26 Sep 2016 07:00
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26 September 2016
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W Resources Plc
("W" or the "Company")
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São Martinho Gold Drilling Commences
Copper Gold Resources Strategic Review
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W Resources Plc (AIM:WRES), the tungsten, copper and gold mining, production, exploration and development company with assets in Spain and Portugal, announces that the Company has commenced drilling at its São Martinho Gold Deposit, which forms part of the CAA / Portalegre licence in South Eastern Portugal.
A targeted 1,500 metre diamond core drilling campaign commenced at the São Martinho project on 21 September 2016 in order to look to upgrade the JORC compliant mineral resource estimate of 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold, which was completed by Golder Associates in June 2016. Geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones which will can then be expanded by follow-up RC drilling.
W Resources holds significant advanced gold and copper exploration deposits in its adjacent Portalegre and Monforte-Tinoca exploration licences in central Portugal which are owned by 100% owned Australian Iron Ore Plc. These licences hold two former copper mines, Tinoca and Azeiteiros, and the Sao Martinho gold deposit and the advanced exploration CAA gold play which in their own right are highly valuable assets.
W Resources has commenced a strategic review to explore options to better deliver the value of these assets to W Resources shareholders. Australian Iron Ore Plc, which holds the mining concessions has changed its name to Copper Gold Resources Plc with immediate effect.
Michael Masterman, Chairman of W Resources commented: "The São Martinho drilling campaign has the potential to significantly increase the size of the JORC resource in this shallow high-grade gold deposit. Gold has been one of the stand out performers in the resources sector over the last 18 months and we are focused on advancing the deposit to a size and scale that justifies fast track development.
"Our strategic review of our copper gold assets will explore how we can best unlock this untapped value to shareholders and will be completed over the next four months. With gold leading the resources recovery we are bullish on copper and of course tungsten and tin."
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 - 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 |
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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.