Michael Masterman, Chairman of W Resources (LON:WRES) commented: “The São Martinho Project was added into the CAA / Portalegre licence in September 2015 at a low cost and we have moved quickly to define a maiden resources estimate leveraging existing data and therefore also at a low cost to the Company. Our geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones. A targeted drill programme will be completed in the second half of 2016.”
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, has told DirectorsTalk about a maiden JORC resource at its São Martinho Gold Deposit, which forms part of the CAA Portalegre licence in Northern Portugal.
Golder Associates carried out the mineral resource estimate and concluded that the total resource estimate is 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold.
To date, W Resources has only completed a limited confirmatory drill programme at the project and the maiden JORC compliant mineral resource estimate provides a basis from which the Company will look to upgrade the quality and size of the resource.
High-grade intersections included: Hole POR 96-2: 14.0m at 7.52 g/t Au from 31.0m, including 2.0m at 49g/t from 31.0m and Hole 96-5: 8.0m at 6.5 g/t Au from 27.0m, which indicate the potential for delineation of additional higher-grade zones.
Mineral Resources for Sao Martinho Deposit using a 0.5g/t Au cut-off grade within
mineralised domain (Golder Associates)
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Mt Au(g/t) Au content
(oz)
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Indicated 0.48 1.03 17,363
========================== ============ =================== ==========================
Inferred 2.56 1.05 94,624
========================== ============ =================== ==========================
Total 3.04 1.04 111,987
========================== ============ =================== ==========================
Source: Golder Associates
Assay results and geological modelling using the historic drilling data, including drilling by W Resources, previously showed positive results confirming the presence of two main mineralised zones: São Martinho West (SMW) and São Martinho East (SME). The mineralised zones occur as a series of shallow stacked lenses.
