JOHANNESBURG (miningweekly.com) – Aim-listed W Resources said on Thursday it had completed a placement of 300-million shares at 0.5p each to raise £1.5-million from new and existing shareholders.
The placing enables W to accelerate development on its Portuguese projects, in particular at the Régua and Tarouca tungsten projects in northern Portugal and also consider other significant entry stage metal opportunities.
Régua will be prepared for trial mining through 2018 as key approvals and land access are in place.
Tarouca infill drilling will target defining high-grade zones, which would be integrated into the Régua plant development about 20 km away.
W Resources said that the high grades at both these projects offered opportunities to further increase W tungsten production going into 2019.
The company sees the Régua project as its “quiet achiever”, while much of the focus remains on the La Parrilla project, in Spain, where earthworks for the e T2 development phase of the project started this week.