WCB Resources Ltd is pleased to provide 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.