18 Sep 2018 07:00
18 September 2018
W Resources Plc
("W" or the "Company")
High Grade Tungsten Intersections at Régua Ahead of Mine Development
Includes 29m at 0.75% WO3
W Resources Plc (AIM:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, is pleased to report high-grade and wide intersections from recent Reverse Circulation ("RC") drilling at its Régua mine development in Northern Portugal.
The RC assays are significantly higher than expected including 29m @ 0.75% WO3 from 48m in hole RGR015 on the north-western flank. Three of the reported assay results are above 1% and almost 50% of the results are greater than the average grade of the orebody.
Assay results for the first 10 drill holes out of 20 in the 1,809 metre reverse circulation drilling programme have delineated a number of high grade zones including:
Hole ID | Dip | Depth (m) | From (m) | To (m) | Drilled width (m) (1) | WO3% | ||
RGR023 | -90 | 190.00 | 99.00 | 103.00 | 4.00 | 0.65 | ||
and | 123.00 | 125.00 | 2.00 | 0.70 | ||||
and | 127.00 | 128.00 | 1.00 | 0.50 | ||||
and | 162.00 | 164.00 | 2.00 | 0.74 | ||||
and | 175.00 | 177.00 | 2.00 | 0.54 | ||||
RGR021 | -90 | 160.00 | 87.00 | 89.00 | 2.00 | 0.66 | ||
and | 93.00 | 97.00 | 4.00 | 0.58 | ||||
including | 94.00 | 96.00 | 2.00 | 1.00 | ||||
RGR020 | -90 | 140.00 | 74.00 | 77.00 | 3.00 | 0.71 | ||
and | 86.00 | 87.00 | 1.00 | 0.62 | ||||
and | 89.00 | 91.00 | 2.00 | 0.65 | ||||
and | 93.00 | 97.00 | 4.00 | 0.90 | ||||
including | 93.00 | 96.00 | 3.00 | 1.19 | ||||
RGR016 | -90 | 104.00 | 4.00 | 5.00 | 1.00 | 1.00 | ||
and | 59.00 | 61.00 | 2.00 | 0.74 | ||||
RGR015 | -90 | 100.00 | 41.00 | 45.00 | 4.00 | 0.50 | ||
including | 43.00 | 44.00 | 1.00 | 1.06 | ||||
and | 48.00 | 77.00 | 29.00 | 0.75 | ||||
including | 50.00 | 55.00 | 5.00 | 0.78 | ||||
plus | 58.00 | 76.00 | 18.00 | 0.93 | ||||
Michael Masterman, Chairman of W Resources, commented: "These are exceptional results in the north-western part of the Régua orebody and it is great to receive them in the lead up to the trial mine development. The orebody remains open at depth and in all directions, specifically the zones to the northwest are indicating significant width and grade and are highly prospective for mine extension drilling. Preliminary works including this drilling programme are advancing.
"Development planning for Régua continues based on low-cost underground mining using adits (horizontal tunnels), trucking ore to a nearby existing crusher, and mobilisation of the existing La Parrilla concentrator to Régua, following new large scale La Parrilla concentrator start up."
At La Parrilla, W has recently been running its existing older concentrator for production of tungsten and tin. The plant is currently being modified to allow pilot runs and testing of the upgraded large scale concentrator plant circuit to greatly assist in commissioning and ramp-up of the new large scale concentrator plant. At this stage no tungsten concentrate shipments have been made and this is something the Company will review and update the market on once the testing phases have been completed.
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Jen Clarke / Seamus Fricker |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk |
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Turner Pope Investments (TPI) Ltd | Gable Communications |
Andy Thacker | Justine James |
T: +44 (0) 203 621 4120 | T: +44 (0) 20 7193 7463 |
www.turnerpope.com | M: +44 (0) 7525 324431 |
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Régua
W Resources Plc (AIM:WRES) owns a permit for the exploration of the Régua tungsten deposit located 400km North of Lisbon and 95km East of Porto in the municipality of the town of Armamar. The Company was awarded a trial mining licence by the Portuguese Ministry for the Environment, Territorial Planning and Energy in June 2014.
Régua tungsten deposit has a resource of 5.46 million tonnes grading 0.28% WO3, at a cut-off of 0.1% WO3, covering an area of 8km². The deposit has not been previously mined and is located close to infrastructure with good road access.
Technical information 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 35 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.
Annexure 1: Regua (Vila Seca-Santo Adrião) Reverse Circulation Hole Collars and Results (results received to date)
Hole ID | Easting | Northing | RL | Azimuth | Dip | Depth (m) | From (m) | To (m) | Drilled width (m) (1) | WO3% |
RGR023 | 40322.33 | 162701.99 | 331.49 | 0 | -90 | 190.00 | 73.00 | 76.00 | 3.00 | 0.26 |
and | 92.00 | 94.00 | 2.00 | 0.09 | ||||||
and | 99.00 | 106.00 | 7.00 | 0.42 | ||||||
including | 99.00 | 103.00 | 4.00 | 0.65 | ||||||
and | 120.00 | 129.00 | 9.00 | 0.30 | ||||||
including | 123.00 | 125.00 | 2.00 | 0.70 | ||||||
plus | 127.00 | 128.00 | 1.00 | 0.50 | ||||||
and | 161.00 | 168.00 | 7.00 | 0.31 | ||||||
including | 162.00 | 164.00 | 2.00 | 0.74 | ||||||
and | 175.00 | 177.00 | 2.00 | 0.54 | ||||||
RGR021 | 40464.99 | 162626.28 | 322.25 | 0 | -90 | 160.00 | 36.00 | 39.00 | 3.00 | 0.31 |
and | 43.00 | 44.00 | 1.00 | 0.05 | ||||||
and | 51.00 | 52.00 | 1.00 | 0.09 | ||||||
and | 86.00 | 90.00 | 4.00 | 0.41 | ||||||
including | 87.00 | 89.00 | 2.00 | 0.66 | ||||||
and | 93.00 | 97.00 | 4.00 | 0.58 | ||||||
including | 94.00 | 96.00 | 2.00 | 1.00 | ||||||
and | 101.00 | 104.00 | 3.00 | 0.14 | ||||||
and | 106.00 | 109.00 | 3.00 | 0.05 | ||||||
RGR020 | 40463.12 | 162604.26 | 319.90 | 0 | -90 | 140.00 | 21.00 | 24.00 | 3.00 | 0.27 |
and | 48.00 | 52.00 | 4.00 | 0.30 | ||||||
and | 71.00 | 77.00 | 6.00 | 0.43 | ||||||
including | 74.00 | 77.00 | 3.00 | 0.71 | ||||||
and | 79.00 | 91.00 | 12.00 | 0.26 | ||||||
including | 86.00 | 87.00 | 1.00 | 0.62 | ||||||
plus | 89.00 | 91.00 | 2.00 | 0.65 | ||||||
and | 93.00 | 97.00 | 4.00 | 0.90 | ||||||
including | 93.00 | 96.00 | 3.00 | 1.19 | ||||||
RGR019 | 40518.32 | 162651.32 | 296.09 | 133 | -75 | 140.00 | 56.00 | 57.00 | 1.00 | 0.05 |
and | 71.00 | 72.00 | 1.00 | 0.05 | ||||||
RGR018 | 40510.19 | 162633.63 | 296.81 | 0 | -90 | 120.00 | 19.00 | 23.00 | 4.00 | 0.29 |
including | 20.00 | 22.00 | 2.00 | 0.44 | ||||||
and | 51.00 | 53.00 | 2.00 | 0.35 | ||||||
RGR017 | 40499.86 | 162613.43 | 298.19 | 0 | -90 | 110.00 | 4.00 | 7.00 | 3.00 | 0.16 |
and | 21.00 | 22.00 | 1.00 | 0.33 | ||||||
and | 34.00 | 35.00 | 1.00 | 0.15 | ||||||
and | 74.00 | 75.00 | 1.00 | 0.05 | ||||||
RGR016 | 40483.50 | 162600.46 | 307.24 | 0 | -90 | 104.00 | 3.00 | 6.00 | 3.00 | 0.40 |
including | 4.00 | 5.00 | 1.00 | 1.00 | ||||||
and | 21.00 | 22.00 | 1.00 | 0.08 | ||||||
and | 54.00 | 56.00 | 2.00 | 0.09 | ||||||
and | 58.00 | 62.00 | 4.00 | 0.44 | ||||||
including | 59.00 | 61.00 | 2.00 | 0.74 | ||||||
and | 68.00 | 69.00 | 1.00 | 0.11 | ||||||
and | 72.00 | 76.00 | 4.00 | 0.18 | ||||||
RGR015 | 40480.04 | 162584.02 | 307.90 | 0 | -90 | 100.00 | 7.00 | 8.00 | 1.00 | 0.14 |
and | 21.00 | 24.00 | 3.00 | 0.33 | ||||||
and | 29.00 | 30.00 | 1.00 | 0.05 | ||||||
and | 41.00 | 45.00 | 4.00 | 0.50 | ||||||
including | 43.00 | 44.00 | 1.00 | 1.06 | ||||||
and | 48.00 | 77.00 | 29.00 | 0.75 | ||||||
including | 50.00 | 55.00 | 5.00 | 0.78 | ||||||
plus | 58.00 | 76.00 | 18.00 | 0.93 | ||||||
RGR014 | 40543.56 | 162647.23 | 280.88 | 0 | -90 | 100.00 | 20.00 | 21.00 | 1.00 | 0.06 |
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| and |
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| 26.00 | 27.00 | 1.00 | 0.05 |
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| and |
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| 53.00 | 58.00 | 5.00 | 0.19 |
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| including |
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| 55.00 | 57.00 | 2.00 | 0.33 |
RGR011 | 40552.66 | 162662.63 | 279.18 | 0 | -90 | 100.00 | 28.00 | 29.00 | 1.00 | 0.11 |
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| and |
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| 32.00 | 33.00 | 1.00 | 0.15 |
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| and |
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| 61.00 | 63.00 | 2.00 | 0.21 |
(1) Intervals are reported as drilled width until true width is calculated and stated as is
(2) Maximum dilution between mineralised intervals: 1m
(3) Cut-off grade: 0.05% WO3
Annexure 2: Régua Project
JORC Code, 2012 Edition - Table 1 report
Section 1 - Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
Sampling techniques | · Nature and quality of sampling (e.g. 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 (e.g. '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 (e.g. submarine nodules) may warrant disclosure of detailed information. | · W Resources (Iberian Resources Portugal) have drilled 20 Reverse Circulation (RC) holes for 1809m. Results from 10 holes are 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% were captured at the sample port in 300x600m 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 3kg 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 immediately after the mineralised ones. The samples were bagged for shipment to the laboratory inside a second plastic bag numbered on the outside with 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 cone splitter. · 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. | · Down hole sampling was carried out on one metre drilled interval 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 43kg per metre. · RC drilling sample weights allowed to measure recovery and to ensure samples were maximised. · Recoveries were excellent, generally above 90%. Sample recoveries were 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. | · Dry and sieved RC chip samples were logged for each meter interval then stored in RC chip trays marked with hole IDs plus depth intervals and photographed. · Geological logging information included lithology, colour, texture, mineralisation under a shortwave UV lamp and weathering. Data 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% · 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 were surveyed by precision dGPS with GPRS on-line processing with 10 mm accuracy. · 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 two purposes: 490m from 3 exploratory holes and 1319m for testing the trial mine panel to stope. · Drill spacing between RC holes is between 20 and 40m depending on site accessibility. · Data distribution is sufficient to complete existing 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 stored 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 on Excel, and importing into three-dimensional modelling packages. · No numbering discrepancies were identified. · All information was internally audited by experienced geologists. · A senior geologist with more than 30 years of practice supervise all processes. |
Section 2 - Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
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. | · All work was performed inside the Trial Mnining license CE-142 "Vila Seca- Santo Adrião", granted to Iberian Resources Portugal, Recursos Minerais, Unipessoal, Lda, 100% owned by W Resources Plc on 20 June 2014. |
| · Acknowledgment and appraisal of exploration by other parties. | · Previous exploration activities in 1980's by "Minas de Santa Leucádia, Lda" and "Rio Tinto Finance and Exploration, Ldt."(Riofinex). |
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. | · Reported intercepts are weighted using a 0.05% WO3 cut off grade with no more than one metre of internal dilution · 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 reported as down hole intercepts 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 the body of the announcement are a selection of high grade intercepts, above 0.5% WO3. |
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. |
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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 the results of the pending assays from 10 RC holes and a diamond core drilling campaign. |