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W Resources granted new exploration license over copper-tungsten property in Portugal

W ResourcesPlc is planning to commence a new drilling project in Portugal next year, after miningregulators in the country granted an exploration license over the Monforte-Tinocacopper and tungsten deposit, the company said in a July 25 statement.

The 496.19-square kilometer property is "highlyprospective" for economic minerals and is east of Lisbon, next to thecompany's reserves development-stage CAA/Portalegre copper-gold project.

The license area was mined between the 1800s and 1935, thecompany said, adding that exploration work was also conducted in the decades upto 1999.

According to the company, the Monforte-Tinoca deposit is part of ahigh-grade metamorphic belt extending at least 60 kilometers into Portugueseterritory.

In particular, the company said the area showed "massive"sulfide mineralization in a 55-meter area, with a strike extension ofapproximately 1 kilometer.

Based on unofficial intermine drilling results from the1970s, the company said the deposit could contain 442,204 tonnes of sulfide oregrading of 2.24% copper — although one of the assay results yielded an intervalof 4.5 meters grading 3.4% copper.

Michael Masterman, chairman of W Resources, said theacquisition of the rights to the Monforte-Tinoca property "adds asignificant new copper exploration project … in a region we know well and havehad significant success."

"Monforte-Tinoca was a successful small copper mine operation and this areaand its surrounding structures provides a significant and potentiallyhigh-grade copper prospect to our tungsten, tin, copper and gold portfolio,"he said.

Hegave no further information about the start of drilling work at the site, otherthan work would commence in 2017.

Thecompany in March raised £750,000 via a shareplacement to advance its projects.