Big picture - Why invest in W Resources PLC
W Resources PLC Snapshot
W Resources Plc (AIM:WRES) is a tungsten exploration and development company with a portfolio including the La Parrilla tungsten mine and tailings project in the Southwest of Spain.
The Company’s deposit and tungsten mine development offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid tier minor metal producer.
The Company was incorporated in England and Wales in 2004.
The La Parrilla project site is situated in the Extremadura region of southwest Spain, in the Provinces of Caceres-Badajoz, approximately 310 km southwest of Madrid. The site has exceptional infrastructure in place, which is accessed directly from the highway along a 3 km asphalt road and is serviced by electricity and water. The project comprises a tungsten mine and a tungsten tailings project. The mineral resource estimated by Golder in February 2016 at 0.04% WO3 cut-off grade is 51 million tonnes at 0.096% WO3 and 0.108 Sn, making it one of the largest tungsten deposits in the western world.
The table below presents the stages of development at La Parrilla as per the 20 July 2016 company announcement:
The map below shows the location of the La Parrilla mine in Spain:
On 23 March 2012, W Resources’ 100% owned subsidiary, Iberian Resources Portugal, was awarded a licence for the exploration of the “Crato-Assumar-Arronches area”, adjacent to the original São Martinho gold prospect area. Both areas are located near the town of Portalegre (Northern Alentejo) and around 200km East of Lisbon. The CAA area covers an area of 188.05km² and the São Martinho area has an area of 101.7km². The expanded licence is valid until September 2018.
Numerous small roads and tracks provide good access within the project area. An extended drilling programme to further develop the topographical maps started on 6 February 2012.
A map of the Portalegre project site including the 17 drill hole locations is shown below:
To read more click here
Following the acquisition of AIO and its subsidiary IRP (which was approved by shareholders at the 22 June 2012 Annual General Meeting), W Resources owns a permit for the exploration of the Régua tungsten deposit located 400km North of Lisbon and 95km East of Porto in the municipality of the town of Armamar.
Régua tungsten deposit has a resource of 4.46 million tonnes grading 0.308% WO3, at a cut-off of 0.10% WO3, covering an area of 8km². The deposit has not been previously mined and is located close to infrastructure with good road access.
The Tarouca tungsten and tin exploration licence was awarded to Iberian Resources Portugal (‘IRP’) on 23 March 2012 which W Resources acquired in May 2012.
The 100% owned, 48 km² Tarouca exploration licence covers former tungsten and tin mines located 140km East of Porto in Portugal.
The image below presents the North-Eastern exploration target in the area of the licence between Hole TAD007 and Hole TAD021, as per the 17 September 2014 announcement:
The image below presents drill hole TAD020 showing the simplified cross-section, as per the 28 July 2014 company announcement:
To read more click here
Michael Masterman - Chairman
Mr Masterman has an exceptional track record in establishing and financing new resources companies. He is currently CEO of Fortescue Metal Groups, FMG Iron Bridge iron ore company and recently completed the US$1.15bn sale of a 31% interest in the project to Formosa Plastics Group. Following 9 years at McKinsey, and 8 as Executive Director of Anaconda Nickel, he has been a founding shareholder at Fortescue, Po Valley Energy and Atacama Metals.
Byron Pirola - Non-Executive Director
Director of Port Jackson Partners Limited, a Sydney based strategy management consulting firm. Prior to joining Port Jackson Partners in 1992, Byron spent six years with McKinsey & Company working out of the Sydney, New York and London Offices and across the Asian Region. He has extensive experience in advising CEOs and boards of both large public and small developing companies across a wide range of industries and geographies. Byron is a Non-Executive Director of Po Valley Energy Limited.
David Garland - Non-Executive Director
David is the former General Counsel, Secretary and Chief Compliance Officer of Dominion Petroleum Limited (an oil and gas exploration company then listed on the LSE). Before joining Dominion, he had practiced as a barrister for 18 years from Brick Court Chambers, a leading commercial barristers’ chambers in London. David was a founder, and is currently General Counsel and a director, of Atacama Metals Holdings Limited, a private Hong Kong registered copper exploration company, with mining concessions and interests, in the Atacama Desert in Chile.
Fernando de la Fuente - Technical Advisor
Fernando holds a B.Sc. in Geology and a MSc in Geology from the University of Granada in Spain and has over than 38 years experience in the Exploration and Mining Geology industry in Europe, Africa and North America and Latin America. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder member of the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy and Exploration, Inc., member of PDAC. He is Managing Director and main shareholder of Fernando de la Fuente Consultores, S.L. a mining exploration and geological consulting company with projects in Burkina Faso, Canada, Mozambique, Morocco, Portugal, Dominican Republic and in Spain for several international and Spanish companies and for gold, PGM, base metals, tungsten, tin, tantalum-lithium-caesium, uranium, industrial minerals, dimension stones. Hydrogeological projects. Geotechnical studies. He was the Regional Manager for Anglo American Corporation of South Africa in West Africa and has also worked for Rio Algom and Phelps Dodge. Fernando is a “qualified technical person” in respect of the AIM Rules for Companies.
W Resources Significant Shareholders (as at 14 march 2017)
|Hansource Investments Ltd||333,333,333||7.29|
|Beronia Investments Pty Ltd (Dr B. Pirola)**||278,781,176||6.09|
|Mr Charles Scott||166,611,111||
W Resources Plc
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