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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| W Resources Plc | LSE:WRES | London | Ordinary Share | GB00BKQN5R41 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.65 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMWRES
RNS Number : 5090U
W Resources PLC
13 July 2018
13 July 2018
W Resources Plc
("W" or the "Company")
Thick Gold intersections and high grades from interim São Martinho assays
W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, is pleased to report initial assays from its Reverse Circulation ("RC") drilling campaign at its São Martinho gold project in Portugal.
Highlights from the first 7 holes of the 15-hole campaign include a 25m intersection at 0.85 grams per tonne (g/t) gold (Au) from 11m including 3.35 g/t Au over 3m.
W has now completed 2,000 metres of drilling and the results are being evaluated. Results have been received from 7 holes and the full results will be reported once complete. The objective of the campaign is to extend the current resources outlined, integrating the data from the 2016 diamond drilling results with the expansion expected with this RC campaign. A maiden JORC resource on São Martinho was completed by Golder Associates in June 2016 which confirmed an Indicated Resource estimate of 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold.
Key intersections from the available assays include:
Hot Features
Premium
Hole ID From (m) To (m) Drilled Estimated Au (g/t)
width (m) true width
(m)
=========== ========= ======= =========== ============ =========
SMRC035 11.00 36.00 25.00 17.68 0.85
=========== ========= ======= =========== ============ =========
including 11.00 14.00 3.00 2.12 0.97
=========== ========= ======= =========== ============ =========
and 17.00 19.00 2.00 2.00 1.76
=========== ========= ======= =========== ============ =========
and 23.00 26.00 3.00 2.12 3.35
=========== ========= ======= =========== ============ =========
and 34.00 36.00 2.00 1.41 1.41
=========== ========= ======= =========== ============ =========
SMRC036 9.00 21.00 12.00 8.49 2.68
=========== ========= ======= =========== ============ =========
including 12.00 18.00 6.00 4.24 4.09
=========== ========= ======= =========== ============ =========
SMRC037 17.00 18.00 1.00 0.71 0.67
=========== ========= ======= =========== ============ =========
SMRC043 65.00 66.00 1.00 0.91 0.66
=========== ========= ======= =========== ============ =========
SMRC044 42.00 43.00 1.00 0.94 0.57
=========== ========= ======= =========== ============ =========
SMRC045 42.00 43.00 1.00 0.98 0.81
=========== ========= ======= =========== ============ =========
SMRC047 99.60 122.00 22.40 0.72 0.72
=========== ========= ======= =========== ============ =========
Michael Masterman, Chairman of W Resources commented: "As we progress development work in Portugal, we are pleased to continue to get strong gold intersections from the drilling programme which is helping better delineate to deposit. The full results will be announced once the evaluation work has been completed."
Enquiries:
W Resources Plc Grant Thornton UK LLP Michael Masterman Colin Aaronson / Jen Clarke / T: +44 (0) 20 7193 7463 Seamus Fricker 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.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Annexure 1 - São Martinho RC drill hole collars and results greater than 0.50 g/t Au
Hole Easting Northing RL Azimuth Dip Length From To (m) Drilled Estimated Au
ID (m) (m) width true (g/t)
(m) width
(1) (m)
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
SMRC035 620990 4341682 291 0 90 100 11.00 36.00 25.00 17.68 0.85
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
including 11.00 14.00 3.00 2.12 0.97
============================================================= ====== ======= ======== ========== =======
and 17.00 19.00 2.00 2.00 1.76
============================================================= ====== ======= ======== ========== =======
and 23.00 26.00 3.00 2.12 3.35
============================================================= ====== ======= ======== ========== =======
and 34.00 36.00 2.00 1.41 1.41
============================================================= ====== ======= ======== ========== =======
SMRC036 621067 4341742 291 0 -90 140 9.00 21.00 12.00 8.49 2.68
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
including 12.00 18.00 6.00 4.24 4.09
============================================================= ====== ======= ======== ========== =======
SMRC037 621140 4341722 291 0 -90 140 17.00 18.00 1.00 0.71 0.67
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
SMRC043 622153 4340509 332 0 -90 110 65.00 66.00 1.00 0.91 0.66
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
SMRC044 622150 4340393 325 0 -90 127 42.00 43.00 1.00 0.94 0.57
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
SMRC045 622185 4340325 325 0 -90 130 42.00 43.00 1.00 0.98 0.81
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
SMRC047 622267 4340563 331 0 -90 133 99.60 122.00 22.40 19.40 0.72
========= ======== ========= ==== ======== ==== ======= ====== ======= ======== ========== =======
Annexure 2: Crato-Assumar Arronches (CAA) 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 15 Reverse Circulation (RC) holes for 1957m. Only
standard measurement tools appropriate to the partial results have been received for a total of 472
minerals under investigation, such as down hole gamma samples from 7 out of 15 holes drilled in total. One
sondes, or handheld XRF instruments, etc). These metre samples were systematically obtained from a
examples should not be taken as limiting the broad rig-mounted cyclone splitter and sampled dry.
meaning of sampling. Approximately 90% of the RC chips were split to
600x900mm plastic bags for potential re-sampling,
whilst 10% was captured at the sample port in 300x600
* Include reference to measures taken to ensure sample plastic sample bags.
representivity and the appropriate calibration of any
measurement tools or systems used.
* Samples were split and weights were ensured to be of
sufficient size (2.5 to 3.5kgs) to be adequately
* Aspects of the determination of mineralisation that representative of the drilled metre, which was
are Material to the Public Report. verified with the use of field and lab duplicates.
* In cases where 'industry standard' work has been done * The weight of all sample bags was recorded for
this would be relatively simple (eg 'reverse allowing recovery control.
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 * Small portions of each 1 m sample were stored in two
explanation may be required, such as where there is chip trays after careful homogenisation, one with the
coarse gold that has inherent sampling problems. recovered material and the other with washed and
Unusual commodities or mineralisation types (eg sieved rock chips. These small portions were logged
submarine nodules) may warrant disclosure of detailed for lithology, colour, texture, sulphide
information. mineralisation, alteration photographed and all data
recorded on a standard logging sheet.
* The 3 kg sample bags with visually detected
mineralisation were selected to be sent to the assay
laboratory, as well as the samples for at least two
-meter intervals taken immediately before and after
the mineralised ones. The samples were bagged for
shipment to the laboratory inside a second plastic
bag 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 drilling contractor, SPI
tube, depth of diamond tails, face-sampling bit or Drilling. A reverse circulation face sampling hammer
other type, whether core is oriented and if so, by with a 5.5-inch bit was utilised.
what method, etc).
* Every one metre drilled was sampled using a
rig-mounted cyclone with cone splitter.
* All drill holes collars have been located using the
hand held GPS unit Garmin 60 CSX. Data for Eastings,
Northings and RL was recorded in PT-TM06/ETRS89,
WGS84-UTM-ZONE29N.
============= ============================================================ =============================================================
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 maximum sample quality.
material.
* Recoveries were excellent, generally above 90%.
Sample recovery was recorded by the geologist as
"good" for all RC holes.
* All records were inserted into an Excel spreadsheet
.
============= ============================================================ =============================================================
Logging
* Whether core and chip samples have been geologically * On site manually sieved RC chips and dry samples were
and geotechnically logged to a level of detail to logged for each meter interval then stored in
support appropriate Mineral Resource estimation, appropriate plastic chip trays labelled with hole IDs
mining studies and metallurgical studies. and depth intervals. The full trays were also
systematically photographed.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. * Drill hole logging including lithology, colour,
texture, mineralisation and weathering was all
reported on a log sheet and later transferred to an
* The total length and percentage of the relevant Excel spreadsheet.
intersections logged.
* All drill holes have been logged in full and logging
has been primarily qualitative.
* The rock-chip trays are stored at a rented shed in
Alter do Chão, 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 rockchips sent 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 a combination of
samples. Multi-Acid digestion with ICP-MS and Au 30g Fire
assay with ICP-AES finish.
* Measures taken to ensure that the sampling is
representative of the in situ material collected, * The following elements have been assayed for: Au, Ag,
including for instance results for field Al, As, Au, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu,
duplicate/second-half sampling. Fe, Ga, Ge, Hf, 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, .
* 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 * Two different grades of internationally certified
and assaying and laboratory procedures used and whether Gold standards from Rocklabs (SI25 and SE29) and
laboratory the technique is considered partial or total. blanks (silica sand) with a total of 14 control
tests samples every 100, respectively 7 standards and 7
blanks.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model, * Results from these samples correlated well and showed
reading times, calibrations factors applied and their good accuracy and precision well within the
derivation, etc. acceptable limits.
* Nature of quality control procedures adopted (eg * Internal laboratory cross checking methods were
standards, blanks, duplicates, external laboratory implemented by ALS.
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
* Assay data reported as per laboratory final reports
and certificates
* Drilling sample weights (generally 2.8 to 3.2kg) are
appropriate and industry standard size, for the
typical veined/silicified gold-bearing altered mica
schist and gneiss that are the dominating mineralised
rock types.
============= ============================================================ =============================================================
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 and senior company
personnel.
* The use of twinned holes.
* Primary logging paper sheets stored at the office,
data entered into Excel spreadsheets as is both
* Documentation of primary data, data entry procedures, stored in the IRP server and in an external hard
data verification, data storage (physical and drive.
electronic) protocols.
* All RC chip trays are photographed and a photo
* Discuss any adjustment to assay data. archive is maintained within the drilling database.
============= ============================================================ =============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Drill hole collars survey by hand held GPS unit
points holes (collar and down-hole surveys), trenches, mine Garmin 60 CSX differential GPS surveying will be done
workings and other locations used in Mineral Resource with the completion of the works in the area.
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
published 1/25K military maps and an old DTM from an
unknown source.
============= ============================================================ =============================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Completed RC 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 * Drilling was planned to identify new targets to
grade continuity appropriate for the Mineral Resource produce additional resources of the Inferred category
and Ore Reserve estimation procedure(s) and within and on extensions of the existing resource
classifications applied. blocks, as indicated by Golder..
* Whether sample compositing has been applied. * Data spacing and distribution are not sufficient to
establish Mineral Ore Reserve estimations.
* Sample compositing has not been used with this data
yet.
============= ============================================================ =============================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * The dip of the drill holes is not always
relation sampling of possible structures and the extent to perpendicular to the true dip of the mineralised
to which this is known, considering the deposit type. bodies, so the intersections do not represent true
geological widths.
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
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 properly labelled trays.
Laboratory rejects from the ca. 3 kg samples have
been kept at Iberian storage facilities.
* 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 * Exploration license MN/PP/006/12 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, on 23 March 2012, 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 included the Mines
parties. Department in late eighties the Rio Tinto group
during the period 1989-1993 and Portoglobal from 1995
to 1999.
=============== ============================================================== ============================================================
Geology
* Deposit type, geological setting and style of * Orogenic gold mineralization type hosted in a
mineralisation. mineralised shear corridor developed in late
Proterozoic high-grade metamorphic rocks.
=============== ============================================================== ============================================================
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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