WCB Resources Ltd.

WCB Resources Ltd.

June 14, 2012 09:56 ET

WCB Resources Ltd. Identifies Highly Significant Soil Anomalies at Its Misima Gold Copper Project in Papua New Guinea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 14, 2012) - WCB Resources Ltd (TSX VENTURE:WCB) -


  • Two significant areas of high order soil anomalism identified
  • The large copper, central molybdenum and peripheral gold anomaly corresponds to Target Area 1 as defined by rock chip sample results
  • An additional gold, lead, zinc, silver anomaly is now recognised to the north
  • The surface area (size) and tenor of these anomalies is potentially significant in this tropical environment

WCB Resources Ltd ("WCB" or the "Company") entered into an exploration Farm-In Agreement with Pan Pacific Copper ("PPC") covering EL1747 located on Misima Island, Papua New Guinea in late 2011. EL1747 is held by PPC's wholly owned subsidiary Gallipoli Exploration (PNG) Ltd ("Gallipoli"). A systematic exploration program incorporating soil and rock chip sampling is currently being conducted on EL1747 with the aim of ranking and prioritising all anomalies in preparation for potential drill testing.

A total of 2487 auger ridge and spur soil samples have been collected to date covering the region surrounding the historic SML1 (now surrendered - see news release dated June 11, 2012). Results for 1299 samples have been received, validated and are reported herein. These samples are located on the eastern portion of the island covering the area where previously reported anomalous rock chip samples were highlighted (Target Area 1 - see news release dated June 4, 2012).

Results from these soil samples returned individual highs for copper of 3130 ppm, gold of 5.62 g/t, silver of 11.1 g/t, Mo of 70 ppm, zinc of 6510 ppm and lead of 6110 ppm. Analysis of this data highlights two (2) spatially separate anomalies described below.

Soil Anomaly 1 - Target Area 1

A large copper soil anomaly covering an estimated surface area of 1.46 km2 (1,460,000m2) is observed at 200 ppm copper. Internal to this, there are:

  • Coherent zones of greater than 500 ppm copper with several areas in excess of 1000 ppm copper. The peak value reported is 0.31% Cu.
  • Internal and central to this copper anomaly is a molybdenum anomaly defined by 3 -10 ppm Mo with peak values up to 70 ppm Mo.
  • A significant gold anomaly is also observed over the central and western components of the copper anomaly defined by 100 ppb gold (0.10 g/t gold) with peak values up to 5.62 g/t gold.
  • Highly anomalous silver is also reported from this area, with a peak value 10.6 g/t.
  • Zinc and lead anomalism is observed on the western side.
  • Peripheral arsenic is also observed on the eastern margin.
  • This anomaly is open to the south west in the area that was previously within the SML1.

Importantly this anomaly is located where WCB previously reported rock chip sample results with highly anomalous copper, gold and silver (see news release dated June 4, 2012).

Soil Anomaly 2 - Target Area 3

Located to the northwest of Anomaly 1, this anomaly is defined by an elliptical area covering an estimated surface area of 1.26 km2 (1,260,000m2) within which there are:

  • A well defined semi coherent 50 ppb gold anomaly with well defined zones of 100ppb gold to 2660 ppb gold (2.66 g/t).
  • A semi coincident silver anomaly in excess of 1.0 g/t silver, peak value 11.1 g/t.
  • A strongly coincident lead and zinc anomaly
  • A weak molybdenum anomaly up to 10 ppm

This anomaly was not previously recognised and represents a new target area.

Cameron Switzer, President and CEO said "These impressive values have rewarded our systematic exploration strategy and have clearly defined the most prospective regions for WCB to focus further attention. We now have three (3) high order anomalies defined by a combination of either rock chip grab samples and/or auger soil data. Target Area 1 (defined by soil and rock) is particularly exciting due to the shear size and tenor of copper and gold anomalism. We interpret this to represent a classic island arc porphyry target. Target Area 2 - Quartz Mountain, is only defined by early stage rock data with the soil results available shortly. Target Area 3 (defined by rock and soil) was previously unknown and already shows indications of similar geochemical character to the previously mined Umana Lode on the island. We will continue with our current program to include the area located within the recently surrendered historic mining lease. Our ambition is to rapidly understand our hydrothermal systems and then drill test them to the appropriate depths. Now that we have full access to the historic mine area, we will accelerate our exploration efforts and anticipate a steady release of results."

It is anticipated that data pertaining to the remaining soil samples covering the western area including the Target Area 2 - Quartz Mountain area will be available shortly.

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. All technical 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, the insertion of Certified Geochemical Standards, Blanks and Field Duplicates. Rock chip and soil auger samples are collected under the supervision of company geologists in accordance with standard industry practice. Samples are dispatched via commercial transport to an accredited laboratory in Brisbane, Australia for analysis. Results are routinely examined by a suitably qualified geologist to ensure laboratory performance meets required standards.

Sample locations are recorded by GPS devices in GDA94 Z56. Each site is photographed for reference and validation.

Rock chip grab samples by nature are only indications of metal tenor and in no way represent the average grade of a deposit.

Soil auger samples are collected using a 100mm diameter hand auger to depths of refusal up to 3.0m below surface.

Soil samples were assayed for 35 elements by ALS Minerals Brisbane using method ME-ICP41 and for gold by method Au-TL43. ME-ICP41 is a partial digestion using aqua regia and ICP-AES. Au-TL43 is used to detect trace levels of gold between 0.001 and 1.0 g/t gold. The method uses aqua regia extraction of a nominal 25g sample weight with ICP-MS finish. Samples containing greater than 1.0 g/t gold are reassayed for gold by method Au-OG43 which comprises an aqua regia extraction of a nominal 25g sample weight with an ICP-MS finish with an analytical range from 0.01 to 100 g/t gold.

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 EL1747.

From a geological and mineral deposits perspective, EL1747 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 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 EL1747, 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, 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

Cameron Switzer, 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.

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.

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