WCB Resources Ltd. Provides Update Regarding Recognition of Significant Copper Halo Drill Results in Historic Drilling on the Misima Island Project
Jan 14 14
WCB Resources Ltd. announced the update regarding the recognition of significant copper halo drill results in historic drilling on the Misima Island Project, PNG. Halo drill results are considered important in demonstrating project potential and are routinely used for targeting the deeper higher grade central regions of the system. Historic drill testing by Noranda targeting open pittable high grade copper mineralisation was completed in 1969 to 1972 and from 1977 to 2000 by Misima Mines Pty Ltd, who targeted open pittable gold and silver. Noranda concluded that the potential high grade component of the system was at depth whilst Misima Mines Pty Ltd. focussed on the adjacent gold and silver mineralisation. Neither Noranda nor Misima Mines Pty Ltd. drilled the interpreted central core or potential high grade component of the system. Highlights of these drill programs reported above a 1000ppm Cu (0.1% Cu) include: Noranda Drill Holes (no assaying for Au): DD9 98m @ 0.10% Cu from 43 metres DD12 63m @ 0.12% Cu, 8 g/t Ag from 5 metres DD6 94m @ 0.14% Cu from 6 metres DD10 79m @ 0.12% Cu from 122 metres. Misima Mines Pty Ltd. Drill Holes: PM1351 74m @ 0.53% Cu, 0.38 g/t Au, 15 g/t Ag from 4 metres PM111 66m @ 0.15% Cu, 0.95 g/t Au, 8 g/t Ag from 16 metres RC266 60m @ 0.29% Cu, 0.10 g/t Au, 7 g/t Ag from 12 metres RC270 101m @ 0.30% Cu, 0.24 g/t Au, 35 g/t Ag from 4 metres PM1280 118m @ 0.26% Cu, 0.18 g/t Au, 7 g/t Ag from 4 metres PM1472 168m @ 0.10% Cu, 0.14 g/t Au, 4 g/t Ag from 2 metres PMR 2089 122m @ 0.11% Cu, 0.24 g/t Au, 2 g/t Ag from 32 metres PMR2095 72m @ 0.12% Cu, 0.28 g/t Au, 3 g/t Ag from 46 metres. Numerous modern discoveries of highly significant porphyry Cu Au deposits such as Ridgeway and Cadia East (Australia), Golpu (PNG), Namosi (Fiji), Elang (Indonesia), Taca Taca (Argentina) and Caspiche (Chile) have been influenced by geological factors that have included the recognition of halo or lower grade mineralisation that typically envelops the central zones. Deep systematic drill testing beneath this halo geochemistry resulted in the discoveries of these multi million tonne copper and multi million ounce gold resources. Results from historic drilling at Misima show a well defined area of halo intersections measuring 1,500m by 1,000m. Importantly many of these intersections commence at shallow depth and end in similar material. This zone is also defined by systematic Cu, Au and Ag soil anomalism and highly elevated Cu, Au and Ag channel results. Central to this area is a high order magnetic anomaly coincident with interpreted magnetite alteration that is yet to be drill tested. Planned drill testing by WCB will be targeted at the central interpreted higher grade components of this classic porphyry Cu Au Ag system with planned drill hole depths of over 1,000m. The Misima Island Project (EL1747) is located in the same terrain and geological region that includes the giant deposits of Grasberg, Ok Tedi, Wafi-Golpu, Lihir, Porgera and Panguna. Past production on Misima Island totals 4.0M ounces of gold and 20M ounces of silver. An inferred mineral resource of 1.57M ounces of gold and 8.5M ounces of silver was recently defined.
WCB Resources Ltd Obtains Initial Interest in Misima Island Project, Papua New Guinea
Dec 11 13
WCB Resources Ltd. announced that it has obtained the initial 30% interest in the Misima Island Project. The company entered into a Sale & Farm-In Agreement with Pan Pacific Copper (PPC) covering EL1747 located on Misima Island, Papua New Guinea. PPC is the owner of Gallipoli Exploration (PNG) Ltd. which is the owner of granted EL 1747 Misima. EL1747 was recently renewed for a further two year term. Under the terms and conditions of the Agreement, the company, through its wholly owned subsidiary WCB Pacific Pty Ltd, can obtain up to a 70% interest in EL1747 Misima by spending a total of AUD 9.0 million within a 4 year timeframe of a 30% interest in Gallipoli for expending AUD 1.0 million. The company shall earn a further 19% interest (for a total interest of 49%) by expending a further AUD 3.0 million within 12 months and the company shall earn a further and final 21% interest (for a total interest of 70%) by expending a further AUD 5.0 million within a further two years. The first stage of the Agreement has now been completed, agreed by all parties and passed all regulatory approvals.
WCB Resources Ltd. Announces Historic Channel Samples Results on Potential Extensions of the Umuna Zone, Misima Island, PNG
Nov 5 13
WCB Resources Ltd. announced that ongoing historical data compilation has identified potential extensions up to 2,000m to the north west of the previously mined Stage 6 open pit on the Umuna Zone on Misima Island, PNG. These extensions were initially identified by WCB's soil sampling in mid 2012. Subsequent acquisition of the Misima Mines Pty Ltd. database, which included channel sample data and geological mapping data, when combined with recently completed mapping has confirmed these anomalies as the likely extensions of the previously mined mineralisation in the Stage 6 pit. Historic mapping completed in 1974 prior to any surface disturbance also suggests that these anomalies are the extensions of the Umuna Zone. Two spatially separate zones are indentified with controls on mineralisation interpreted as being both structural fault related and also in part stratigraphic related, similar to that mined in the open pits to the south. Results above 1.0 g/t Au include: Zone 1:- 14.4m @ 1.18 g/t Au and 1.3 g/t Ag, 130.1m @ 1.62 g/t Au and 2.9 g/t Ag, 21.2m @ 2.01 g/t Au and 2.6 g/t Ag: Zone 2:- 13.2m @1.47 g/t Au and 1.9 g/t Ag, 63.9m @ 1.00 g/t Au and 2.9 g/t Ag, 160.8m @ 1.23 g/t Au and 2.1 g/t Ag.