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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| W Resources Plc | LSE:WRES | London | Ordinary Share | GB00BKQN5R41 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.65 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMWRES
RNS Number : 5474P
W Resources PLC
18 November 2016
18 November 2016
W Resources Plc
("W" or the "Company")
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.
Enquiries:
W Resources Plc Grant Thornton UK LLP Michael Masterman Colin Aaronson / Samantha T: +44 (0) 20 7193 7463 Harrison / Harrison Clarke www.wresources.co.uk T: +44 (0) 20 7383 5100 Gable Communications SI Capital Justine James Andy Thacker / Nick Emerson T: +44 (0) 20 7193 7463 T: +44 (0) 1483 413500 M: +44 (0) 7525 324431 www.sicapital.co.uk
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.
Hot Features
Premium
Mineral Resources for São Martinho Deposit
using a 0.5g/t Au cut-off grade within mineralised
domain (Golder Associates)
===========================================================
Mt Au(g/t) Au content
(oz)
================= ======== ============ ================
Indicated 0.48 1.03 17,363
================= ======== ============ ================
Inferred 2.56 1.05 94,624
================= ======== ============ ================
Total 3.04 1.04 111,987
================= ======== ============ ================
Source: Golder Associates
Annexure 1: CAA / Portalegre Drilling Results (São Martinho Deposit)
Hole Easting Northing RL Azimuth Dip Depth From To Drilled
ID (m) (m) (m) width Au
(m) g/t
(1)
========= ======== ========== ==== ======== ==== ======= ======= ======= ======== ======
SMD-004 621,000 4,341,601 294 045 -45 200.00 32.90 35.30 2.40 4.23
========= ======== ========== ==== ======== ==== ======= ======= ======= ======== ======
and 89.00 92.00 3.00 0.81
============================================================== ======= ======= ======== ======
and 95.70 102.70 7.00 1.66
============================================================== ======= ======= ======== ======
and 157.00 165.00 8.00 1.84
============================================================== ======= ======= ======== ======
including 157.00 158.00 1.00 9.58
============================================================== ======= ======= ======== ======
and 167.00 169.00 2.00 1.67
============================================================== ======= ======= ======== ======
and 177.00 180.00 3.00 3.03
============================================================== ======= ======= ======== ======
including 177.00 178.00 1.00 7.98
============================================================== ======= ======= ======== ======
and 187.60 189.60 2.00 7.56
============================================================== ======= ======= ======== ======
including 187.60 188.60 1.00 14.15
============================================================== ======= ======= ======== ======
(1) Intervals are reported as drilled width as true widths are not currently known.
(2)
JORC Code, 2012 Edition - Table 1 report
Section 1 - Sampling Techniques and Data
Criteria JORC Code explanation Commentary
============= ============================================================ ============================================================
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Rock chip sampling from outcrops and trenches was
random chips, or specific specialised industry performed to determine whether a prospective precious
standard measurement tools appropriate to the metal bearing structures/alteration zones may yield
minerals under investigation, such as down hole gamma any anomalous gold/silver values and not to determine
sondes, or handheld XRF instruments, etc). These average grades.
examples should not be taken as limiting the broad
meaning of sampling.
* Samples weighing from 500 g to 1 kg were taken from
each sampling location, and its position was recorded
* Include reference to measures taken to ensure sample with a hand-held GPS.
representivity and the appropriate calibration of any
measurement tools or systems used.
* Core drilling was used to obtain core samples.
* Aspects of the determination of mineralisation that
are Material to the Public Report. * Sampled intervals included zones of visible sulphide
mineralisation and alteration/veining along with
zones of gossanization. Sampling was taken also above
* In cases where 'industry standard' work has been done and below mineralisation/alteration on 1- 2m
this would be relatively simple (eg 'reverse intervals when applicable.
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more * All rock samples were packed on thick plastic bags
explanation may be required, such as where there is with sample reference indicated both in the outside
coarse gold that has inherent sampling problems. and inside with permanent ink marker pens in the
Unusual commodities or mineralisation types (eg outside and inside.
submarine nodules) may warrant disclosure of detailed
information.
============= ============================================================ ============================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Drilling was undertaken with a track mounted
hammer, rotary air blast, auger, Bangka, sonic, etc) SPIDRILL-18 drill rig.
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by * HQ wireline core (63.5mm diam.) was recovered
what method, etc). systematically during the drilling campaign.
* All holes were located with a hand held GPS. Data for
Eastings, Northings and RL was recorded on UTM grid,
Zone 29, datum WGS84.
============= ============================================================ ============================================================
Drill
sample * Method of recording and assessing core and chip * Sample recovery was assessed visually, recorded ont
recovery sample recoveries and results assessed. o
a logging sheet, photographed and inserted in an
Excel spreadsheet.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
============= ============================================================ ============================================================
Logging
* Whether core and chip samples have been geologically * Logging was performed after core fragment
and geotechnically logged to a level of detail to reconstruction in the core trays, and a line was
support appropriate Mineral Resource estimation, marked along the core axis.
mining studies and metallurgical studies.
* Geotechnical core logging was systematically done.
* Whether logging is qualitative or quantitative in Data collection (recovery, RQD, joint orientation,
nature. Core (or costean, channel, etc) photography. spacing, roughness and weathering) was recorded onto
a log sheet and inserted in an Excel spreadsheet.
* The total length and percentage of the relevant
intersections logged. * Geological core logging was systematically done. Data
collection (lithology, alteration, structural data
mineralisation and sampling intervals) was recorded
onto a log sheet and inserted in an Excel
spreadsheet.
* All drill holes have been systematically logged both
descriptive and stringer-coded for digital processing
and output with specific software.
============= ============================================================ ============================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * The core was cut with a diamond saw along a line
and sample half or all core taken. marked in the centre of the core, splitting the core
preparation into two equal halves. One half of the HQ core sample
intervals selected was sent for analysis and the
* If non-core, whether riffled, tube sampled, rotary remaining half was kept in wooden core boxes for
split, etc and whether sampled wet or dry. storage and future reference.
* For all sample types, the nature, quality and * The core samples were shipped to ALS Laboratory in
appropriateness of the sample preparation technique. Seville, Spain for assay
* Quality control procedures adopted for all * At ALS facilities, samples were crushed (70%
sub-sampling stages to maximise representivity of
samples.
* The following elements were included in the analysis:
Ag,Al,As,Au,Ba,Be,Bi,Ca,Cd,Ce,Co,Cr, Cs,Cu,Fe,Ga,Ge,
* Measures taken to ensure that the sampling is Hf,In,In,K,La,Li,Mg,Mn, Mo,Na,Nb,Ni,P,Pb,Rb,Re,S, Sb,
representative of the in situ material collected, Sc,Se,Sn,Sr,Ta,Te,,Th,Ti,U,V,W,Y,Zn,Zr.
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
============= ============================================================ ============================================================
Quality
of assay * The nature, quality and appropriateness of the * Internal laboratory cross checking methods are
data and assaying and laboratory procedures used and whether implemented by ALS.
laboratory the technique is considered partial or total.
tests
* In addition internationally certified standards and
* For geophysical tools, spectrometers, handheld XRF blanks were regularly introduced among core samples.
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their * Assay data reported as per laboratory final reports
derivation, etc. and certificates
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
============= ============================================================ ============================================================
Verification
of sampling * The verification of significant intersections by * Verification of significant intersections by
and assaying either independent or alternative company personnel. alternative company personnel.
* Documentation of primary data, data entry procedures, * Primary logging paper sheets stored at office, data
data verification, data storage (physical and entered into Excel spreadsheets as is and coded, both
electronic) protocols. stored in the server and in an external hard drive.
* Discuss any adjustment to assay data. * All core boxes are photographed and a photo archive
is maintained within the drilling database.
============= ============================================================ ============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Hole locations survey with hand-held GPS with 2-5m
points holes (collar and down-hole surveys), trenches, mine accuracy.
workings and other locations used in Mineral Resource
estimation.
* Grid system - UTM, Zone 29, WGS84.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
============= ============================================================ ============================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Completed drill holes were designed for testing
distribution different targets and have irregular spacing.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * Data spacing and distribution are expected to be
grade continuity appropriate for the Mineral Resource sufficient to establish in parts an Inferred Mineral
and Ore Reserve estimation procedure(s) and Resources estimation.
classifications applied.
* Whether sample compositing has been applied.
============= ============================================================ ============================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * Hole orientation is in either vertical or in some
in relation sampling of possible structures and the extent to cases approximately perpendicular to the strike of
to which this is known, considering the deposit type. the mineralised zones.
geological
structure
* If the relationship between the trench orientation * The channel samples are not perpendicular to the
and the orientation of key mineralised structures is planes of the mineralised zones, therefore the
considered to have introduced a sampling bias, this intersections do not represent true widths.
should be assessed and reported if material.
============= ============================================================ ============================================================
Sample
security * The measures taken to ensure sample security. * Samples are kept labelled and organised in a locked
building.
* Industry standard practices are applied.
============= ============================================================ ============================================================
Audits
or reviews * The results of any audits or reviews of sampling
techniques and data.
============= ============================================================ ============================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
=============== ============================================================== ===========================================================
Mineral
tenement * Type, reference name/number, location and ownership * Exploration license MN/PP/006/12 signed between
and land including agreements or material issues with third Iberian Resources Portugal, Recursos Minerais,
tenure parties such as joint ventures, partnerships, Unipessoal, Lda, 100% owned by W Resources and the
status overriding royalties, native title interests, Portuguese Ministry of Economy and Employment,
historical sites, wilderness or national park and through its Direction General of Energy and Geology,
environmental settings. 23 March 2012. An addendum has been signed on 29
September 2015 which incorporates the São
Martinho block and extends the duration of the
* The security of the tenure held at the time of contract until September 2018.
reporting along with any known impediments to
obtaining a licence to operate in the area.
=============== ============================================================== ===========================================================
Exploration
done by * Acknowledgment and appraisal of exploration by other * Previous mineral exploration by the State mines
other parties. department and from public and private
parties mining/exploration companies.
=============== ============================================================== ===========================================================
Geology
* Deposit type, geological setting and style of * Lode-type auriferous shear zone and possible
mineralisation. disseminated base-metal metamorphic style.
=============== ============================================================== ===========================================================
Drill
hole * A summary of all information material to the * See Annexure 1 for drill hole information
Information understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
* easting and northing of the drill hole collar
* elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole collar
* dip and azimuth of the hole
* down hole length and interception depth
* hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
=============== ============================================================== ===========================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * All grades reported are uncut
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated. * No metal equivalents are used or stated
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
=============== ============================================================== ===========================================================
Relationship
between * These relationships are particularly important in the * Hole intersections in the announcement are not true
mineralisation reporting of Exploration Results. widths.
widths
and intercept
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
=============== ============================================================== ===========================================================
Diagrams
* Appropriate maps and sections (with scales) and * Maps and tabulated assay results are included in the
tabulations of intercepts should be included for any announcement
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
=============== ============================================================== ===========================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * All results comprehensively announced.
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
=============== ============================================================== ===========================================================
Other
substantive * Other exploration data, if meaningful and material,
exploration should be reported including (but not limited to):
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
=============== ============================================================== ===========================================================
Further
work * The nature and scale of planned further work (eg * Further work will include detailed interpretation of
tests for lateral extensions or depth extensions or results and follow-up drilling of targets identified
large-scale step-out drilling). .
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== ============================================================== ===========================================================
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMMMMKRNGVZG
(END) Dow Jones Newswires
November 18, 2016 02:00 ET (07:00 GMT)
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