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W Resources adds acreage to gold asset, eyes farm-in

São Martinho has an unclassified resource estimate of 329,000 ounces of gold.

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Over the whole property 77 holes have been drilled since 1986.

W Resources (LON:WRES) has increased the size of its CAA/Portalegre exploration licence in Portugal by 101.7 sq km to include the São Martinho gold project.

São Martinho has an unclassified resource estimate of 329,000 ounces of gold at an average grade of 1.37 g/t from limited exploration by a previous owner.

In total, CAA/Portalegre now covers 289.75 sq km, including São Martinho and a 9.5 km long gold soil anomaly drilled earlier this year at Assumar.

Over the whole property 77 holes have been drilled since 1986. W Respruces is acquiring the additional acreage for minimal cost.

Michael Masterman, chairman, said the company was excited about the potential of the two prospects.

“It is our intention to advance the project with a joint venture partner who will provide technical and financial input.

“The significant expansion of the licence area with previously defined gold mineralisation provides an even more attractive and compelling project for potential farm in partners."

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Price: 0.38 GBX

AIM:WRES
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