W Resources Plc has kicked off a strategic review of its gold and copper deposits in Portugal owned by its wholly owned unit, Australian Iron Ore Plc.
Meanwhile, the unit has changed its name to Copper Gold Resources Plc, effective immediately, the company said Sept. 26.
Chairman Michael Masterman said the review will take four months to complete and will "explore how we can best unlock this untapped value to shareholders."
The licenses under review include the Portalegre and Monforte-Tinoca exploration licenses in central Portugal, which hold two former copper mines, Tinoca and Azeiteiros, and the Sao Martinho gold deposit and the advanced exploration CAA gold play.
W Resources also started 1,500 meters of drilling at the Sao Martinho gold deposit, part of its CAA/Portalegre license in southeastern Portugal.
The diamond core drilling campaign will look to upgrade the JORC-compliant mineral resource estimate of 3 million tonnes at 1.04 g/t of gold for 111,987 contained gold ounces.
Geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones, which can then be expanded by follow-up drilling.