Highly Significant Channel Sampling Results Further Upgrades the Misima Porphyry Cu Au Project, PNG
09 Julho 2013 - 1:17PM
Marketwired Canada
WCB Resources Ltd (TSX VENTURE:WCB)
Channel Sampling and Mapping Highlights:
-- results include 170.9m @ 0.36% Cu, 0.33 g/t Au and 10.10 g/t Ag
-- confirms the existence and continuity of highly anomalous Cu Au and Ag
geochemistry in the interpreted peripheral levels of a large porphyry Cu
Au system
-- mineralisation is similar to observed styles in other large porphyry
deposits
-- high order geochemistry is developed in propylitic and minor phyllic
alteration assemblages which are typical of the outer zones or distal
areas of a large porphyry system
Project Further Upgraded - World Class Porphyry Cu Ag Exploration Project:
-- in addition to the exploration to date (soil sampling and aeromagnetic
surveys recently completed) the channel sampling and mapping reinforces
the status of this porphyry Cu Au project as a Tier 1 Exploration Asset
-- the footprint of the project continues to grow
-- mapping continues to expand the system
-- drill targeting underway
WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) is pleased to
announce the results for the recently completed sawn-channel sampling and
mapping at the Misima Porphyry Cu Au Project in PNG. This program is part of an
ongoing systematic exploration strategy which continues to upgrade the Misima
Porphyry Cu Au Project. The receipt of this new data confirms the existence of a
potentially significant precious metal rich porphyry Cu style target.
Cameron Switzer, President and CEO said "These channel sample results yet again
highlight the robust nature and upside of this project. The data significantly
upgrades the project from a number of perspectives.
Firstly, the surface expression or footprint where the stockwork veining and
skarn is developed, is comparable to many other commercial projects throughout
the world.
Secondly, the level of Cu Au and Ag anomalism is significant given that the
alteration indicators, geological data and geochemical vectors point to the
peripheral or distal regions of the system. Typically, in these types of
deposits the zone where the majority of the metal is located has not yet been
tested at Misima.
Thirdly, we have now demonstrated that this system has significant by-product
precious metal credits which are critical additions to the overall potential
value. In addition, the complex geological relationships, including the vein
types and density, all point to a strong hydrothermal system with significant
potential. Management and the Board are further encouraged as mapping continues
to expand the system to the north, east and south. This data along with the
magnetic data are critical for drill targeting."
Mapping and Channel Sampling Program
Detailed mapping and channel sampling have now been completed over an area
measuring in excess of 800m by 500m. This area has been previously outlined by
the soil sampling program which defined the large 1,100m by 900m coincident Cu
Au Mo soil anomaly (see announcement 06/14/2012). This mapped area also covers
the intense magnetic high as previously outlined (see announcement
08/07/2012).This data has been collected as a prelude for drill targeting.
Mapping and sampling have utilised old tracks and benches from the Umuna Gold
Mine. Vegetation was cleared allowing for continuous exposure. Where Risk
Assessment Analysis indicated areas of High Potential, no sampling was
undertaken.
A total of 452 channel samples have been collected with 125mm grinder diamond
blade in zones of hard material and with geological blade hammer in softer zones
typically associated with clay alteration. Geological control at each sample
ensured that care was taken to ensure accurate volume / hardness relationships
remained consistent. Sampling was completed on a geological control basis rather
than a set distance relationship to ensure a better understanding of controls on
mineralisation. Appropriate QA/QC protocols were completed which included
duplicate samples, standards and field blanks. All sample locations were
surveyed using GPS devices. (For detailed information refer to QA/QC section).
Detailed geological mapping has recorded rock type, alteration type, vein type,
vein percentage, structural orientation and sample interval. Data indicate a
complex series of field geological relationships between the host Umuna Schist
unit, the Ara Greenshist, the Halibu Limestone and the Boiou Granodiorite.
Intense localised dykes, sills and small stocks of porphyritic andesite, dacite
and latite intrusive are also observed.
Alteration observed is host rock dependent with the schist units, Boiou
Granodiorite and Latite intrusives having variable
illite-sericite-chlorite-hematite alteration. The Ara Greenschist typically has
significant volumes of chlorite-hematite with localised accessory epidote.
Actinolite has also been observed. Numerous limestone lenses are observed with
alteration ranging from recrystalised marble to zones of intense
magnetite-chlorite skarn.
Vein type ranges from classic porphyry style with well developed ex sulphide
median line, to upper level quartz veins with open space and texturally non
descript quartz veins. Minor quartz magnetite veining is observed at lower
elevations. Late stage overprinting pyritic veins are also observed along with
carbonate dominated veins. The veining is developed as multi directional veins,
stockworks and vein swarms with mapping suggesting equal vein development in all
rock types. Vein densities have been measured on a regular interval basis and
vary from 1% to 2% by volume to greater than 50% in localised areas.
Structural data suggest multidirectional vein orientation within which several
dominant directions can be related to larger major structural features that are
readily observable in the magnetic data and geological data.
Highly anomalous channel sample results(i) have been received over an area
measuring 800m by 500m where safe access was available from tracks and benches.
Minor gaps are observed in the sampling as a result of the Risk Assessment
indicating an area of high potential or area of slippage. Results from this
sampling are expressed in metres. Where there are gaps in sample continuity but
geological continuity continues from mapping, the gap is expressed as a
percentage of the total channel.
Results include:
----------------------------------------------------------------------------
Total Copper Gold Silver Sampled Unsampled Gaps
Length m % g/t g/t Length m gaps m as %
----------------------------------------------------------------------------
Stage 6 Bench's
----------------------------------------------------------------------------
Bench 1 85.25 0.19 0.14 6.80 85.25 0 0
----------------------------------------------------------------------------
Bench 2 170.9 0.36 0.33 10.10 162.9 8 4.9
----------------------------------------------------------------------------
Bench 3 181.8 0.39 0.07 13.60 173.6 8.2 4.7
----------------------------------------------------------------------------
Bench 4E 48.1 0.10 0.54 7.00 48.1 0 0
----------------------------------------------------------------------------
Ara Creek
----------------------------------------------------------------------------
Upper Ara Ck 53.2 0.47 0.06 2.30 44.2 9 20.4
----------------------------------------------------------------------------
Upper Ara Ck 47 0.31 0.13 8.60 37 10 27
----------------------------------------------------------------------------
Red Point
----------------------------------------------------------------------------
Red Point 33.8 0.12 1.01 5.10 33.8 0 0
----------------------------------------------------------------------------
Red Point 20 0.20 0.45 4.80 20 0 0
----------------------------------------------------------------------------
Red Point 21.3 0.17 0.18 1.70 20 1.3 6.5
----------------------------------------------------------------------------
Red Point 19.1 0.18 0.21 3.90 19.1 0 0
----------------------------------------------------------------------------
Red Point 19.5 0.25 1.25 2.70 19.5 0 0
----------------------------------------------------------------------------
Red Point 45.6 0.18 0.17 4.10 45.6 0 0
----------------------------------------------------------------------------
Red Point 22.1 0.12 0.27 3.00 22.1 0 0
----------------------------------------------------------------------------
Comparison of these results to historic previous channel sampling results
completed by Misima Mines Pty Ltd show excellent correlation. Compilation and
validation of this data including historic channel sampling is continuing.
Quality Assurance/Quality Control
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, appropriate collection of field duplicates.
Channel samples(i) are collected under the supervision of company geologists in
accordance with standard industry practice and are a more accurate
representation of the actual grade of the material sampled. Particular attention
was taken in ensure accurate hardness volume relationships were maintained
throughout the sample program. Samples are dispatched via commercial transport
to ALS Minerals Ltd Brisbane, an accredited laboratory in Australia for
analysis. Results are routinely examined by a suitably qualified geologist to
ensure laboratory performance meets required standards.
Results are reported using a 0.1% Cu (1000 ppm) cut off grade.
Sample locations are recorded by GPS devices in WGS84 projection.
Channel samples were assayed by ALS Minerals Brisbane using method 33 elements
using ME-ICP61, and for gold by method Au-AA25. ME-ICP61 is a "near total"
digestion using 4 acid and ICP-AES. Au-AA25 is used to detect ore grade levels
from 0.01 to 100 g/t gold on a nominal 30 gram sample using fire assay with AAS.
Cu values over 10,000 are analysed by Cu OG62, Ore Grade Cu - Four Acid.
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 EL1747
From a geological and mineral deposits perspective, EL1747 is located in the
same terrain and geological region that includes the deposits of Grasberg, Ok
Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna as well as
significant projects such as Tolukuma, Kainantu and Woodlark Island. Misima
Island has previously demonstrated mineral deposit pedigree through the past
recovered production of 4.0M ounces of gold and 20M 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.
EL1747 Misima consists of 53 sub blocks covering an area of 180km2. The
exploration license was targeted due to the presence of a significant high order
copper stream sediment anomaly in multiple drainages which has received limited
detailed follow up activity. Furthermore, additional high order gold and zinc
anomalies have been identified and require follow up detailed work.
WCB can obtain up to a 70% interest in EL1747 Misima by spending a total of
AUD$9.0M within a 4 year timeframe subject to standard regulatory approvals.
Further details of this announcement and further technical information regarding
Misima Island and EL1747, can be located at www.wcbresources.com/news-releases/.
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 significant upside for investors. WCB is engaged in
an ongoing search and evaluation of additional copper gold projects in the Asia
Pacific region.
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 the 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 companies 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.
Shaun Maskerine
smaskerine@wcbresources.com
WCB Resources Ltd.
Cameron Switzer
cswitzer@wcbresources.com
www.wcbresources.com
Ironstone Capital
Lee Bowles
Investor Relations
416-561-7474
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