WCB Resources: Historic Drill Results Upgrade the Misima Island Porphyry Cu Au Ag Project, PNG
14 Janeiro 2014 - 2:22PM
Marketwired Canada
-- significant intervals of copper mineralisation in historic drill holes
associated with upper level porphyry alteration and fracturing are
developed over an area measuring 1,500m by 1,000m
-- drill holes also contain significant byproduct gold and silver credits
which suggest the potential for a high value precious metal rich
concentrate
-- mineralisation is associated with high level porphyry style fracture
stockwork veining and propylitic alteration
-- intersection widths and grades are consistent with halo style
mineralisation interpretation
-- drill hole intersections commence at shallow depth and frequently end in
mineralisation
WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) announces the
following 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 1500m by 1000m. 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 1000m.
Cameron Switzer, President and CEO said "The development of these high order
halo style results over such a large area further support the WCB interpretation
that the Misima target represents a Tier 1 porphyry Cu Au Ag target. This data
when combined with the previously released systematic data including soils,
channels, magnetics and mapping further upgrade the prospectivity and potential.
WCB will be drilling deep holes aimed at defining orebodies not geochemistry. In
addition this is only one of our exciting targets. The board and management
believe that this is an exciting transition phase for WCB and one which has the
potential to deliver enormous growth potential for all investors."
Exploration Summary
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. The NI 43-011 Technical Report
detailing the resource is available on SEDAR and the Company's website.
Documentation relating to drilling by Noranda and Misima Mines Pty Ltd is also
available in 43-101 Report.
Systematic exploration by WCB has defined three (3) highly significant prospects
within the project. These include the:
a. Misima Porphyry Prospect: A large 1100m by 800m high order soil Cu Au
anomaly supported by highly significant channel sample results in a zone
of upper level porphyry style alteration, multiphase veining and intense
fracturing. Aeromagnetic data support a large zone of magnetite
alteration under this zone which has not been drill tested. Halo drill
holes with broad Cu Au intersections also envelop the area over a 1500m
by 1000m area.
b. Umuna Zone. An inferred resource of 1.57M ounces of gold and 8.5M ounces
of silver has been defined along the Umuna zone where previous drill
testing had been completed. Further extensions to this system at depth
and along strike are observed. Most recently highly significant channel
sample results were released for the Misima North area, 2km to the NW
and along strike of the resource boundary.
c. Quartz Mountain: Defined by multiple large high order Mo-Au-Pb-Zn soil
anomalies associated with silica - albite - sericite - carbonate
alteration. Three zones of spatially separated hydrothermal brecciation
have highly elevated gold and silver values with historical open pit
production from this area totaling and estimated 250,000 ounces. Larger
hydrothermal breccia's are also observed along with a large ovate
magnetic high interpreted as magnetite alteration. Geological
interpretation suggests that this area has potential for porphyry style
mineralisation.
WCB's future program is aimed at drill testing these targets to where
appropriate to depths of over 1000m.
Umuna Zone Resource
The initial Inferred Mineral Resource is reported in accordance with National
Instrument 43-101 for the Umuna Zone. The mineral resource estimate was
developed by Richard W Lewis of Lewis Mineral Resource Consulting Pty Ltd under
the independent guidance and supervision of AMC Consultants Pty Ltd ("AMC"). The
resource is constrained by geological and grade domains and is incorporated
within a conceptual open pit with results being reported at an USD$1,100 per oz
gold price.
The Umuna Zone Inferred Mineral Resource comprises:
GRADE METAL
Cut-Off Tonnes
Material g/t Au (1,000,000) Au g/t Ag g/t Au (000 oz) Ag (000 oz)
----------------------------------------------------------------------------
Oxide 0.36 7.0 0.8 14 170 3,100
----------------------------------------------------------------------------
Fresh 0.50 36.1 1.2 4.7 1,400 5,400
----------------------------------------------------------------------------
TOTAL 43 1.1 6.1 1,570 8,500
----------------------------------------------------------------------------
Notes
-----
1. Rounding may cause apparent computational errors
2. Cut-off based on USD$1,100 per oz Au
3. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. As there are no Measured or Indicated
Resources, there cannot be any Mineral Reserves at this time. There can
be no assurances that an inferred mineral resource will ever be updated
to an indicted or measured mineral resource.
Qualified Persons
Exploration at the Misima Project is supervised by Cameron Switzer, President
and CEO, who is the Qualified Person under NI 43-101. All geochemical
information for the Company's projects is obtained and reported under a quality
assurance and quality control (QA/QC) program which includes the usage of
Standard Operating Procedures and the insertion of Certified Geochemical
Standards. Rock chip samples are collected under the supervision of company
geologists in accordance with standard industry practice. Samples are dispatched
via commercial transport to an accredited laboratory in Brisbane, Australia for
analysis. Results are routinely examined by a suitably qualified geologist to
ensure laboratory performance meets required standards.
Drill hole results are reported above a 500ppm Cu cut and include internal
dilution intervals of up to 4m.
Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798), President and
Chief Executive Officer of WCB Resources, is a qualified person as defined by
National Instrument 43-101. He is responsible for quality control of exploration
undertaken by WCB. Mr. Switzer has reviewed and approved the technical
information in this release.
About WCB Resources
WCB is an aggressive minerals exploration and development company that brings
together a strong, interdisciplinary, and proven management team with the
ability to take a project from discovery right through to operation.
WCB's strategy is to build shareholder value through acquisition, exploration
and development of copper gold projects. This strategy is being developed by a
synthesis of WCB's core skills in project evaluation, structured acquisition,
exploration and project development and operations, areas where WCB directors
and executives have significant experience.
We believe that our capabilities and experience, combined with an efficient
corporate structure, provide tremendous potential upside for investors. WCB is
focussed on the exploration and development of the Tier 1 Misima Island Project
in Papua New Guinea.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Forward Looking Statements: This news release includes certain statements that
may be deemed "forward-looking statements". All statements in this release,
other than statements of historical facts, including, without limitation,
statements potential mineralization, the estimation of mineral resources, the
realization of mineral resource estimates, interpretation of prior exploration
and potential exploration results, the timing and success of exploration
activities generally, the timing and results of future resource estimates,
permitting time lines, metal prices and currency exchange rates, availability of
capital, government regulation of exploration operations, environmental risks,
reclamation, title, and future plans and objectives of the company are
forward-looking statements that involve various risks and uncertainties.
Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Forward- looking
statements are based on a number of material factors and assumptions. Factors
that could cause actual results to differ materially from those in
forward-looking statements include failure to obtain necessary approvals in
respect of a transaction, unsuccessful exploration results, changes in project
parameters as plans continue to be refined, results of future resource
estimates, future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions, risks
associated with operating in foreign jurisdictions, uninsured risks, regulatory
changes, defects in title, availability of personnel, materials and equipment on
a timely basis, accidents or equipment breakdowns, delays in receiving
government approvals, unanticipated environmental impacts on operations and
costs to remedy same, and other exploration or other risks detailed herein and
from time to time in the filings made by the company with securities regulators.
Mineral exploration and development of mines is an inherently risky business.
Accordingly the actual events may differ materially from those projected in the
forward -looking statements. For more information on the Company, investors
should review their annual filings that are available at www.sedar.com. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
The Company relies on litigation protection for "forward looking" statements.
Actual results could differ materially from those described in the news release
as a result of numerous factors, some of which are outside the control of the
Company.
FOR FURTHER INFORMATION PLEASE CONTACT:
WCB Resources Ltd
Cameron Switzer
cswitzer@wcbresources.com
WCB Resources Ltd
Shaun Maskerine
smaskerine@wcbresources.com
Ironstone Capital Corp.
Lee Bowles
Investor Relations
416 941 1253
lbowles@ironstonecapital.ca
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