W Resources PLC | S o Martinho Gold Dep... Maiden JORC Estimate ...
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
W Resources PLC
S�o Martinho Gold Deposit Maiden JORC Estimate RNS Number : 6299A W Resources PLC 09 June 2016
8 June 2016
W Resources Plc
("W" or the "Company")
São Martinho Gold Deposit Maiden JORC Estimate
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, is pleased to announce a maiden JORC resource at its São Martinho Gold Deposit, which forms part of the CAA Portalegre licence in Northern Portugal. Golder Associates carried out the mineral resource estimate and concluded that the total resource estimate is 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold. To date, W Resources has only completed a limited confirmatory drill programme at the project and the maiden JORC compliant mineral resource estimate provides a basis from which the Company will look to upgrade the quality and size of the resource. Highgrade intersections included: Hole POR 962: 14.0m at 7.52 g/t Au from 31.0m, including 2.0m at 49g/t from 31.0m and Hole 965: 8.0m at 6.5 g/t Au from 27.0m, which indicate the potential for delineation of additional highergrade zones.
Mineral Resources for Sao Martinho Deposit using a 0.5g/t Au cutoff grade within mineralised domain (Golder Associates) Mt
Au(g/t)
Au content (oz)
Indicated
0.48
1.03
17,363
Inferred
2.56
1.05
94,624
Total
3.04
1.04
111,987
Source: Golder Associates Assay results and geological modelling using the historic drilling data, including drilling by W Resources, previously showed positive results confirming the presence of two main mineralised zones: São Martinho West (SMW) and São Martinho East (SME). The mineralised zones occur as a series of shallow stacked lenses. http://www.investegate.co.uk/ArticlePrint.aspx?id=201606090700056299A
1/12
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
Michael Masterman, Chairman of W Resources commented: "The São Martinho Project was added into the CAA / Portalegre licence in September 2015 at a low cost and we have moved quickly to define a maiden resources estimate leveraging existing data and therefore also at a low cost to the Company. Our geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional highgrade zones. A targeted drill programme will be completed in the second half of 2016." Enquiries: Grant Thornton UK LLP W Resources Plc Colin Aaronson / Jen Clarke / Harrison Clarke Michael Masterman T: +44 (0) 20 7383 5100 T: +44 (0) 20 7193 7463 www.wresources.co.uk SI Capital Joint Broker Andy Thacker / Nick Emerson T: +44 (0) 1483 413500 www.sicapital.co.uk
Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431
Northland Capital Partners Joint Broker John Howes / Abigail Wayne (Corporate Broking) T: +44 (0) 20 03861 6625 www.northlandcp.co.uk About CAA / Portalegre On 23 March 2012, W Resources' 100% owned subsidiary, Iberian Resources Portugal, was awarded a licence for the exploration of the "CratoAssumarArronches 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 188.05km² and the São Martinho area has an area of 101.7km². 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 43101 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.
The JORC Code Assessment Criteria The JORC Code, 2012 Edition describes a number of criteria, which must be addressed in the Public Reporting of Mineral Resource estimates. These criteria provide a means of assessing whether or not parts of or the entire data inventory used in the estimate are adequate for that purpose. The Mineral Resource estimates stated in this document were based on the criteria set out in Table 1 of that Code. These criteria are discussed in the following table: Table 1: JORC Code Table 1
JORC Code Assessment Criteria Section 1 Sampling Techniques and Data Sampling Techniques Nature and quality of sampling (e.g. cut http://www.investegate.co.uk/ArticlePrint.aspx?id=201606090700056299A
Comment The Sao Martinho deposit was sampled using diamond drill holes (DD) and Reverse Circulation (RC) drill holes. 2/12
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse 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 explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Drilling Techniques Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka, sonic, etc.), and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‑sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results assessed. 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 http://www.investegate.co.uk/ArticlePrint.aspx?id=201606090700056299A
All sampling at Sao Martinho was collected by diamond drill and reverse circulation drilling drilled by the operators Drillcon, Genfor, CGS/Geonor and Terratec. Core drilling was used to obtain core samples. Sampled intervals included zones of visible sulfide mineralisation and alteration/veining along with zones of gossanisation. Sampling was taken also above and below mineralisation/alteration on 12 m intervals when applicable. Trenches were excavated using a backhoe digger to a depth of 1 m to 2 m or to the bedrock to avoid surficial clays. Rock chip sampling from trenches was performed to determine whether prospective Au mineralised material may yield any anomalous Au values and not to determine average grades. All rock samples were packed on thick plastic bags with sample reference indicated both in the outside and inside with permanent ink marker pens.
DD method uses NQ and HQ drill sizes. Core was not oriented. RC drilling, during the 2007, 2012 and 2013 campaigns, used 140 mm and 114 mm diameter facesampling bits. Since 2012 all drill holes have been subject to downhole surveying, to record variations from the original inclination. Surveys have been recorded at varying intervals, using EZTrac from Reflex Instruments. Previous campaigns use the survey obtained from the collar. Sample recovery was assessed visually, recorded onto a logging sheet, photographed (partially) and inserted in an Excel spreadsheet.
Logging was performed after core fragment reconstruction in the core trays, and a line was marked along the core axis. 3/12
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.), photography. The total length and percentage of the relevant intersections logged.
Diamond core was recently geotechnically logged, and complete data (recovery, RQD, joint orientation, spacing, roughness and weathering) was recorded onto a logging sheet and inserted in an Excel spreadsheet. 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 logged in full.
Sub‑Sampling Techniques and Sample Preparation
The core was cut by diamond saw along a line marked down the centre of the core, splitting the core into two equal halves. One half of the core sample intervals selected was sent for analysis and the remaining core was retained in wooden core boxes for future reference. The RC drilling sampling (1/8 of the drill material) is performed at the drill site and all rejects (7/8 of the drill material) are transported to a storage facility. The historical sampling at Sao Martinho was analysed by multielemental analytical methods (not fully specified) or Fire Assay for gold. Since 2007 the core samples were shipped to ALS Laboratory in Seville, Spain for assaying. At ALS facilities, samples were crushed (70%
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
W Resources PLC
S�o Martinho Gold Deposit Maiden JORC Estimate RNS Number : 6299A W Resources PLC 09 June 2016
8 June 2016
W Resources Plc
("W" or the "Company")
São Martinho Gold Deposit Maiden JORC Estimate
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, is pleased to announce a maiden JORC resource at its São Martinho Gold Deposit, which forms part of the CAA Portalegre licence in Northern Portugal. Golder Associates carried out the mineral resource estimate and concluded that the total resource estimate is 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold. To date, W Resources has only completed a limited confirmatory drill programme at the project and the maiden JORC compliant mineral resource estimate provides a basis from which the Company will look to upgrade the quality and size of the resource. Highgrade intersections included: Hole POR 962: 14.0m at 7.52 g/t Au from 31.0m, including 2.0m at 49g/t from 31.0m and Hole 965: 8.0m at 6.5 g/t Au from 27.0m, which indicate the potential for delineation of additional highergrade zones.
Mineral Resources for Sao Martinho Deposit using a 0.5g/t Au cutoff grade within mineralised domain (Golder Associates) Mt
Au(g/t)
Au content (oz)
Indicated
0.48
1.03
17,363
Inferred
2.56
1.05
94,624
Total
3.04
1.04
111,987
Source: Golder Associates Assay results and geological modelling using the historic drilling data, including drilling by W Resources, previously showed positive results confirming the presence of two main mineralised zones: São Martinho West (SMW) and São Martinho East (SME). The mineralised zones occur as a series of shallow stacked lenses. http://www.investegate.co.uk/ArticlePrint.aspx?id=201606090700056299A
1/12
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
Michael Masterman, Chairman of W Resources commented: "The São Martinho Project was added into the CAA / Portalegre licence in September 2015 at a low cost and we have moved quickly to define a maiden resources estimate leveraging existing data and therefore also at a low cost to the Company. Our geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional highgrade zones. A targeted drill programme will be completed in the second half of 2016." Enquiries: Grant Thornton UK LLP W Resources Plc Colin Aaronson / Jen Clarke / Harrison Clarke Michael Masterman T: +44 (0) 20 7383 5100 T: +44 (0) 20 7193 7463 www.wresources.co.uk SI Capital Joint Broker Andy Thacker / Nick Emerson T: +44 (0) 1483 413500 www.sicapital.co.uk
Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431
Northland Capital Partners Joint Broker John Howes / Abigail Wayne (Corporate Broking) T: +44 (0) 20 03861 6625 www.northlandcp.co.uk About CAA / Portalegre On 23 March 2012, W Resources' 100% owned subsidiary, Iberian Resources Portugal, was awarded a licence for the exploration of the "CratoAssumarArronches 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 188.05km² and the São Martinho area has an area of 101.7km². 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 43101 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.
The JORC Code Assessment Criteria The JORC Code, 2012 Edition describes a number of criteria, which must be addressed in the Public Reporting of Mineral Resource estimates. These criteria provide a means of assessing whether or not parts of or the entire data inventory used in the estimate are adequate for that purpose. The Mineral Resource estimates stated in this document were based on the criteria set out in Table 1 of that Code. These criteria are discussed in the following table: Table 1: JORC Code Table 1
JORC Code Assessment Criteria Section 1 Sampling Techniques and Data Sampling Techniques Nature and quality of sampling (e.g. cut http://www.investegate.co.uk/ArticlePrint.aspx?id=201606090700056299A
Comment The Sao Martinho deposit was sampled using diamond drill holes (DD) and Reverse Circulation (RC) drill holes. 2/12
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse 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 explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Drilling Techniques Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka, sonic, etc.), and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‑sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results assessed. 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 http://www.investegate.co.uk/ArticlePrint.aspx?id=201606090700056299A
All sampling at Sao Martinho was collected by diamond drill and reverse circulation drilling drilled by the operators Drillcon, Genfor, CGS/Geonor and Terratec. Core drilling was used to obtain core samples. Sampled intervals included zones of visible sulfide mineralisation and alteration/veining along with zones of gossanisation. Sampling was taken also above and below mineralisation/alteration on 12 m intervals when applicable. Trenches were excavated using a backhoe digger to a depth of 1 m to 2 m or to the bedrock to avoid surficial clays. Rock chip sampling from trenches was performed to determine whether prospective Au mineralised material may yield any anomalous Au values and not to determine average grades. All rock samples were packed on thick plastic bags with sample reference indicated both in the outside and inside with permanent ink marker pens.
DD method uses NQ and HQ drill sizes. Core was not oriented. RC drilling, during the 2007, 2012 and 2013 campaigns, used 140 mm and 114 mm diameter facesampling bits. Since 2012 all drill holes have been subject to downhole surveying, to record variations from the original inclination. Surveys have been recorded at varying intervals, using EZTrac from Reflex Instruments. Previous campaigns use the survey obtained from the collar. Sample recovery was assessed visually, recorded onto a logging sheet, photographed (partially) and inserted in an Excel spreadsheet.
Logging was performed after core fragment reconstruction in the core trays, and a line was marked along the core axis. 3/12
6/10/2016
W Resources PLC | S�o Martinho Gold Deposit Maiden JORC Estimate | FE InvestEgate
geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.), photography. The total length and percentage of the relevant intersections logged.
Diamond core was recently geotechnically logged, and complete data (recovery, RQD, joint orientation, spacing, roughness and weathering) was recorded onto a logging sheet and inserted in an Excel spreadsheet. 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 logged in full.
Sub‑Sampling Techniques and Sample Preparation
The core was cut by diamond saw along a line marked down the centre of the core, splitting the core into two equal halves. One half of the core sample intervals selected was sent for analysis and the remaining core was retained in wooden core boxes for future reference. The RC drilling sampling (1/8 of the drill material) is performed at the drill site and all rejects (7/8 of the drill material) are transported to a storage facility. The historical sampling at Sao Martinho was analysed by multielemental analytical methods (not fully specified) or Fire Assay for gold. Since 2007 the core samples were shipped to ALS Laboratory in Seville, Spain for assaying. At ALS facilities, samples were crushed (70%
