W Resources PLC JORC resources at Regua increase 30% (9873N)
October 04 2012 - 12:17PM
UK Regulatory
TIDMWRES
RNS Number : 9873N
W Resources PLC
04 October 2012
04 October 2012
W Resources Plc
("W" or the "Company")
JORC Resources at High Grade Regua Tungsten Deposit Increase
30%
W Resources Plc (AIM:WRES), formerly Caspian Holdings Plc, is
pleased to announce a 30% resource increase at its 100% owned Régua
tungsten deposit in Northern Portugal. As a result of the resource
estimate prepared by Golder Associates Pty Ltd ("Golder") the
updated and increased Australasian Joint Ore Reserves Committee
("JORC") compliant resource estimate defines 4.46 million tonnes
grading 0.308% WO(3) (tungsten tri-oxide) at a cut-off of 0.10%
WO(3) .
Mt WO(3) Contained
(%) WO3 (mtu)
----------- ----- ------ -----------
Indicated 2.14 0.367 0.785M
----------- ----- ------ -----------
Inferred 2.32 0.253 0.587M
----------- ----- ------ -----------
Total 4.46 0.308 1.37M
----------- ----- ------ -----------
The resource estimate was prepared by Golder and the detailed
resource statement is available at www.wresources.co.uk. The
resource is based on the results of the diamond drilling of 34
holes for a total of 5,514.45 metres, all of which intersected
scheelite mineralisation.
The Régua resource of 4.46 million tonnes containing 1.37M mtu
WO3 compares favourably with the Colt Resources (TSX-V; GTP Market
Cap Cdn$56m) Tabuaço deposit located 10km to the west which
contains 2.09 million tonnes of indicated and inferred resources
containing 1.2M mtu WO3.
Michael Masterman, Chairman of W Resources commented: "We are
extremely encouraged by the resource increase and based on the
positive assessment and the high grade of the tungsten, the Company
intends to drill an additional 2,000 metres of diamond core in the
Régua deposit with the objective of increasing the confidence in
the resource to measured and indicated resources and extending the
deposit. The deposit is open laterally and at depth and Golder and
W Resources will now proceed to evaluate mine development scenarios
with a view to submitting a Trial Mine Application for initial
development of the project in 2013."
Enquiries:
W Resources Plc Grant Thornton Corporate Finance
- Nomad
Michael Masterman Gerry Beaney / Melanie Frean
/ Jen Clarke
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.co.uk
Simple Investments - Broker Gable Communications
Andy Thacker / Nick Emerson Justine James
T: +44 (0) 1483 413500 T: +44 (0) 20 7193 7463
www.simple-investments.co.uk M: +44 (0) 7525 324431
About Régua
Following the acquisition of AIO and its subsidiary IRP (which
was approved by shareholders at the 22 June 2012 Annual General
Meeting), W Resources owns a permit for the exploration of the
Régua tungsten deposit located 400km North of Lisbon and 95km East
of Porto in the municipality of the town of Armamar. Régua tungsten
deposit has a resource of 4.46 million tonnes grading 0.308% WO(3)
, at a cut-off of 0.10% WO(3) , covering an area of 8km(2). The
deposit has not been previously mined and is located close to
infrastructure with good road access.
Technical information in this report has been prepared in
accordance with the JORC Code and approved for inclusion by Mr
Fernando de la Fuente, who is a "qualified person" in respect of
the AIM Rules for Companies with over 37 years experience in the
Exploration and Mining Geology industry. Mr de la Fuente holds a
B.Sc. in Geology and a MSc in Geology from the University of
Granada in Spain. He is also a member of the Spanish College of
Geologists (Number 49), the Spanish Society of Mineralogy, founder
member of the Spanish Society of Geology, member of the Spanish
Association of Applied Geology to Mineral Deposits, member of the
Society for Mining, Metallurgy and Exploration, Inc., member of
PDAC.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUSANRUOARRAA
W Resources (LSE:WRES)
Historical Stock Chart
From Sep 2024 to Oct 2024
W Resources (LSE:WRES)
Historical Stock Chart
From Oct 2023 to Oct 2024