WCB Resources Ltd. announces highly encouraging initial rock sample results, Misima EL1747
VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 4, 2012) – WCB Resources Ltd. (TSX VENTURE:WCB) –
- Rock chip sample results upgrade prospectivity for a significant Copper Gold porphyry project
- Two spatially separate hydrothermal systems requiring further exploration identified
- Peak Cu to 1.14%, Au to 2.12 g/t and Ag to 854 g/t
- Soil results anticipated shortly for comparison with rock chip data
- Mineralised intrusive phases recognised
As previously announced, WCB Resources Ltd. ("WCB" or the "Company") has entered into an exploration Farm-In Agreement with Pan Pacific Copper ("PPC") covering EL1747 located on Misima Island, Papua New Guinea. EL 1747 is held by PPC's wholly owned subsidiary Gallipoli Exploration (PNG) Ltd ("Gallipoli").
The results from initial rock chip grab sampling completed in conjunction with the systematic regional soil sampling program on EL1747 are now available. A total of 46 rock chip grab samples have been collected whilst exploration teams have been undertaking the previously announced systematic regional soil program. The result highlights are described below.
Results from these (rock chip) samples confirm WCB's concepts and indicate extensive further detailed exploration is required. Initial data confirm and indicate the existence of two (2) metal bearing spatially separate hydrothermal systems (Target Areas). The principle target is porphyry style or related Cu Au mineralisation. Results include:
|Target Area 1 – Porphyry Cu Au|
|778569||Skarn||0.16% Cu||0.79 g/t Au||109 g/t Ag|
|778921||Diorite||0.41% Cu||2.12 g/t Au||21.5 g/t Ag|
|778922||Diorite||0.98% Cu||0.26 g/t Au||14.1 g/t Ag|
|778924||Schist||0.62% Cu||0.36 g/t Au||177 g/t Ag|
|778926||Schist||1.14% Cu||6.4 g/t Ag|
|Target Area 2 – Quartz Mountain|
|784731||Breccia||0.11% Cu||367 ppm Mo|
|784836||Vein||0.08% Cu||0.3 g/t Au||854 g/t Ag||0.79% Pb|
Interpretation of this initial data at Target Area 1 indicates the presence of a mineralised intrusive diorite phase with coincident highly encouraging copper, gold and silver levels. Other positive indications include the existence of mineralised host rocks including skarn material.
Target Area 2 results at Quartz Mountain suggest a gold related system with high order Ag and Mo.
Commenting on these results, Cameron Switzer, President and CEO said, "This data is the first indication of the scope and scale of this exploration project. The encouraging component of this is that these (rock chip) samples have been collected as a secondary component of a broader more systematic program which was focussed on the collection of soil samples which will no doubt define a more refined interpretation of the region. Importantly the high levels of anomalism in these rocks with Au to 2.12 g/t, Cu to 1.14% and Ag to 854 g/t suggest that the metal carrying capacity of these systems is significant. Importantly, the existence of mineralised intrusive phases with high order results has been demonstrated. If a correlation of these results with soil results and broader geological data can be demonstrated, the definition of drill targets should be established at an early stage. To be able to announce these results within four months of exploration commencement is a credit to the exploration team and further demonstrates the project upside."
It is anticipated that data pertaining to soil results will be available immediately upon confirmation of quality assurance and quality control standards and validation techniques. A detailed table of all rock chip data is shown in Table 1 below (GDA94 Z56).
About the Misima JV and EL1747
In December 2011, WCB entered into an exploration Farm-In Agreement with Pan Pacific Copper ("PPC") covering EL1747 located on Misima Island, Papua New Guinea. Under the terms and conditions of the exploration Farm-In Agreement, WCB can earn up to a 70% interest in EL1747 Misima by spending a total of AUD9.0M within a 4 year timeframe.
PPC, owned by JX Nippon Mining and Metals (66%) and Mitsui Mining and Smelting (34%), is a global mining, smelting, refining and international copper producer.
The Company is targeting Porphyry copper gold and Epithermal gold silver mineralisation on EL 1747.
From a geological and mineral deposits perspective, EL 1747 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. Importantly 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 (now Barrick Gold). 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 licence is located on the eastern portion of the island and surrounds and overlays the historic SML (Special Mining Lease). The exploration licence was targeted by WCB 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.
Further details of this announcement or information pertaining to the Misima Farm In Agreement and further technical information regarding Misima Island and EL 1747, can be located at www.wcbresources.com/news-releases/.
Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798), President and Chief Executive Officer of WCB Resources Ltd., 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 engaged in an ongoing search and evaluation of additional copper gold projects in the Asia Pacific region.
On behalf of the Board of Directors
President and Chief Executive Officer
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.
|Table 1 Rock Chip Sample Results|
|SAMPLE||AMGN94||AMGE94||Au g/t||Ag g/t||As ppm||Cu ppm||Mo ppm||Pb ppm||Zn ppm|
Samples were prepared and assayed by Australian Laboratory Services Pty Ltd, Minerals Division in Brisbane, Australia. Gold was measured using a 30 gram sample weight by method Au-AA25, comprising fire assay with AAS finish. Other elements were analysed by method ME-ICP41 using aqua regia digest and ICP-AES. Copper greater than 10,000 ppm and silver greater than 100 ppm were re assayed by methods Cu-OG46 and Ag-OG46, using aqua regia digest and ICP-AES.
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.
WCB Resources Ltd.
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