2 Mar 2016 11:35
2 March 2016
W Resources Plc
("W" or the "Company")
Significant assay results at São Martinho Gold Project
and high-grade tungsten results at Tarouca
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, is pleased to announce updates on its São Martinho Gold Project and Tarouca Project, both located in Northern Portugal.
São Martinho Gold Project
W has commissioned a report on the São Martinho Gold Project with the objective of preparing a JORC compliant mineral resource estimate, which is being carried out by Golder Associates. This follows the systematic compilation of data on this increasingly prospective project that forms part of the CAA / Portalegre licence in Portugal.
Assay results and geological modelling using the historic drilling data, including recent drilling by W Resources, are showing positive results that confirm the presence of three main mineralised zones: São Martinho West (SMW), São Martinho East (SME) and São Martinho South (SMS). The mineralised zones occur as a series of shallow stacked lenses.
Significant assay results include:
Hole ID | From (m) | To (m) | Drilled width (m) (1) | Au (g/t) |
SP-007 | 18.55 | 52.65 | 34.10 | 1.20 |
including | 18.55 | 21.00 | 2.45 | 9.62 |
POR-96-1 | 62.76 | 88.76 | 26.00 | 2.21 |
including | 62.76 | 72.76 | 10.00 | 4.14 |
POR-96-2 | 31.00 | 45.00 | 14.00 | 7.52 |
including | 31.00 | 33.00 | 2.00 | 49.00 |
POR-96-5 | 27.00 | 35.00 | 8.00 | 6.50 |
including | 29.00 | 31.00 | 2.00 | 24.75 |
POR-97-10 | 58.00 | 122.00 | 64.00 | 1.37 |
including | 116.00 | 118.00 | 2.00 | 10.20 |
POR-97-15 | 130.00 | 150.05 | 20.05 | 3.32 |
including | 134.00 | 136.00 | 2.00 | 19.52 |
(1) Intervals are reported as drilled width until true width is calculated and stated as is.
The JORC compliant estimate is expected in H2 2016.
Tarouca
W has received high-grade tungsten results from its trench sampling at the Tarouca Project with 15 samples exceeding 0.5% WO3, out of 126, including 0.8m at 11.4% WO3 (TTR063).
Trench ID | Sample ID | From (m) | To (m) | Wpc | WO3 (%) | Interval (m) |
TTR064 | TATR333 | 0 | 0.8 | 0.41 | 0.52 | 0.8 |
TTR063 | TATR334 | 0 | 0.8 | 9.09 | 11.4 | 0.8 |
TTR059 | TATR336 | 16.95 | 17.9 | 0.43 | 0.54 | 0.95 |
TTR076 | TATR342 | 3.85 | 4 | 0.54 | 0.68 | 0.15 |
TTR075 | TATR345 | 0.5 | 0.85 | 0.48 | 0.60 | 0.35 |
TTR037 | TATR251 | 3.30 | 3.60 | 0.71 | 0.90 | 0.30 |
TTR038 | TATR258 | 21.60 | 22.40 | 1.38 | 1.74 | 0.80 |
TTR038 | TATR259 | 22.80 | 23.10 | 0.42 | 0.53 | 0.30 |
TTR038 | TATR257 | 21.80 | 22.00 | 1.19 | 1.50 | 0.20 |
TTR042 | TATR265 | 16.40 | 16.70 | 0.83 | 1.05 | 0.30 |
TTR042 | TATR264 | 16.60 | 16.70 | 0.44 | 0.56 | 0.10 |
TTR053 | TATR317 | 5.10 | 5.50 | 0.84 | 1.06 | 0.40 |
TTR054 | TATR320 | 18.80 | 20.00 | 1.34 | 1.69 | 1.20 |
TTR054 | TATR321 | 19.00 | 20.00 | 1.81 | 2.28 | 1.00 |
TTR058 | TATR329 | 10.40 | 11.00 | 0.49 | 0.62 | 0.60 |
W is examining the potential of incorporating this high-grade material into the Régua mine development to further enhance the projects metrics.
The next phase in the Tarouca programme will be to complete initial metallurgy work and assess options for a RC drilling programme.
Michael Masterman, Chairman of W Resources commented: "The São Martinho Project was added into the CAA / Portalegre licence in September 2015 and the team has done some great work compiling critical data and associated QA/QC. The gold grades from the assay results are exceptional, including 9.62g/t at 18.55m and 7.52g/t at 31m. Gold prices are strengthening and our immediate objective of adding a JORC compliant mineral resource estimate to the project would further strengthen the portfolio and generate options for a high value farm-in or potential sale of the project.
"Tarouca continues to deliver high-grade tungsten in the sampling and trenching work. We are getting an increasingly better understanding of the mineralisation and will continue to advance the project in 2016 and assess the potential of using the Project to enhance the already strong metrics at the Régua Project."
Investor Presentation
Michael Masterman is presenting at an investor evening, which will be held at The Capital Club, 15 Abchurch Lane, London, EC3N 7BW at 5 pm today, and the presentation is now available on the 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 / 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.
About Tarouca
Through its 100% owned subsidiary Iberian Resources Portugal (IRP), W Resources owns the Tarouca exploration licence, which includes the former Tarouca tungsten mines and several other tungsten and/or tin deposits covering an area of 48 km² which is located 400 km North of Lisbon and 140km East of Porto, in the municipality of the town of Tarouca. The licence was awarded to IRP in March 2012.
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.