Jun 26 2014
WCB Resources Ltd ("WCB" or the "Company") announces the following update regarding exploration activities at the Misima Project Papua New Guinea.
Exploration activities have recommenced with a focus directed toward the commencement of a drill program on the Misima Porphyry. In the intervening period prior to drill testing exploration, teams have been assigned to complete detailed mapping and channel sampling activities over recently identified extensions of the Misima Porphyry as well the Quartz Mountain Prospect.
At the Misima Porphyry Prospect, mapping and channel sampling over material similar to the porphyry style alteration and veining previously defined, has resulted in a significant south easterly extension. This extension covers an area measuring 500m by 150m. On a prospect scale this extension appears to be associated with a significant regional structure which has a well defined sub surface magnetic signature suggestive of magnetite alteration. Results are awaited.
In addition, teams have gained access to the historic Quartz Mountain area to commence the initial stages of systematic evaluation. Quartz Mountain has been a region of extensive historic activity with Misima Mines Pty Ltd extracting an estimated 240,000 of gold from three (3) small open pits developed on zones of brecciation and dissemination. A review of available data for Quartz Mountain has commenced aimed at focusing activities.
Cameron Switzer, President and CEO commented "whilst logistical arrangements are underway with the scout drill program it is opportune for the field teams to advance other regions or prospects towards drill targeting. To identify and locate such a large extension to the existing porphyry style alteration and veining is highly significant. In addition, we have always been encouraged by the prospectivity of the Quartz Mountain area since our initial high order soil results."
About EL1747 Misima
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 4.0M 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. Most recently WCB released a NI43-101 compliant inferred resource containing 1.57M ounces gold and 8M ounces silver.
The EL1747 Misima Project consists of 53 sub blocks covering an area of 180km2. 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 EL1747 Misima from Pan Pacific Copper by spending a total of AUD$9.0M within a staged timeframe subject to standard regulatory approvals.
About WCB Resources
WCB Resources 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 is focused on the exploration and development of the Tier 1 Misima Island Project in Papua New Guinea. WCB's strategy is to build shareholder value through acquisition, exploration and development of copper gold projects.
We believe that our capabilities and experience, combined with an efficient corporate structure, provide tremendous potential upside for investors.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
Source: https://kingstonresources.com.au/