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WRES W Resources Plc

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W Resources PLC High-grade Tungsten at Tarouca (5726Q)

07/06/2018 7:00am

UK Regulatory


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TIDMWRES

RNS Number : 5726Q

W Resources PLC

07 June 2018

7 June 2018

W Resources Plc

("W" or the "Company")

High-grade Tungsten at Tarouca

São Martinho and Azeiteiros Update

W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, is pleased to report that its advanced exploration programme in Portugal is progressing well. Very high-grade tungsten grades have been reported at Tarouca, the gold extension Reverse Circulation ("RC") drilling programme at São Martinho is now complete in the CAA license and the RC drilling rig has been mobilised to drill the large copper anomalies at Azeiteiros in the Monforte-Tinoca property.

W Resources' 1,515 metre RC drilling campaign at its Tarouca tungsten and tin exploration licence has identified very high tungsten grade intersections, including 1 metre at 2.851% WO(3) in Hole TARC011 and 3 metres at 1.165% WO(3) in hole TARCO14. Over 11 assays reported over 1% WO(3) , with the detailed results set out in the following table:

Highlights

 
 Hole ID    Dip   Depth (m)   From (m)   To (m)    Drilled     WO(3) % 
                                                   width (m) 
                                                      (1) 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC004    -90      50          35        36         1         0,492 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC011    -90      50          21        22         1         2,851 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC012    -90      50          38        39         1         0,479 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC013    -90      60          37        38         1         0,341 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC014    -90      75          51        54         3         1,165 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC015    -90      70          49        50         1         0,189 
---------  ----  ----------  ---------  -------  -----------  -------- 
                     and         64        65         1         0,139 
---------  ----  ----------  ---------  -------  -----------  -------- 
 TARC021    -90      50          36        37         1         0,303 
---------  ----  ----------  ---------  -------  -----------  -------- 
 
   (1)     Intervals are reported as drilled width until true width is calculated and stated as is 

The RC holes were drilled at an angle to the primary strike and the drilling programme has enabled the team to model the tungsten resource. The next step will be resource modelling with a view to prepare a trial mine application later this year.

With the RC drilling campaign completed at Tarouca, the RC rig has successfully completed 2,000 metres of drilling at the São Martinho gold deposit in Central Portugal. Assay results for São Martinho are expected in the September quarter.

The RC rig has now been mobilised to the Azeiteiros copper mine and target anomalies, where a 2,000 metre RC drilling campaign will be completed through June and July, which will cap-off a very active advanced exploration programme across the tungsten, gold and copper targets.

Michael Masterman, Chairman of W Resources commented: "We have intersected some very high-grade tungsten zones at Tarouca and are increasingly confident that this project can provide additional high-grade feed to our Régua mine development, just 20km to the north. The results provide greater clarity on the geological structure and the potential to follow grade extensions. Work will shortly commence on a resource estimate and planning for a trial mine application.

"Our advanced tungsten, gold and copper exploration programme is in full swing and we look forward to advancing São Martinho, the completion of the drilling at Azeiteiros and the target copper anomalies being identified later this year."

Enquiries:

 
W Resources Plc                    Grant Thornton UK LLP 
  Michael Masterman                  Jen Clarke / Colin Aaronson / 
  T: +44 (0) 20 7193 7463            Harrison Clarke 
  www.wresources.co.uk               T: +44 (0) 20 7383 5100 
 Turner Pope Investments (TPI) Ltd  Gable Communications 
  Andy Thacker                       Justine James 
  T: +44 (0) 203 621 4120            T: +44 (0) 20 7193 7463 
  www.turnerpope.com                 M: +44 (0) 7525 324431 
 

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 35 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, Member of the Prospectors and Developers of Canada, the Society of Economic Geologists and the Society for Geology Applied to Mineral Deposits.

Annexure 1: Tarouca RC Drill Hole Collars and Results greater than 0.05% WO(3)

 
 Hole_ID    Easting    Northing      RL     Dip   From    To    Drilled   WO3 (%) 
                                                   (m)    (m)    width 
                                                                  (m) 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC001    27448,22   145791,16   982,05   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC002    27473,85   145788,03   981,73   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC003    27515,96   145783,85   981,14   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC004    27534,05   145780,24   980,59   -90    35     36       1       0,492 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC005    27447,12   145736,27   984,39   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC006    27470,23   145719,34   984,22   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC007    27491,49   145710,63   984,24   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC008    27524,28   145701,66   984,21   -90    48     49       1       0,050 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC009    27593,15   145786,06   978,68   -90    13     14       1       0,050 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC010    27641,79   145759,26   982,53   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC011    27660,09   145745,33   982,71   -90    21     22       1       2,851 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC012    27685,55   145738,07   981,52   -90    38     39       1       0,479 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC013    27697,42   145822,11   970,49   -90    37     38       1       0,341 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC014    27720,60   145824,89   969,96   -90    50     51       1       0,088 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC014    27720,60   145824,89   969,96   -90    51     52       1       2,738 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC014    27720,60   145824,89   969,96   -90    52     53       1       0,631 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC014    27720,60   145824,89   969,96   -90    53     54       1       0,126 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC015    27878,21   145840,21   957,98   -90    49     50       1       0,189 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC015    27878,21   145840,21   957,98   -90    64     65       1       0,139 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC016    25993,25   144833,21   967,47   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC017    25952,28   144787,14   963,95   -90    37     38       1       0,063 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC018    26227,01   144726,55   955,81   -90    26     27       1       0,050 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC019    27315,28   145885,42   991,71   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC020    27423,70   145788,35   983,29   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC021    27560,41   145785,09   979,53   -90    29     30       1       0,063 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC021    27560,41   145785,09   979,53   -90    36     37       1       0,303 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC022    27618,40   145767,21   982,19   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC023    27672,06   145816,52   970,37   -90    45     46       1       0,088 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC023    27672,06   145816,52   970,37   -90    46     47       1       0,076 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 TARC024    27907,13   145839,09   958,00   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC025    27462,73   145769,71   982,87   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC026    27366,50   145854,81   985,07   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC027    27631,05   145803,38   973,28   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC028    27651,79   145800,82   972,94   -90                 NSI 
---------  ---------  ----------  -------  ----  -------------------------------- 
 TARC029    27593,03   145786,58   978,66   -90    23     24       1       0,063 
---------  ---------  ----------  -------  ----  -----  -----  --------  -------- 
 
   (2)     Intervals are reported as drilled width until true width is calculated and stated as is 
   (3)     NSI - No significant intersection (WO(3) < 0.05%) 

Date: June 06, 2018

Annexure 2: TAROUCA Project

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,          *    W Resources (Iberian Resources Portugal) have drilled 
                      random chips, or specific specialised industry                 29 Reverse Circulation (RC) holes for 1515m. All 
                      standard measurement tools appropriate to the                  results have now been reported. One metre samples 
                      minerals under investigation, such as down hole gamma          were systematically obtained from a rig-mounted 
                      sondes, or handheld XRF instruments, etc). These               cyclone splitter and sampled dry. Approximately 90% 
                      examples should not be taken as limiting the broad             of the RC chips were split to 600x900mm plastic bags 
                      meaning of sampling.                                           for potential re-sampling, whilst 10% was captured at 
                                                                                     the sample port in 300x600 plastic sample bags. 
 
                 *    Include reference to measures taken to ensure sample 
                      representivity and the appropriate calibration of any     *    Samples were split and weights were ensured to be of 
                      measurement tools or systems used.                             sufficient size (2.5 to 3.5kgs) to be adequately 
                                                                                     representative of the drilled metre, which was 
                                                                                     verified with the use of field and lab duplicates. 
                 *    Aspects of the determination of mineralisation that 
                      are Material to the Public Report. 
                                                                                *    The weight of all sample bags was recorded for 
                                                                                     allowing recovery control. 
                 *    In cases where 'industry standard' work has been done 
                      this would be relatively simple (eg 'reverse 
                      circulation drilling was used to obtain 1 m samples       *    Small portions of each 1 m sample were stored in two 
                      from which 3 kg was pulverised to produce a 30 g               chip trays after careful homogenisation, one with the 
                      charge for fire assay'). In other cases more                   recovered materials and the other with washed and 
                      explanation may be required, such as where there is            sieved rock chips. These small potions were assessed 
                      coarse gold that has inherent sampling problems.               for lithology, colour, texture, mineralisation under 
                      Unusual commodities or mineralisation types (eg                a shortwave UV lamp, photographed and recorded onto a 
                      submarine nodules) may warrant disclosure of detailed          logging sheet. 
                      information. 
 
                                                                                *    The 3 kg sample bags with visually detected 
                                                                                     mineralisation were selected to be sent to the assay 
                                                                                     laboratory, as well as the samples for the one-metre 
                                                                                     intervals taken immediately before and after the 
                                                                                     mineralised ones. The samples were bagged for 
                                                                                     shipment to the laboratory inside a second plastic 
                                                                                     bags with the number written on the outside in 
                                                                                     water-proof ink. 
=============  ============================================================  ============================================================== 
 Drilling 
  techniques      *    Drill type (eg core, reverse circulation, open-hole      *    Reverse Circulation drilling using a truck-mounted 
                       hammer, rotary air blast, auger, Bangka, sonic, etc)          SPIDRILL 260 rig (and compressor rated 33 bar, 
                       and details (eg core diameter, triple or standard             35m3/min) was conducted by SPI. A reverse circulation 
                       tube, depth of diamond tails, face-sampling bit or            face sampling hammer with a 5.5-inch bit was 
                       other type, whether core is oriented and if so, by            utilised. 
                       what method, etc). 
 
                                                                                *    Every one metre drilled was sampled using a 
                                                                                     rig-mounted cyclone with cone splitter. 
 
 
                                                                                *    All drill holes were surveyed at the collar surface 
                                                                                     by high-resolution topographic survey. Data for 
                                                                                     Eastings, Northings and RL was recorded in 
                                                                                     PT-TM06/ETRS89, WGS84-UTM-ZONE29N. 
 
 
                                                                                *    All drill holes have been subject to downhole 
                                                                                     surveying at the bottom of the hole using EZ-Trac 
                                                                                     from Reflex Instruments to record variations from the 
                                                                                     original inclination. 
=============  ============================================================  ============================================================== 
 Drill sample 
  recovery       *    Method of recording and assessing core and chip              *    Each one metre drilled interval was sampled using a 
                      sample recoveries and results assessed.                           rig-mounted cyclone with cone splitter. 
 
 
                 *    Measures taken to maximise sample recovery and ensure        *    Samples were weighted while drilling and a field 
                      representative nature of the samples.                             assessment of sample volume was estimated to be in 
                                                                                        the range of 37 to 43 kg. 
 
                 *    Whether a relationship exists between sample recovery 
                      and grade and whether sample bias may have occurred          *    RC drilling sample weights allowed to measure 
                      due to preferential loss/gain of fine/coarse                      recovery and to ensure samples were maximised. 
                      material. 
 
                                                                                   *    Recoveries were excellent, generally above 90%. 
                                                                                        Sample recovery was recorded by the geologist as 
                                                                                        "good" for all RC holes. 
 
 
                                                                                   *    All records were inserted in an Excel spreadsheet. 
=============  ============================================================  ============================================================== 
 Logging 
                  *    Whether core and chip samples have been geologically     *    RC chips sieved dry samples were logged for each 
                       and geotechnically logged to a level of detail to             meter interval then stored in RC chip trays marked 
                       support appropriate Mineral Resource estimation,              with hole IDs and depth intervals and photographed. 
                       mining studies and metallurgical studies. 
 
                                                                                *    Geological logging information included lithology, 
                  *    Whether logging is qualitative or quantitative in             colour, texture, mineralisation under a shortwave UV 
                       nature. Core (or costean, channel, etc) photography.          lamp and weathering was recorded onto a logging sheet 
                                                                                     and later transferred to an Excel spread sheet. 
 
                  *    The total length and percentage of the relevant 
                       intersections logged.                                    *    All drill holes have been logged in full and logging 
                                                                                     has been primarily qualitative. 
 
 
                                                                                *    The rock-chip trays are stored at the IRP office in 
                                                                                     Armamar, Portugal for future reference. 
=============  ============================================================  ============================================================== 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,        *    The RC samples were split at the rig using a cyclone 
  and sample           half or all core taken.                                       splitter, which is considered appropriate and 
  preparation                                                                        industry standard. Proportion of wet samples was less 
                                                                                     than 1%. 
                  *    If non-core, whether riffled, tube sampled, rotary 
                       split, etc and whether sampled wet or dry. 
                                                                                *    RC rockchip were submitted to ALS Laboratory in 
                                                                                     Seville, Spain for assay. 
                  *    For all sample types, the nature, quality and 
                       appropriateness of the sample preparation technique. 
                                                                                *    At ALS facilities, samples were crushed (70% 
 
                  *    Quality control procedures adopted for all 
                       sub-sampling stages to maximise representativity of      *    Analysis were performed using Aqua Regia digestion 
                       samples.                                                      and combined ICP-MS and ICP-AES (ref. ME-MS41) and 
                                                                                     lithium borate fusion with XRF finish for tungsten 
                                                                                     (ME-XRF10). 
                  *    Measures taken to ensure that the sampling is 
                       representative of the in situ material collected, 
                       including for instance results for field                 *    The following elements were included in the analysis: 
                       duplicate/second-half sampling.                               Ag,Al,As,Au,B,Ba,Be,Bi,Ca,Cd,Ce,Co,Cr,Cs,Cu,Fe,Ga,Ge, 
                                                                                     Hf,Hg,In,K,La,Li,Mg,Mn,Mo,Na,Nb,Ni,P,Pb,Rb,Re,S,Sb,Sc, 
                                                                                     Se,Sn,Sr,Ta,Te,Th,Ti,Tl,U,V,W,Y,Zn,Zr,W. 
                  *    Whether sample sizes are appropriate to the grain 
                       size of the material being sampled. 
=============  ============================================================  ============================================================== 
 Quality of 
 assay data      *    The nature, quality and appropriateness of the            *    Short wave UV light was used to identify the presence 
 and                  assaying and laboratory procedures used and whether            of scheelite in the RC chip samples but was not use 
 laboratory           the technique is considered partial or total.                  as a quantitative or semi-quantitative method. 
 tests 
 
                 *    For geophysical tools, spectrometers, handheld XRF        *    Three different grades of internationally certified 
                      instruments, etc, the parameters used in determining           standards (CDN-W1, CDN-W3, CDN-W4) for tungsten, 
                      the analysis including instrument make and model,              field duplicates (approx. 3 kg) and blanks (silica 
                      reading times, calibrations factors applied and their          sand) were introduced at every batch of 20 samples. 
                      derivation, etc. 
 
                                                                                *    Results from these samples correlated well and showed 
                 *    Nature of quality control procedures adopted (eg               good precision. 
                      standards, blanks, duplicates, external laboratory 
                      checks) and whether acceptable levels of accuracy (ie 
                      lack of bias) and precision have been established.        *    Internal laboratory cross checking methods were 
                                                                                     implemented by ALS. 
 
 
                                                                                *    Assay data reported as per laboratory final reports 
                                                                                     and certificates 
 
 
                                                                                *    Drilling sample sizes (generally 2.8 to 3.2kg) are 
                                                                                     appropriate and industry standard size, to correctly 
                                                                                     represent the relatively homogenous medium-grained, 
                                                                                     scheelite-bearing mineralised skarns. As noted above 
                                                                                     duplicates samples correlated well, therefore sample 
                                                                                     sizes are considered to be acceptable to accurately 
                                                                                     represent scheelite mineralisation. 
=============  ============================================================  ============================================================== 
 Verification 
 of sampling     *    The verification of significant intersections by            *    Verification of significant intersections was 
 and assaying         either independent or alternative company personnel.             performed by alternative company personnel. 
 
 
                 *    The use of twinned holes.                                   *    Primary logging paper sheets stored at office, data 
                                                                                       entered into Excel spreadsheets as is both stored in 
                                                                                       the IRP server and in an external hard drive. 
                 *    Documentation of primary data, data entry procedures, 
                      data verification, data storage (physical and 
                      electronic) protocols.                                      *    All RC sampling riffle boxes are photographed and a 
                                                                                       photo archive is maintained within the drilling 
                                                                                       database. 
                 *    Discuss any adjustment to assay data. 
=============  ============================================================  ============================================================== 
 Location 
 of data         *    Accuracy and quality of surveys used to locate drill      *    Drill hole collars survey by precision dGPS with GPRS 
 points               holes (collar and down-hole surveys), trenches, mine           on-line processing with 10 mm accuracy and Total 
                      workings and other locations used in Mineral Resource          Station. 
                      estimation. 
 
                                                                                *    Grid system used is PT-TM06/ETRS89, 
                 *    Specification of the grid system used.                         WGS84-UTM-ZONE29N. 
 
 
                 *    Quality and adequacy of topographic control.              *    Topographic information has been sourced from a 
                                                                                     previous topographic survey ordered by IRP in 2014. 
=============  ============================================================  ============================================================== 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.        *    Completed RC drill holes were designed for testing 
 distribution                                                                        different targets (lensoid or cigar shaped skarns) 
                                                                                     and have irregular spacing. 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and 
                      grade continuity appropriate for the Mineral Resource     *    Drill spacing between RC holes is between 20 and 40m 
                      and Ore Reserve estimation procedure(s) and                    along strike and generally 30 to 40m between sections, 
                      classifications applied.                                       depending on site accessibility. 
 
 
                 *    Whether sample compositing has been applied.              *    Data distribution is sufficient to establish Mineral 
                                                                                     Resource. 
 
 
                                                                                *    Data spacing and distribution are not sufficient to 
                                                                                     establish Mineral Ore Reserve estimations. 
 
 
                                                                                *    Sample compositing has not been applied. 
=============  ============================================================  ============================================================== 
 Orientation 
 of data in      *    Whether the orientation of sampling achieves unbiased     *    The dip of the drill holes is not perpendicular to 
 relation             sampling of possible structures and the extent to              the true dip of the skarn bodies, so the 
 to                   which this is known, considering the deposit type.             intersections do not represent true widths. 
 geological 
 structure 
                 *    If the relationship between the drilling orientation      *    Best estimate of mineralisation widths is 70% of the 
                      and the orientation of key mineralised structures is           published figure. 
                      considered to have introduced a sampling bias, this 
                      should be assessed and reported if material. 
=============  ============================================================  ============================================================== 
 Sample 
 security         *    The measures taken to ensure sample security.            *    RC chip samples are kept in labelled riffle boxes 
                                                                                     while 3kg duplicate samples of each drilled meter are 
                                                                                     stores in labelled plastic sample bags in a locked 
                                                                                     building. 
 
 
                                                                                *    Industry standard practices are applied. 
=============  ============================================================  ============================================================== 
 Audits or 
  reviews         *    The results of any audits or reviews of sampling         *    The collar and assay data were reviewed by compiling 
                       techniques and data.                                          the database on Excel, and importing into 
                                                                                     three-dimensional modelling packages. 
 
 
                                                                                *    No numbering discrepancies were identified. 
 
 
                                                                                *    No audits or reviews of sampling techniques have been 
                                                                                     carried out, due to the early stage nature of the 
                                                                                     project. 
=============  ============================================================  ============================================================== 
 

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        *    Exploraton license MN/PP/07/12 granted to Iberian 
 and land                including agreements or material issues with third              Resources Portugal, Recursos Minerais, Unipessoal, 
 tenure status           parties such as joint ventures, partnerships,                   Lda, 100% owned by W Resources Plc. 
                         overriding royalties, native title interests, 
                         historical sites, wilderness or national park and 
                         environmental settings. 
 
 
                    *    The security of the tenure held at the time of 
                         reporting along with any known impediments to 
                         obtaining a licence to operate in the area. 
===============  ==============================================================  ============================================================= 
 
                    *    Acknowledgment and appraisal of exploration by other       *    Previous exploration activities in from 1928 to 1984 
                         parties.                                                        by "The Covas do Estanho Mines Limited", "Santos & 
                                                                                         Rodrigues, Lda." and "Minas de Tarouca, Lda." 
===============  ==============================================================  ============================================================= 
 Geology 
                    *    Deposit type, geological setting and style of             *    Scheelite bearing skarns within impure carbonate 
                         mineralisation.                                                horizons of a pre-Ordovican greywaque-schist sequence, 
                                                                                        which has been affected by contact metamorphism from 
                                                                                        Hercynian granites. 
===============  ==============================================================  ============================================================= 
 Drill hole 
  Information         *    A summary of all information material to the             *    See Annexure 1 for drill hole 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 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 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      *    Drill 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            *    Tabulation of results included in announcement. 
                         tabulations of intercepts should be included for any 
                         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 geological modelling and 
                         tests for lateral extensions or depth extensions or             resource estimation. 
                         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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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