W Resources has commenced drilling at its Sao Martinho Gold Deposit, which forms part of the CAA / Portalegre licence in South Eastern Portugal.
A targeted 1,500 metre diamond core drilling campaign commenced at the Sao Martinho project on 21 September 2016 in order to look to upgrade the JORC compliant mineral resource estimate of 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold, which was completed by Golder Associates in June 2016.
Geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones which will can then be expanded by follow-up RC drilling.
W Resources holds significant advanced gold and copper exploration deposits in its adjacent Portalegre and Monforte-Tinoca exploration licences in central Portugal which are owned by 100% owned Australian Iron Ore Plc.
These licences hold two former copper mines, Tinoca and Azeiteiros, and the Sao Martinho gold deposit and the advanced exploration CAA gold play which in their own right are highly valuable assets.
W Resources has commenced a strategic review to explore options to better deliver the value of these assets to W Resources shareholders. Australian Iron Ore Plc, which holds the mining concessions has changed its name to Copper Gold Resources Plc with immediate effect.