W Resources PLC Régua Awarded Mining Licence and Portugal Update (8713Q)
November 01 2021 - 2:03AM
UK Regulatory
TIDMWRES
RNS Number : 8713Q
W Resources PLC
01 November 2021
1 November 2021
W Resources Plc
("W" or the "Company")
Régua Awarded Mining Licence and Portugal Update
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, is pleased to announce
an update on mining and exploration licences in Portugal.
Régua Tungsten Mine Project
Iberian Resources Portugal ("IRP") has now received the Régua
mining licence, which was signed by the Directorate General for
Energy and Geology ("DGEG") on Thursday 28 October 2021. This now
clears the way for the environmental study to be submitted which is
planned for Q4 2021. Approval of the environmental study will allow
the release of the underground mining works authorisation, which is
a key condition for the commencement of mining.
Régua is a high-grade, development-ready tungsten project with
low capital cost and an updated Joint Ore Reserves Committee
compliant mineral resource of 4.47 Mt at a grade of 0.27% WO (3) ,
including an indicated resource of 3.74 Mt at a grade of 0.28% WO
(3) (circa three times that of the ore grade at La Parrilla) and an
inferred resource of 0.72 Mt at a grade of 0.21% WO(3) , which was
completed by Golder Associates Pty Ltd and announced on 5 February
2020.
Trial mining operations at Régua commenced in early March 2020
with the commencement of the first two adits, with skarn ore zones
intersected in the initial development. However, progress was
halted following an extension in Portugal of COVID-19 related
restrictions, which have now been lifted and the expiry of the
trial mine licence in June 2021.
Plant design and procurement activities were near completion in
advance of construction activities which had to be rescheduled
until the COVID-19 restrictions were lifted and the mining licence
awarded.
Assuming no further COVID-19 impacts, production is anticipated
to commence in H2 2022, with annual production estimated to reach
circa 1,000 tonnes of tungsten concentrate per annum, increasing
W's total concentrate production, reducing average costs per tonne
and increasing sales.
CAA Portalegre
At the CAA Portalegre project, the Assumar gold prospect
exploration licence has now been granted. This expansive area
covering 267 km (2) is adjacent to the trial mining licence area of
São Martinho gold project and is believed to include potential
extensions of the known mineralised system and new potential areas.
The application of the São Martinho gold project trial mining
licence is still being reviewed by the DGEG and we expect its
approval in the near future.
Michael Masterman, Chairman of W Resources , commented: "This is
a long awaited milestone for Régua and we look forward to updating
shareholders on our progress. With production expected to commence
in H2 2022 we will transition to having two active tungsten mines,
further increasing production, revenue and profitability."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Paul Hailes Colin Aaronson / Harrison Clarke
investor@wresources.com / Lukas Girzadas
www.wresources.com T: +44 (0) 20 7383 5100
Alternative Resource Capital / Shard Alma PR
Capital Justine James
Alex Wood M: +44 (0) 7525 324431
T:+44 (0) 207 186 9004 wres@almapr.co.uk
www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
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