4 Oct 2012 17:17
04 October 2012
W Resources Plc
("W" or the "Company")
JORC Resources at High Grade Regua Tungsten Deposit Increase 30%
W Resources Plc (AIM:WRES), formerly Caspian Holdings Plc, is pleased to announce a 30% resource increase at its 100% owned Régua tungsten deposit in Northern Portugal. As a result of the resource estimate prepared by Golder Associates Pty Ltd ("Golder") the updated and increased Australasian Joint Ore Reserves Committee ("JORC") compliant resource estimate defines 4.46 million tonnes grading 0.308% WO3 (tungsten tri-oxide) at a cut-off of 0.10% WO3.
Mt | WO3 (%) | Contained WO3 (mtu) | |
Indicated | 2.14 | 0.367 | 0.785M |
Inferred | 2.32 | 0.253 | 0.587M |
Total | 4.46 | 0.308 | 1.37M |
The resource estimate was prepared by Golder and the detailed resource statement is available at www.wresources.co.uk. The resource is based on the results of the diamond drilling of 34 holes for a total of 5,514.45 metres, all of which intersected scheelite mineralisation.
The Régua resource of 4.46 million tonnes containing 1.37M mtu WO3 compares favourably with the Colt Resources (TSX-V; GTP Market Cap Cdn$56m) Tabuaço deposit located 10km to the west which contains 2.09 million tonnes of indicated and inferred resources containing 1.2M mtu WO3.
Michael Masterman, Chairman of W Resources commented: "We are extremely encouraged by the resource increase and based on the positive assessment and the high grade of the tungsten, the Company intends to drill an additional 2,000 metres of diamond core in the Régua deposit with the objective of increasing the confidence in the resource to measured and indicated resources and extending the deposit. The deposit is open laterally and at depth and Golder and W Resources will now proceed to evaluate mine development scenarios with a view to submitting a Trial Mine Application for initial development of the project in 2013."
Enquiries:
W Resources Plc | Grant Thornton Corporate Finance - Nomad |
Michael Masterman | Gerry Beaney / Melanie Frean / Jen Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
Simple Investments - Broker | Gable Communications |
Andy Thacker / Nick Emerson | Justine James |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.simple-investments.co.uk | M: +44 (0) 7525 324431 |
About Régua
Following the acquisition of AIO and its subsidiary IRP (which was approved by shareholders at the 22 June 2012 Annual General Meeting), W Resources 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. Régua tungsten deposit has a resource of 4.46 million tonnes grading 0.308% WO3, at a cut-off of 0.10% 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 in this report has been prepared in accordance with the JORC Code and approved for inclusion by Mr Fernando de la Fuente, who is a "qualified person" in respect of the AIM Rules for Companies with over 37 years experience in the Exploration and Mining Geology industry. Mr de la Fuente holds a B.Sc. in Geology and a 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.