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wcb resources ltd (WCB) Details

WCB Resources Ltd., an exploration stage company, operates as an minerals exploration and development company. It has an option to acquire a 100% interest in the Red Hill copper gold project located in central New South Wales, Australia; and owns a 30% interest in the Misima gold copper project that consists of 53 sub blocks covering an area of 180 square kilometers and is located on Misima Island, Papua New Guinea. The company was formerly known as WCB Capital Ltd. and changed its name to WCB Resources Ltd. in April 2010. WCB Resources Ltd. was incorporated in 2007 and is headquartered in Brisbane, Australia.

Founded in 2007

wcb resources ltd (WCB) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: --
Chief Financial Officer and Director
Total Annual Compensation: --
Vice President of Exploration
Total Annual Compensation: C$199.5K
Compensation as of Fiscal Year 2013.

wcb resources ltd (WCB) Key Developments

WCB Resources Ltd Announces Commencement of Drilling on the Misima Porphyry Prospect

WCB Resources Ltd. announced the commencement of drilling at the Misima Porphyry Prospect. Diamond drill hole GDD001 will be collared in the north eastern section of the prospect and will be drilled at a -80deg angle towards the south west targeting the depth extensions of the mineralised material on surface as well as the central and most intense magnetic anomaly. Mapping suggests that the hole will be collared in propylitic altered halo material and will be drilled to depth extents up to and in excess of 1000m pending visual mineral estimates in drill core.

WCB Resources to Commence Drilling on Misima Island, PNG

WCB Resources Ltd. announced the awarding of the Drilling Contract for the forthcoming drill program on the Misima Porphyry Prospect, Misima Island, Papua New Guinea. Following a detailed evaluation process, Quest Exploration Drilling (QED) has been awarded the Misima Porphyry Drilling Contract for the completion of the Stage 1 Exploration Drill Program on Misima Island. This initial program will see upwards of an estimated 4,000m of diamond drilling completed in a series of holes that have projected depths of up to +1,000m. The location of these holes has been determined by a rigorous exploration program comprising soil sampling, geological mapping, channel sampling, an airborne magnetic survey and compilation of historic data, including exploration drilling and mine blast holes. Synopsis of this data suggest that WCB has defined a zone with a footprint in excess of 1 Mt per vertical metre with an average grade of 0.37 g/t Au, 866ppm Cu and 3.1 g/t Ag (based on all data including Misima Mines' channel sampling and blast holes, as well as WCB's channel sampling). Importantly, higher economic Cu and Au grades are returned when magnetite alteration is observed. Magnetic data suggest that the large high order magnetic anomaly does not reach surface and has not been previously drill tested. This is further supported by previous exploration drill holes which return halo style intersections over a 1,500 m by 1,000 m area. Halo drill holes have been critical in several recent significant discoveries.

WCB Resources Ltd Provides Drilling Update at Misima Island Prophyry Prospect on Misima Island

WCB Resources Ltd. provided an update on the progress of the proposed drill program at its Misima Porphyry Prospect on Misima Island, PNG. In late April, drill tender documents were provided to nine interested parties for the provision of drilling and ancillary services on Misima Island. Through the first half of May six of the nine interested parties visited Misima Island and provided proposals to WCB. Following the receipt of the proposals, the company proceeded with a systematic evaluation that considered a number of criteria. This evaluation resulted in a short list of two preferred drilling companies. The company then completed a final evaluation to pick the preferred contractor. WCB is now in the final stages of completing the agreement for the provision of drilling services with the preferred contractor. Once executed, the company expects the drill rig to arrive on Misima Island in approximately three weeks. The Misima Porphyry Prospect has been defined by systematic exploration techniques which commenced in early 2012. Soil sampling defined a large 1,100 meter by 800 meter high order soil Cu Au anomaly that is supported by highly significant channel sample results. Geological mapping defined a zone of upper level porphyry style alteration, multiphase veining and intense fracturing associated with this anomalism. An aeromagnetic survey outlined a large buried magnetic high interpreted as magnetite alteration which has previously not been drill tested to depths that modern successful exploration groups target. Halo drill holes with broad Cu Au intersections over a 1,500 metre by 1,000 meter area further support and validate the prospectivity. 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 1,000 meters. Giant Cu Au Deposits such as Grasberg, Ok Tedi, Panguna and Wafi-Golpu, as well as the giant Au deposit Lihir are developed in this region. Misima Island is located on the extensions of this terrain and has previously demonstrated mineral deposit pedigree through the past production of 4.0 M ounces of gold and 20 M ounces of silver from various operations but most recently the Misima Mine owned by Placer Dome Asia Pacific. This mine ceased open pit production in 2001 and closed in 2004. Most recently WCB released a NI43-101 compliant inferred resource containing 1.57 M ounces gold and 8M ounces silver associated with extensions of the previously mined zone. The Misima Project, consists of 53 sub blocks covering an area of 180 km. The exploration license was targeted due to the presence of a significant gold mineralising system in conjunction with significant high order copper stream sediment anomalies in multiple drainages which had received limited detailed systematic follow up. WCB can obtain up to a 70% interest in the project from Pan Pacific Copper by spending a total of AUD 9.0 million within a staged timeframe subject to standard regulatory approvals.


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