WCB Resources Ltd ("WCB" or the "Company") announces that it has been the successful applicant for an area 170km north west of Port Moresby in the Mt Yule region. Application Exploration Licence 2508 covers the historic region comprising the Ipi River Prospect.
Project generation activities have highlighted the Mt Yule region as a target area with the Ipi River Prospect being the most advanced project defined to date.
This region was originally defined in the 1970's by high order Cu steam sediment geochemistry completed at the time of the OK Tedi discovery. Ipi River is a large relatively untested porphyry Cu Au Mo system with significant peripheral base metal and epithermal vein style mineralisation defined over a large region. Central to the project is a large hydrothermal breccia complex that has highly elevated gold results in soil data. Historic drilling in the peripheral zone of the porphyry by BHP in the early 1970's returned results of 0.1% to 0.2% Cu. High grade Cu Au Mo results have been previously returned in rock chip data*.
A second high order Cu anomaly is defined to the north in the Kunimaipa River. No work has been completed here previously on this area of large lithocap.
Cameron Switzer, President and CEO, said, "The Mt Yule ELA covers and exciting target area within which two porphyry Cu Au Mo centres can be discerned covering a large surface area. Moving forward the strategy is to evaluate the targets through systematic exploration including detailed historic activity searches, soil sampling and trenching. The exciting component here is that for the size and tenor of the system, the amount of previous exploration activity is minimal. The project compliments our Misima Island Gold Project which currently has indicated and inferred resources of 1.7M ounces of gold."
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.
*Rock chip grab samples by nature are only indications of metal tenor and are unlikely to represent the average grade of a deposit.
About EL1747 Misima
Misima Island 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.
WCB can earn up to a 70% interest in EL1747 Misima from Pan Pacific Copper (through its subsidiary Gallipoli Exploration (PNG) Ltd) by spending a total of AUD$9.0 million within a staged timeframe subject to standard regulatory approvals. WCB has obtained an initial 49% equity interest in Gallipoli Exploration (PNG) Ltd and is well progressed towards the additional 21% interest.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer