- W Resources has announced significant assay results at its Sao Martinho Gold Project and high-grade tungsten results at its Tarouca Project, both located in Northern Portugal.

Sao Martinho Gold Project:

W has commissioned a report on the Sao Martinho Gold Project with the objective of preparing a JORC compliant mineral resource estimate, which is being carried out by Golder Associates. This follows the systematic compilation of data on this increasingly prospective project that forms part of the CAA / Portalegre licence in Portugal.

Assay results and geological modelling using the historic drilling data, including recent drilling by W Resources, are showing positive results that confirm the presence of three main mineralised zones: Sao Martinho West (SMW), Sao Martinho East (SME) and Sao Martinho South (SMS). The mineralised zones occur as a series of shallow stacked lenses.


The Company has received high-grade tungsten results from its trench sampling at the Tarouca Project with 15 samples exceeding 0.5% WO3, out of 126, including 0.8m at 11.4% WO3 (TTR063).

It is examining the potential of incorporating this high-grade material into the Regua mine development to further enhance the projects metrics.

The next phase in the Tarouca programme will be to complete initial metallurgy work and assess options for a RC drilling programme.

Michael Masterman, Chairman of W Resources commented:

"The Sao Martinho Project was added into the CAA / Portalegre licence in September 2015 and the team has done some great work compiling critical data and associated QA/QC. The gold grades from the assay results are exceptional, including 9.62g/t at 18.55m and 7.52g/t at 31m. Gold prices are strengthening and our immediate objective of adding a JORC compliant mineral resource estimate to the project would further strengthen the portfolio and generate options for a high value farm-in or potential sale of the project.

"Tarouca continues to deliver high-grade tungsten in the sampling and trenching work. We are getting an increasingly better understanding of the mineralisation and will continue to advance the project in 2016 and assess the potential of using the Project to enhance the already strong metrics at the Regua Project."

At 11:48am: [LON:WRES] W Resources PLC share price was +0.05p at 0.57p

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