07 October 2015
('W' or the 'Company')
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration, development and production company with assets in Spain and Portugal, has signed an agreement with the Portuguese Department of Energy and Geology (DGEG) to increase its CAA / Portalegre exploration licence by 101.7 km². As a result, the project now includes the highly prospective São Martinho Gold Project.
São Martinho was discovered in 1986 and has an unclassified resource estimate of 328,621oz of gold at an average grade of 1.37 g/t Au, based on limited drilling and trenching done by Portoglobal.
The expanded licence agreement has resulted in the CAA / Portalegre project now covering 289.75 km2, including the São Martinho advanced gold exploration prospect and the very promising 9.5 km long gold soil anomaly drilled earlier this year at Assumar. W Resources has acquired this project at minimal cost and is now planning its exploration programme for the expanded area.
77 holes have been drilled in the whole property since 1986 (37 RC and 40 DD) totalling 8,566 metres. A new target area located in the anomaly mentioned above, has shown very interesting results and opens a new upside for the SE part of the exploration block.
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 |
John Howes / Abigail Wayne (Corporate Broking)
T: +44 (0) 20 7382 1100
www.northlandcp.co.uk
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.
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.
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