CAA / Portalegre
|Location||Municipalities of Alter do Chão, Arronches, Crato, Fronteira, Monforte and Portalegre in the North Alentejo region of East Portugal approximately 200km East of Lisbon|
|Mine type||Exploration Licence|
|Development||On-going drill programme to further delineate resource|
|Resource||JORC resource estimate of 3mt at a grade of 1.04 g/t gold (June 2016) on the São Martinho Gold Deposit, which forms part of the CAA/Portalegre licence|
|Project Life||6.5 years|
|Ownership||100% owned by W Resources and acquired in 2012|
CAA / Portalegre covers a total of 289.75km², and includes the São Martinho Gold Deposit, the Mosteiros gold project and the Assumar gold prospect. In September 2015, W signed an agreement with the Portuguese Department of Energy and Geology (DGEG) to increase its CAA / Portalegre exploration licence by 101.7km to include the highly prospective São Martinho Gold Project.
A maiden JORC resource on São Martinho was completed by Golder Associates in June 2016 which confirmed a resource estimate is 3Mt at 1.04g/t gold, which equates to 111,987oz in contained gold.
W’s geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones. A targeted drill programme is planned to be completed in the second half of 2016.
This project adds further strength to W’s five-project portfolio and generates options for a high value farm-in or potential sale of the project.
The image below presents the São Martinho target area as per the 17 January 2017 RNS announcement:
The image below presents the São Martinho drill hole locations as per the 17 January 2017 RNS announcement:
The image below presents visible gold in Hole SMD-011 as per the 17 January 2017 RNS announcement: