17 Oct 2016 07:00
17 October 2016
W Resources Plc
("W" or the "Company")
High Tin and Tungsten Grades at La Parrilla FTM
W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, announces the next phase of results from the reverse circulation (RC) drilling programme at the Fast Track Mine ("FTM") area of the La Parrilla Mine in Spain, which have been assayed at the Company's new La Parrilla mine laboratory.
Highlights include:
· Hole IRC1-43 - From surface to 40m at 0.269% tungsten trioxide ("WO3") and 0.074% tin ("Sn")
· Hole IRC1-46 - From surface to 5m at 0.129% WO3 and 0.161% Sn
· Hole IRC1-47 - From surface to 14m at 0.099% WO3 and 0.129% Sn
Hole IRC1-43 shows continuity and high grades of both tungsten and tin from surface in areas previously categorised in the mine plan as waste and low-grade ore.
The ratio of tin to tungsten in the FTM area is running at about 30% vs the ore body average of 11% providing the resource base for a boost in tin production in the early years of La Parrilla.
Summary:
HOLE | FROM (m) | TO (m) | INTERSECTION (m) | WO3 ppm | Sn ppm |
IRC1-42 | 0.00 | 7.00 | 7.00 | 242 | 75 |
IRC1-43 | 0.00 | 40.00 | 40.00 | 2699 | 737 |
IRC1-44* | 0.00 | 40.00 | 40.00 | 4962 | 1115 |
IRC1-45 | 22.00 | 40.00 | 18.00 | 214 | 205 |
IRC1-46 | 0.00 | 5.00 | 5.00 | 1290 | 1610 |
IRC1-47 | 0.00 | 14.00 | 14.00 | 995 | 1299 |
IRC1-47 | 32.00 | 39.00 | 7.00 | 914 | 360 |
The assays prepared at the new La Parrilla laboratory are non-JORC compliant, however they will shortly be sent to third party laboratories which have JORC certification and at that point, the fully JORC compliant results will be announced.
Following the announcement of tungsten concentrate production on 22 September 2016, the Company is pleased to announce that tin separation using the electrostatic separator has commenced at La Parrilla.
Michael Masterman, Chairman of W Resources commented: "These results continue to reinforce the findings that there is a large lateral extension of the La Parrilla orebody to the south, with excellent grades of tungsten and tin from surface at higher grades than the rest of of the orebody. This new data will increase initial production grades which we are incorporating into the new mine plan. Production start-up at La Parrilla was ahead of schedule commencing in late September and these results continue to build on the scale of this project.
"Tin prices have surged from $13,500 per tonne at the beginning of 2016 to around $20,000 per tonne. The prospect of higher tin content and continued strengthening in the tin price provides potential for higher revenues and lower costs after by-product credits in the early years of production."
A graphic showing the RC drill holes can be found on the 'La Parrilla Mine' page of the Company website www.wresources.co.uk
Enquiries:
W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Samantha Harrison / Harrison Clarke T: +44 (0) 20 7383 5100 |
SI Capital 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 |
The information contained within this RNS is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.
About La Parrilla
The La Parrilla project site is situated in the Extremadura region of southwest Spain, in the Provinces of Caceres-Badajoz, approximately 310 km southwest of Madrid. The site has exceptional infrastructure in place, which is accessed directly from the highway along a 3 km asphalt road and is serviced by electricity and water. The project comprises a tungsten mine and a tungsten tailings project. The mineral resource estimated by Golder in February 2016 at 0.04% WO3 cut-off grade is 51 million tonnes at 0.096% WO3 and 0.108 Sn, making it one of the largest tungsten deposits in the western world.
Technical information in this report and on the W website has been approved for inclusion by Mr Fernando de la Fuente, is a 'qualified person' in respect of the AIM Rules for Companies with over 41 years' experience in the Exploration and Mining Geology industry. Mr de la Fuente holds a B.Sc. in Geology and an MSc in Geology from the University of Granada in Spain. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder member of the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy and Exploration, Inc., member of PDAC.