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W Resources on track for La Parrilla permit

Strong results are expected from both the drilling and metallurgical programmes.

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The metallurgical programme is on track for completion in the final quarter.

W Resources (LON:WRES) will start to release the results of its infill and grade control programme at tungsten project La Parrilla in Spain in the next quarter.

An upgraded JORC compliant mineral resource estimate will follow three to four months after, it said.

W Resources is waiting for a mining permit, but hopes this will come through by the end of the year and it can tie down the financing thereafter.

In a bullish update on progress, W Resources added bulk sampling for an initial 6 tonnes had seen grades of 0.251%, significantly higher than the design run of mine feed for the planned fast track mine at La Parrilla.

Early test work also indicated simple screening would reject 60% of the run of mine feed prior to fine grinding, cutting both capital and operating expenditures and boosting the WO3 (tungsten) content in its concentrate by 200%.

That would make concentrate from La Parrilla comparable to some of the highest grade tungsten deposits globally, W Resources said.

The metallurgical programme is on track for completion in the final quarter.

Michael Masterman, chairman, said: "La Parrilla continues to build momentum on the technical, approval and finance fronts.

"We expect strong results from both the drilling and metallurgical programmes, and project economics, which should allow us to deliver a low operational cost project.

"Final mining authorisation is on track for Q4 2015 and the priority of the team is on financing and development preparation."

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Price: 0.38 GBX

AIM:WRES
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Market Cap: £23.62 m
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on 2/5/19

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