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W Resources steps up drilling at Portuguese gold project
Exploration and development company W Resources has begun a reverse circulation (RC) drilling campaign at the São Martinho gold project in Portugal.
The five week programme will see approximately 2,000 metres of total drilling spread across 15 holes as the company plans to extend gold resources identified at the site in a 2016 diamond drilling campaign.
The São Martinho West and East deposits will both be targeted, with seven and eight holes planned for each respectively.
A mineral resource estimate carried out by Golder Associates in June 2016 concluded that the project hosts a total resource of 11,987 contained ounces of gold.
Michael Masterman, chairman of W Resource, said: "Hot on the heels of the completion of the Tarouca tungsten drilling programme we are pleased to have commenced RC drilling at the São Martinho gold deposit with the objective to substantially increase the size of the JORC gold resource."
W Resource's has access to an expanded area around the project through its wholly owned subsidiary Iberian Resources Portugal which in 2012 gained a licence for the exploration of the "Crato-Assumar-Arronches area", a 188 kilometer squared area adjacent to São Martinho.
As of 1623 BST, W Resources' shares were down 0.96% at 0.52p.