News: WPG Resources managing director Martin Jacobsen buys shares on-market

WPG Resources (ASX:WPG) managing director Martin Jacobsen has acquired 250,000 shares in the company through an on-market trade.

He paid $0.04 for each share, or a total of $10,000. The acquisition takes his total holding up to 650,000 shares.

Jacobsen also holds 4,940,059 incentive rights.

In November, the gold focused company moved to 100% ownership of the Tunkillia gold project in South Australia by the acquisition of the remaining 30% interest owned by Helix Resources (ASX:HLX).

This provides a platform for a new exploration strategy and project development progression.

Earlier in the month, it completed a metallurgical program at its 100% owned Tarcoola gold project to the north.

This will enable WPG to conduct research and development on heap leaching methodologies to develop and optimise metallurgical and process design flow sheets for the project.

Five diamond holes totalling were drilled to collect material for the completion of metallurgical testwork.

The program target was to drill a total of 320 metres, but this was extended in the field to a total of 389.3 metres to follow the potential extension of mineralisation to depth. The deepest holes were just over 90 metres.

All diamond drill core has been transported from site to company facilities in Coober Pedy, where samples will be generated to be assayed.

Assay results will be announced as they come to hand.

WPG is targeting construction of a mining operation at Tarcoola to begin late in calendar 2015.