hole IDs and depth intervals and photographed.

· Geological logging information included lithology, colour, texture, mineralisation under a shortwave UV lamp and weathering was recorded onto a logging sheet and later transferred to an Excel spread sheet.

· All drill holes have been logged in full and logging has been primarily qualitative.

· The rock-chip trays are stored at the IRP office in Armamar, Portugal for future reference.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· The RC samples were split at the rig using a cyclone splitter, which isconsidered appropriate and industry standard. Proportion of wet samples was less than 1%.

· RC rockchip were submitted to ALS Laboratory in Seville, Spain for assay.

· At ALS facilities, samples were crushed (70%mm) to produce a representative sub-sample.

· Analysis were performed using Aqua Regia digestion and combined ICP-MS and ICP-AES (ref. ME-MS41) and lithium borate fusion with XRF finish for tungsten (ME-XRF10).

· The following elements were included in the analysis: Ag,Al,As,Au,B,Ba,Be,Bi,Ca,Cd,Ce,Co,Cr,Cs,Cu,Fe,Ga,Ge,Hf,Hg,In,K,La,Li,Mg,Mn,Mo,Na,Nb,Ni,P,Pb,Rb,Re,S,Sb,Sc,Se,Sn,Sr,Ta,Te,Th,Ti,Tl,U,V,W,Y,Zn,Zr,W.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Short wave UV light was used to identify the presence of scheelite in the RC chip samples but was not use as a quantitative or semi-quantitative method.

· Three different grades of internationally certified standards (CDN-W1, CDN-W3, CDN-W4) for tungsten, field duplicates (approx. 3 kg) and blanks (silica sand) were introduced at every batch of 20 samples.

· Results from these samples correlated well and showed good precision.

· Internal laboratory cross checking methods were implemented by ALS.

· Assay data reported as per laboratory final reports and certificates

· Drilling sample sizes (generally 2.8 to 3.2kg) are appropriate and industrystandard size, to correctly represent the relatively homogenous medium-grained, scheelite-bearing mineralised skarns. As noted above duplicates samples correlated well, therefore sample sizes are considered to be acceptable to accurately represent scheelite mineralisation.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Verification of significant intersections was performed by alternative company personnel.

· Primary logging paper sheets stored at office, data entered into Excel spreadsheets as is both stored in the IRP server and in an external hard drive.

· All RC sampling riffle boxes are photographed and a photo archive is maintained within the drilling database.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· Drill hole collars survey by precision dGPS with GPRS on-line processing with 10 mm accuracy and Total Station.

· Grid system used is PT-TM06/ETRS89, WGS84-UTM-ZONE29N.

· Topographic information has been sourced from a previous topographic survey ordered by IRP in 2014.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Completed RC drill holes were designed for testing different targets (lensoid or cigar shaped skarns) and have irregular spacing.

· Drill spacing between RC holes is between 20 and 40m along strike and generally 30 to 40m between sections, depending on site accessibility.

· Data distribution is sufficient to establish Mineral Resource.

· Data spacing and distribution are not sufficient to establish Mineral Ore Reserve estimations.

· Sample compositing has not been applied.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· The dip of the drill holes is not perpendicular to the true dip of the skarn bodies, so the intersections do not represent true widths.

· Best estimate of mineralisation widths is 70% of the published figure.

Sample security

· The measures taken to ensure sample security.

· RC chip samples are kept in labelled riffle boxes while 3kg duplicate samples of each drilled meter are stores in labelled plastic sample bags in a locked building.

· Industry standard practices are applied.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· The collar and assay data were reviewed by compiling the database onExcel, and importing into three-dimensional modelling packages.

· No numbering discrepancies were identified.

· No audits or reviews of sampling techniques have beencarried out, due to the early stage nature of the project.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· Exploraton license MN/PP/07/12 granted to Iberian Resources Portugal, Recursos Minerais, Unipessoal, Lda, 100% owned by W Resources Plc.

· Acknowledgment and appraisal of exploration by other parties.

· Previous exploration activities in from 1928 to 1984 by "The Covas do Estanho Mines Limited", "Santos & Rodrigues, Lda." and "Minas de Tarouca, Lda."

Geology

· Deposit type, geological setting and style of mineralisation.

· Scheelite bearing skarns within impure carbonate horizons of a pre-Ordovican greywaque-schist sequence, which has been affected by contact metamorphism from Hercynian granites.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

- easting and northing of the drill hole collar

- elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

- dip and azimuth of the hole

- down hole length and interception depth

- hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· See Annexure 1 for drill hole information

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· All grades uncut

· No metal equivalents used or stated

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· Drill intersections in the announcement are not true widths.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Tabulation of results included in announcement.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· All results comprehensively announced.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· Further work will include geological modelling and resource estimation.