WCB Resources Ltd.

WCB Resources Ltd.

July 28, 2015 09:15 ET

WCB Resources Identifies South Eastern Extensions of the Umuna Zone at Kulumalia, Misima Island, Papua New Guinea

VANCOUVER, CANADA--(Marketwired - July 28, 2015) -

Highlights include:

  • Kulumalia mineralisation extended 500m to the south east

  • Extensions are not included in the Umuna Mineral Resource

  • Historic drill data indicate significant upside including
56m @ 1.30 g/t Au, 14 g/t Ag from 40m (KRC421)
36m @ 1.90 g/t Au, 13 g/t Ag from 48m (KMD470)
34m @ 1.09 g/t Au, 7 g/t Ag from 100m (KRC404)

WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) announced an updated mineral resource reported in accordance with National Instrument 43-101 ("NI 43-101") for the Umuna Zone and Ewatinona Prospects on its Misima Island Project in Papua New Guinea on May 7, 2015. Recent exploration activities have focussed on systematic mapping and sampling along with further data interpretation and compilation aimed at identifying the highest priority targets.

Kulumalia is the south eastern extension of the plus 3km strike extensive Umuna Zone. Previous mining at Kulumalia has extracted near surface gold bearing material over a length of 500m to depths of up to 100m below surface. Recent ongoing systematic studies have identified the extension of this zone an additional 500m to the south east.

The Kulumalia extension not included in the mineral resource is identified by variably brecciated semi continuous siliceous zones on surface associated with anomalous soil and rock chip results. Historic drill data is more sparse than the area mined with 37 holes being completed on 50m sections over the 500m strike, but interpretation of the data suggests well developed continuity in multiple gold bearing zones.

WCB expects that with minimal additional drilling the Kulumalia extension mineralisation may be included in future mineral resource statements.

Drill intersections in the Kulumalia extension include

56m @ 1.30 g/t Au, 14 g/t Ag from 40m (KRC421)
36m @ 1.90 g/t Au, 13 g/t Ag from 48m (KMD470)
34m @ 1.09 g/t Au, 7 g/t Ag from 100m (KRC404)
10m @ 2.28 g/t Au, 25 g/t Ag from 128m (KRC463)
30m @ 1.47 g/t Au, 28 g/t Ag from 194m (KMD463 - deepest hole in area)
10m @ 1.57 g/t Au, 13 g/t Ag from 28m (KMD466)
10m @ 1.64 g/t Au, 8 g/t Ag from 108m (KMD466)

Cameron Switzer, President and CEO said, "The recognition of the Kulumalia extension by the team may well prove to be critical factor in unlocking the gold potential as not only is this extension defined over a significant distance, but it also brings the opportunity for near surface oxide mineralisation that can be accessed early in any future start up. Drilling in this area has only been completed to a maximum depth below surface of 140m and we know that, based on drilling to the north on Umuna, well developed intersections several hundred metres deeper are still open at depth."

Planning for future drill testing in this area will focus on zones that validate the continuity and increase the level of confidence for future mineral resources.

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 and Ross Logan, Exploration Manager, who is a 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, Guidelines including the insertion of Certified Independent Geochemical Standards and appropriate collection of field duplicates where appropriate.

Drill hole results are reported above a 0.3ppm Au cut and include internal dilution intervals of up to 4m.

WCB has obtained the drill hole logs, assay sheets including standards, survey data, photographic record where appropriate, geological procedures and protocols for this data.

Qualified Persons

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 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 (19% currently being formally registered) and is well progressed towards an additional 21% interest.

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

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 a 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 company 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.

Contact Information

  • WCB Resources
    Cameron Switzer
    President and Chief Executive Officer

    Investor Relations
    Ironstone Capital
    Lee Bowles