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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 | |
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0.00 | 0.00% | 2.65 | 0.00 | 01:00:00 |
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0 | 0 | N/A | 0 |
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.
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