W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, is pleased to announce an increase in the grades and upgrade in resource categorisation of its JORC (2012) resource for La Parrilla, with an upgraded resource report completed by Golder Associates, following a successful programme of infill drilling in 2016.
Indicated resources at La Parrilla have increased in grade and upgraded in resource categorisation with part of the resource being upgraded to the measured category of resource. The total combined measured, indicated and inferred resource is now 49 million tonnes (Mt) grading 998 parts per million (ppm) tungsten tri-oxide (WO3) and 110 ppm tin (Sn). The combined measured and indicated resource amounting to 36 Mt and grading 1,007 ppm WO3, which represent an increase of 4% from previous grade of 965 ppm WO3 reported in February 2016 and 115 ppm Sn.
Overall:
– Total WO3 grade is up 4%
– Total Sn grade is up 2%
– Tonnes of measured plus indicated remain at 36 Mt
|
Classification |
Tonnage (Mt) |
WO3 (ppm) |
Sn (ppm) |
|
Measured |
1 |
1,115 |
278 |
|
Indicated |
35 |
1,004 |
110 |
|
Inferred |
13 |
974 |
97 |
|
Total |
49 |
998 |
110 |
Importantly, new thick high grade zones have been delineated in the La Parrilla Fast Track Mine (FTM) south area and will be incorporated into the mine plans in 2018 and 2019. Based on preliminary mine plan optimisation, the averaged Run of Mine (ROM) feed grade in 2018 is expected to increase 42% to 1,350 ppm and the 2019 grade is expected to increase 16% to 1,260 ppm. The higher grades for these mining rates will result in increased cash flow in the early years of mine development.
Chairman of W, Michael Masterman commented:
“The increase in grades in the new JORC resource are very positive for the La Parrilla development. The delineation of a large high-grade resource area in La Parrilla FTM south is expected to underpin materially stronger performance in the critical start-up years of the La Parrilla mine. Once the updated mine plan is completed, we will be able to then report the upgraded financials on the project.”
A JORC statement prepared by Golder Associates Pty Ltd is set out in a pdf on the company website here.
