CAA / Portalegre

LocationMunicipalities of Alter do Chão, Arronches, Crato, Fronteira, Monforte and Portalegre in the North Alentejo region of East Portugal approximately 200km East of Lisbon
CommodityGold
Mine typeExploration Licence
DevelopmentOn-going drill programme to further delineate resource
ResourceJORC 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 Life6.5 years
Ownership100% 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:

SM Drilling 2016 GenMap(14jan2017)

The image below presents the São Martinho drill hole locations as per the 17 January 2017 RNS announcement:

SM Drilling 2016 persp (14jan2017)

The image below presents visible gold in Hole SMD-011 as per the 17 January 2017 RNS announcement:

36,00m visible Gold