W Resources PLC S Martinho Gold Drilling Commences (7517K)
26 September 2016 - 4:00PM
UK Regulatory
TIDMWRES
RNS Number : 7517K
W Resources PLC
26 September 2016
26 September 2016
W Resources Plc
("W" or the "Company")
São Martinho Gold Drilling Commences
Copper Gold Resources Strategic Review
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 Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Jen
T: +44 (0) 20 7193 7463 Clarke / Harrison Clarke
www.wresources.co.uk T: +44 (0) 20 7383 5100
SI Capital - Broker Gable Communications
Andy Thacker / Nick Emerson Justine James
T: +44 (0) 1483 413500 T: +44 (0) 20 7193 7463
www.sicapital.co.uk M: +44 (0) 7525 324431
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 188.05km(2) and the São Martinho
area has an area of 101.7km(2). The expanded licence is valid until
September 2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUVRRRNOAKUAR
(END) Dow Jones Newswires
September 26, 2016 02:00 ET (06:00 GMT)
W Resources (LSE:WRES)
Historical Stock Chart
From Apr 2024 to May 2024
W Resources (LSE:WRES)
Historical Stock Chart
From May 2023 to May 2024