Shares in W Resources (LON:WRES) went higher after the Europe-focused mining firm posted positive results from its São Martinho gold project and Tarouca project in Portugal.
At Tarouca, W has received high-grade tungsten results from trench work with 15 samples out of 126 exceeding 0.5% tungsten.
W is now looking at incorporating this high-grade material into its Régua mine development in Portugal. Next steps will be initial metallurgy work and assess options for an RC drilling programme.
At São Martinho, the firm has commissioned a report aiming at preparing a JORC compliant mineral resource estimate.
Assays and modelling using historic drilling data, including recent drilling by W Resources, are showing positive results that confirm the presence of three main mineralised zones.
W chairman Michael Masterman said on São Martinho: "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 Régua project."
Shares added 3.88% to stand at 0.535p.