W Resources confirms São Martinho maiden total gold resource

W Resource's shares are up more than 3% after it confirmed the maiden total resource at the São Martinho Gold Deposit was 3Mt at 1.04g/t of the yellow metal, or 111,987 ounces.

The JORC-compliant estimate was carried out by Golder Associates. The São Martinho Gold Deposit forms part of the CAA Portalegre licence in northern Portugal.

To date, W Resources had only completed a limited confirmatory drill programme at the project and the maiden mineral resource estimate provided a basis from which it would look to upgrade the quality and size of the resource.

"Our geological evaluation of the project indicates the potential to increase the size of the indicated resource and delineate additional high-grade zones," said chairman Michael Masterman.

"A targeted drill programme will be completed in the second half of 2016," he added.