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W Resources updates on Tungsten, Copper and Gold projects in Portugal

The AIM listed exploration and development company said infill drilling would be completed on the entrance to the two high-grade mine adits at its Régua tungsten project in the second quarter of the current year
Tungsten element
The company also plans to advance its Monforte-Tinoca copper projects

W Resources PLC (LON:WRES) has issued an update on the progress of its tungsten, copper and gold projects in Portugal following a £1.5mln growth financing for the assets.

The AIM listed exploration and development company said infill drilling would be completed on the entrance to the two high-grade mine adits at its Régua tungsten project in the second quarter of the current year, when initial road construction would commence.

WATCH: W Resources making rapid progress at La Parrilla and moving forward in Portugal

A final investment decision (FID) plan would then be finalised in the third quarter which, if satisfactory, would lead to the commencement of mining in the fourth quarter.

In parallel, the company said a 1,500m reverse circulation (RC) drilling programme will be completed at the high-grade Tarouca deposit, located 20km south of Régua.

The target will be then be to work up a mineral resource to feed additional high-grade tonnes into Régua, with the work estimated to complete in the second quarter and a resource estimate planned in the second half of 2018.

The group also said a team will carry out a 2,000m RC drilling programme at its São Martinho gold deposit in the second quarter, with a view to materially increase the resource, after which a resource estimation update will be completed in the second half of 2018.

Meanwhile, the company also plans to advance its Monforte-Tinoca copper projects over the next six months.

Geophysics surveys are already underway at the projects, using both Induced Polarisation / Electric Resistivity and Transient Electromagnetics methods across the target Copper zones, the group said.

The surveys are expected to pin point the copper anomaly and extensions of the former high-grade copper mines, with 1,500m of RC drilling expected to commence in the second half of 2018.

With its main focus being the successful execution of its La Parrilla project, the company said it plans to add very significant value to the copper and gold assets during 2018 and add additional licenses and projects to the current portfolio prior to a potential spin-off or sale of Copper Gold Resources Plc.

W Resources shares were up 0.9% at 0.54p in mid-morning trading Tuesday.

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