JOHANNESBURG (miningweekly.com) – European mining project developer W Resources is considering spinning off or selling its copper and gold projects, as it increasingly focuses on its tungsten assets in Spain and Portugal.
The company, which is advancing the La Parrilla tungsten mine in Spain, owns the São Martinho, Monforte-Tinoca and Portalegre copper and gold projects in Portugal.
Chairperson Michael Masterman said on Tuesday that the recently completed placing, together with internal cash resources, provided a base for W to add value to its tungsten, copper and gold assets for a relatively low investment.
The company would potentially add additional licences and projects to the current portfolio before a potential spin-off or sale of Copper Gold Resources.
“With management's priority and focus on the successful execution of La Parrilla, it is most efficient for the dedicated Portuguese technical team to advance the assets prior to spin-off or sale.”
At the São Martinho gold deposit, the team would carry out a 2 000 m reverse circulation (RC) drilling programme in the second quarter, with a view to materially increase the resource, following which the resource estimation update would be completed in the second half of 2018.
The Monforte-Tinoca copper projects would also be advanced over the next six months. Geophysics surveys were currently under way and were expected to pin point the copper anomaly and extensions of the former high-grade copper mines. RC drilling would start in the second half of the year.