In the 1058 m etre drilling campaign, Hole CAAD – 05 intersected 16 m etr e s of gold at 1.37 grams per tonne between 124 m etres and 140 m etres, which is the most significant result in th e CAA program me . The gold results include :
- 16 metres at 1.37 grams per tonne from 124 metres in CAAD – 05
- 2 meters at 4.32 grams a tonne from 128m in hole CAAD – 05
- 2 meters at 3.83 grams a tonne from 138m in hole CAAD – 05
- 16 meters at 0.44 grams a tonne from 66m in hole CAAD – 04
Initial analysis of the results i ndicates continuity between Hole CAAD – 0 5 and Hole CAAD – 0 4 and the trenching results received in October 2014. These results show there is the strong potential for extensions to the gold bearing structure to the South East and at depth.
Holes CAAD – 01 and CAAD – 0 3BIS and CAAD – 03BIS2 reported low grade zinc and silver mineralisation. This mineralisation appears distinct from the gold mineralisation in Hole CAAD – 05 andHole CAAD – 0 4 providing scope for exploration for silver lead zin c targets .
W Resources chairman Michael Masterman said: "These results have further delineated the strong potential for extensions at CAA / Portalegre. There appears to be continuity between the trenching gold assay results in 2014 , Hole CAAD – 04 and Hole CAAD – 05 pointing to extensions at depth and to the South East. CAA is now at an advanced stage of exploration and ou r priority is to translate these results into a discovery in the next phase of gold exploration.
"We are reviewing the next phase of exploration and at this stage it is logical for the Board to consider a farm – out option. With such good progress at our fast track tungsten projects, it would b e a strategic advantage to farm – out the gold and base metals project to the right partner and this next stage will be progressed in the coming months."
CAA / Portalegre is a 290km² prospective exploration licence and W Resources has made significant progress over these targeted phases of exploration.
