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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 |
TIDMWRES
RNS Number : 3288U
W Resources PLC
17 January 2017
17 January 2017
W Resources Plc
("W" or the "Company")
São Martinho SMD-009 Hits 56.4m of Gold at 2.34 g/t from Surface
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 some exceptional results at its São Martinho Gold project in Portugal.
SMD-009 results have confirmed a very thick gold intersection of 56.4m at 2.34 grams per tonne (g/t) from the very shallow depth of 2.6m. The thickness of the intersection bodes well for an increase in the size of the ore deposit and the potential to mine ore at low cost given the shallow nature of the zone.
New results from Holes 5-9 and an upgrade from further sampling of Hole 4 have yielded very positive results:
-- SMD-009 was the highlight with a wide zone of 55.6m at 2.34g/t from 2.5m with an additional deeper zone of 3.55m at 1.69g/t Au from 194.95m identified
-- Infill sampling of hole SMD-004 significantly improved the results with thicker intersections
-- Hole SMD-007 reported two gold bearing zones with a shallow zone at 18-20m and a deeper zone at 104m
In addition to these first assay results visual gold has been picked up in holes SMD-010 and SMD-011.
Michael Masterman, Chairman of W Resources commented: "São Martinho SMD-009 is a very positive result with a very thick intersection of over 55m of gold at 2.34g/t. The result provides a solid base to drive extension drilling with the potential for materially larger resource. We are very pleased with the results from this drilling programme."
Further results from this diamond core programme at São Martinho will be progressively released as the assay results come through.
Please click to view São Martinho drill hole map and photo of visible gold - http://wresources.co.uk/caa-portalegre/
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 / Jen T: +44 (0) 20 7193 7463 Clarke / Harrison Clarke www.wresources.co.uk T: +44 (0) 20 7383 5100 SI Capital Gable Communications Andy Thacker / Nick Emerson Justine James T: +44 (0) 1483 413500 T: +44 (0) 20 7193 7463 www.sicapital.co.uk M: +44 (0) 7525 324431
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.
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 32 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, the Society of Economic Geologists, the Society for Geology Applied to Mineral Deposits and the Prospectors and Developers Association of Canada.
Annexure 1: CAA PROJECT (São Martinho deposit). Drill Hole Collars and Results
Hole Easting Northing RL Azimuth Dip Length From To Drilled True Au ID (m) (m) (m) width Thick-ness (g/t) (m) (m) (1) ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= SMD004 621000 4341595 301 45 -45 200 15.00 16.00 1.00 1.00 0.32 ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= and 21.30 22.60 1.30 1.30 0.80 ============================================================ ======= ======= ======== ============ ======= and 26.70 27.70 1.00 1.00 0.80 ============================================================ ======= ======= ======== ============ ======= and 32.90 35.30 2.40 2.40 4.23 ============================================================ ======= ======= ======== ============ ======= and 44.30 49.00 4.70 4.70 0.33 ============================================================ ======= ======= ======== ============ ======= and 59.60 60.75 1.15 1.13 0.36 ============================================================ ======= ======= ======== ============ ======= and 89.00 107.00 18.00 16.91 1.73 ============================================================ ======= ======= ======== ============ ======= and 157.00 169.00 12.00 11.28 1.63 ============================================================ ======= ======= ======== ============ ======= and 175.00 180.00 5.00 4.70 1.97 ============================================================ ======= ======= ======== ============ ======= and 187.60 193.60 6.00 5.64 2.70 ============================================================ ======= ======= ======== ============ ======= SMD005 621108 4341464 303 0 -90 140 67.00 70.57 3.57 3.35 1.31 ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= and 73.60 74.60 1.00 0.94 1.02 ============================================================ ======= ======= ======== ============ ======= and 83.60 85.60 2.00 1.88 0.84 ============================================================ ======= ======= ======== ============ ======= and 94.60 95.60 1.00 0.94 0.33 ============================================================ ======= ======= ======== ============ ======= and 128.60 129.60 1.00 0.94 0.31 ============================================================ ======= ======= ======== ============ ======= SMD006 621065 4341252 313 0 -90 116 26.00 28.00 2.00 1.99 0.90 ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= and 69.00 70.00 1.00 1.00 0.30 ============================================================ ======= ======= ======== ============ ======= and 100.00 101.00 1.00 1.00 0.46 ============================================================ ======= ======= ======== ============ ======= SMD007 621184 4341219 318 0 -90 130 18.00 19.00 1.00 0.91 0.36 ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= and 21.00 23.00 2.00 1.81 1.55 ============================================================ ======= ======= ======== ============ ======= and 78.00 79.00 1.00 0.91 0.39 ============================================================ ======= ======= ======== ============ ======= and 104.70 107.70 3.00 2.72 2.15 ============================================================ ======= ======= ======== ============ ======= SMD008 622033 4340525 336 0 -90 95 6.80 9.80 3.00 3.00 0.33 ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= SMD009 622350 4340405 329 32 -60 200 2.60 59.00 56.40 51.12 2.34 ======== ======== ========= ==== ======== ==== ======= ======= ======= ======== ============ ======= and 73.00 75.00 2.00 1.81 0.75 ============================================================ ======= ======= ======== ============ ======= and 83.00 85.00 2.00 1.81 0.46
============================================================ ======= ======= ======== ============ ======= and 111.00 113.00 2.00 1.81 0.69 ============================================================ ======= ======= ======== ============ ======= and 149.00 151.00 2.00 1.81 0.44 ============================================================ ======= ======= ======== ============ ======= and 194.95 198.50 3.55 3.22 1.69 ============================================================ ======= ======= ======== ============ ======= (1) Intervals are reported as weighted averages of smaller core sample sections (minimum 1m)
(2) True widths are calculated based upon the interpreted dips for the geological model used in Golder's previous resource estimation
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 mineralization and alteration/veining along with zones of gossanization. Sampling was taken also above * In cases where 'industry standard' work has been done and below mineralization/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 every 25 samples (2 instruments, etc, the parameters used in determining standards plus 1 blank). the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. * Values returned for standards and blanks indicate that acceptable levels of accuracy and precision have been established. * Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie * Assay data reported as per laboratory final reports lack of bias) and precision have been established. and certificates ============= ============================================================ ============================================================ 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 wth 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, Datum 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 mineralized 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 mineralized 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. ============= ============================================================ ============================================================
This information is provided by RNS
The company news service from the London Stock Exchange
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January 17, 2017 02:00 ET (07:00 GMT)
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