First Hole at São Martinho Intersects Gold on 6 Levels
W Resources Plc (AIM:WRES), the tungsten, copper and gold mining, production, exploration and development company with assets in Spain and Portugal, is pleased to announce initial results of the first hole from the 1,500 metre diamond core drilling campaign that commenced in mid-September at the São Martinho Gold Deposit in Portugal.
A total of nine of holes have been drilled so far and the first assay results concluded, from the first hole SMD-04, that this intersected significant gold mineralisation in 6 levels including 2m at 4.2g/t and 2m at 7.6g/t.
Highlights from Hole SMD-04 include:
· 2.40m grading 4.2 g/t Au from 32.90m
· 2.00m grading 1.1 g/t Au from 90.00m
· 7.00m grading 1.7 g/t Au from 95.70m
· 8.00m grading 1.8 g/t Au from 157.00m* (including 1.00m grading 9.6 g/t Au from 157.00m);
· 3.00m grading 3.0 g/t Au from 177.00m (including 1.00m grading 8.0 g/t Au from 177.00m);
· 2.00m grading 7.6 g/t Au from 187.60m (including 1.00m grading 14.2 g/t Au from 187.6m).
* This zone extends over 12m at least, probably down to 169.00m, however the additional infill sampling results are not yet available.
Further information on Hole SMD-04 is included below.
This hole was planned to confirm the upper mineralised section from a previous high-grade intercept drilled in the early nineties by Portuglobal, and to investigate the deeper parts of the gold system which were not drilled previously. Both objectives have been fully achieved. The shallow section although narrower correlates well with that in hole POR-96-2 and a new high-grade deeper zone that may potentially increase the resource basis with additional drilling.
In addition to these first assay results, visual gold has been picked up in holes SMD-10 and SMD-11.
These assay results will form part of the update to upgrade the JORC compliant mineral resource estimate, completed by Golder Associates in June 2016, which currently reports a total of 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold.
Michael Masterman, Chairman of W Resources commented: “The results from the first hole at São Martinho are a great start with good grades at multiple levels from the relatively shallow 4.2 g/t Au at a downhole depth of around 33m to the deeper results. The pick–up of visual gold in subsequent holes 10 and 11 together with these first results bodes well for a very successful program. Our objective is to step out and significantly expand the size of the JORC gold resource which currently sits at over 110,000 oz.”
Further results from this diamond core program at São Martinho will be progressively released to the market as the assay results come through.
The information contained within this announcement is considered to be inside information prior to its release.
Micheal Masterman, CEO of W Resources Plc speaks to Share Talk
19th October 2016
Michael Masterman Chairman of W Resources Plc speaks to Share Talk about the Start up of the La Parrilla Tungsten mine and the sale of Tungsten concentrate as announced this week. He also tells Share Talk what the future holds for the mine resource and forward plans for work.
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