WCB Resources Ltd.

WCB Resources Ltd.

December 16, 2014 11:00 ET

WCB Resources Intersects 48m @ 4.09 g/t Au, 15.82 g/t Ag and 0.22% Cu from Drill Hole GDD002 at the Misima Porphyry Copper Prospect, PNG

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2014) -

Key Points:

  • GDD002 intersects 48m @ 4.09 g/t Au, 15.82 g/t Ag and 0.22% Cu from 38 m, including: 4m @ 47.6 g/t Au, 90.55 g/t Ag and 0.57% Cu from 60 m.
  • This mineralisation is predominantly hosted in skarn and can be correlated on section to previously reported high-value surface channel samples ~250m to the south-west.
  • Three broad zones of highly elevated copper with associated gold and silver geochemistry returned in assays for the top 228m of this hole, which was completed to 768m. Assays are awaited for the rest of the hole.
  • The significant intersection in GDD002, in combination with GDD001, provides further evidence of a large, strongly mineralised porphyry system at Misima.
  • The new results have helped define a structural corridor within which upper level propylitic or halo alteration and associated porphyry mineralisation occurs, suggesting that this is the priority target area for further deep diamond drilling.
  • Scout diamond hole GDD003, located 500m to the south-east from GDD0002, is currently at a depth of 631m.

WCB Resources Ltd ("WCB" or the "Company") (TSX VENTURE:WCB) is pleased to report significant assay results from the second scout diamond drill hole, GDD002, completed at the Misima Porphyry Copper Prospect in PNG, where it is testing a potential Tier-1 copper-gold porphyry target with an ongoing 4,000m scout diamond drilling program.

Assay results have now been received for GDD002 to a depth of 224m. Assays from 224m to 768m are expected within the next couple of weeks. As reported previously, hole GDD001 was completed to a depth of 723m and drilled down the shoulder of the porphyry system intersecting strong propylitic alteration with strong fracturing.

Diamond hole GDD002, located approximately 250m to the south-west of GDD001, encountered inter-bedded skarn and marble to a depth of 85m. Underlying the skarn zone, a sequence of inter-bedded metamorphics and intrusives contain variable sulphide accumulations including pyrite and accessory chalcopyrite to 550m. At 550m, the hole intersected a post-mineral intrusive to 768m.

Assay results to 224m include:
8m @ 22.45 g/t Ag, 0.27% Cu from 4m
48m @ 4.09 g/t Au, 15.82 g/t Ag and 0.22% Cu from 38m including
4m @ 47.6 g/t Au, 90.55 g/t Ag and 0.57% Cu from 60m
Additional results down-hole include:
20m @ 0.49 g/t Au, 1.93 g/t Ag and 0.1% Cu from 96m

WCB is encouraged by these excellent results as they are located in the interpreted halo to the central region of the porphyry. The identification of the structural corridor and the recognition of the erosive level now enable the team to focus on testing the deeper regions of the system for the potential high grade zone.

Cameron Switzer, WCB's President and CEO, said: "This is an important development in our maiden diamond drilling program at Misima and in our efforts to locate the central high-grade core of the porphyry system. Hole GDD002 has returned a thick zone of high-grade gold with copper which, together with previous channel sample data has enabled us to define a broad region of upper skarn mineralisation over several hundred metres.

"Skarn mineralisation often forms a very important component of porphyry systems worldwide, hosting high-grade mineralisation which can be mined in the early stages of the operation. Importantly, as we start to unravel the depth dimensions of this system we increase our understanding of the target zone and where best to focus our efforts. This is a large, robust system which is now delivering significant results in the outer halo regions. This has given us significant confidence in our targeting ability and we remain focused on finding the high-grade, high-value copper-gold core."

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.

Samples are collected under the supervision of company geologists in accordance with standard industry practice. Samples are dispatched via commercial transport to ALS Minerals Ltd Brisbane, an accredited independent laboratory in Australia for analysis. Results are routinely examined by a suitably qualified geologist to ensure laboratory performance meets required standards.

Drill collars are recorded by GPS devices and reported in GDA94 projection Zone 56.

Samples are assayed by ALS Minerals Brisbane for 33 elements using method ME-ICP61, and for gold by method Au-AA25. ME-ICP61 is a "near total" digestion using 4 acid and ICP-AES. Au-AA25 is used to detect ore grade levels from 0.01 to 100 g/t gold on a nominal 30 gram sample using fire assay with AAS. Cu values over 10,000 ppm are reanalysed by method Cu OG62, Ore Grade Cu - with a four acid digestion.

Geological descriptions are based on visual estimates only completed at site.

Drill Hole Details

Hole ID Easting Northing RL Azimuth Dip End of Hole
GDD001 479095 8822383 300 220 -80 723.3m
GDD002 478930 8822240 340 220 -60 768.0m
GDD003 479158 8821550 310 005 -60 current
Hole ID From (m) To (m) Interval (m) Cu % Au g/t Ag g/t Recovery %
GDD002 4 12 8 0.27 0.07 22.45 81

At a 20g/t Au top cut 38 86 48 0.22 1.79 15.82 82
96 116 20 0.1 0.49 1.93 97
172 214 42 0.09 0.78 97
a. all individual sample intervals are 2 metres
b. drill hole dip and azimuth are recorded approximately every 30m downhole
c. recorded data includes recovery, RQD, photographic documentation, magnetic susceptibility measurements every 30cm and geological information including oxidation, rock type, alteration and mineralisation, vein type and vein density, orientation.

About the Misima Porphyry Prospect

WCB can earn up to a 70% equity interest in Gallipoli Exploration (PNG), the license holder of EL1747 Misima. WCB has obtained an initial 30% equity interest and is well progressed towards an additional 19% interest.

The Misima Porphyry Prospect is one of two porphyry alteration centres on EL1747 and is the target of current scout drilling. WCB regional exploration (starting in 2012) along with the extensive Misima Mines Database (acquired in 2012) enabled the definition of the system and suggests the current outcrop exposure level is in the outer or peripheral zone of a porphyry copper gold system. Surface data defined a zone with a footprint in more than 1 million tonnes per vertical metre with an average grade of 0.37 g/t Au, 866ppm Cu and 3.1 g/t Ag (based on all data including Misima Mines' channel sampling and blast holes, as well as WCB's channel sampling). Subsequent scout drill testing to depths of up to 1000m is required to further evaluate this system.

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.

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 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. 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 Ltd
    Cameron Switzer

    Investor Relations
    Fig House Communications
    Rebecca Greco

    Ironstone Capital
    Lee Bowles