WCB Resources Ltd.
TSX VENTURE : WCB

WCB Resources Ltd.

December 02, 2014 11:00 ET

WCB Resources Provides Update on Diamond Drilling at Misima Porphyry Copper Prospect, PNG

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2014) - WCB Resources Ltd (TSX VENTURE:WCB) -

Key Points:

  • Scout diamond hole GDD002 completed to depth of 768m.
  • The initial geological interpretation of GDD002 suggests a zone of variably developed skarn, altered intrusives and greenschist from surface to 550metres downhole.
  • Variable sulphide accumulations are observed from 30 metres to 550 metres including three discrete zones of magnetite sulphide micro stock works over a 180m cumulative intersection. Assays results are pending
  • Final results from GDD001 indicate a broad zone in the upper levels of the hole approaching 0.1% Cu over a cumulative interval of 240m.
  • Scout diamond hole GDD003 has commenced.

WCB Resources Ltd ("WCB" or the "Company") is pleased to provide an update on diamond drilling at the Misima Porphyry Copper Prospect, where it is testing a potential Tier-1 copper-gold porphyry target.

An initial program of up to 4,000 m of reconnaissance scout diamond drilling commenced in mid-September targeting deep strong magnetic features beneath an extensive 1 km2 copper-soil anomaly at the Misima Porphyry prospect which coincides with extensive rock chips, shallow drilling and skarn mineralisation and halo veining at surface.

Initial diamond hole GDD001 was completed to a depth of 723.3m down-hole and encountered alteration and geochemistry consistent with the margin or shoulder of a porphyry system and provided an excellent vector for hole GDD002.

Diamond hole GDD002 was collared on section 240m to the south east and encountered interbedded skarn and marble to a depth of 85m. Beneath the skarn zone the sequence was interbedded Ara Schist and intrusives to a depth of 550m when the hole intersected a post mineral intrusive to 768m.

Importantly, visible secondary copper including well developed gossanous zones were observed in the upper skarn zone. Minor visible gold was also observed in selected zones over several metres. Beneath the skarn, the interbedded intrusives and Ara Schist contained well developed sulphide including pyrite and accessory chalcopyrite to 550m. Included in this zone are three discrete zones totalling 180m downhole in which magnetite chalcopyrite stockwork of variable intensity is developed.

WCB is encouraged by these observations, which suggest that hole GDD002 has encountered a major structural zone with alteration, veining and mineralisation consistent with the upper levels of the porphyry system.

Cameron Switzer, WCB's President and CEO, said: "This scout drill program continues to provide encouragement. GDD002 has intersected a broad zone of sulphide development including magnetite alteration which has previously returned high grade results on surface. GDD003 has commenced and will drill beneath well developed surface geochemistry and geology."

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.

Sample locations, 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
Hole ID From
metre
To
metre
Interval
metres
Cu ppm Ag g/t
GDD001 24 152 128 720 0.60
182 294 112 890 0.68
450 466 16 1155 0.38
490 504 14 886 0.64
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

About the Misima Porphyry Prospect

Originally identified in the mid 1960's through a regional stream sediment sampling program, early drill testing in 1969 defined a modest 0.1% to 0.2% Cu porphyry at surface. Interpretation at the time suggested that higher grade mineralisation could be located at depth. The exploration focus subsequently shifted to the large area of gold mineralisation on the western side of the porphyry. Exploration drilling then defined the Umuna gold resource, from which an estimated 4.0 Moz of gold and 20 Moz of silver were recovered up until its closure by Misima Mines in 2004.

Regional exploration commenced in late 2011 which accurately defined a high order copper-gold soils anomaly extending over an area of 1,000m by 900m over the area of outcropping porphyry mineralisation. Mapping and channel sampling further refined the outcropping porphyry alteration and mineralisation enabling a higher degree of understanding with respect to the erosive level of the system. This data suggest the current exposure is in the outer or peripheral zone. Magnetic survey data aided in the proposed drill targeting.

WCB subsequently acquired the extensive Misima Mines Database in late 2012 which included over 20 years of exploration drilling, development activity and mining data. Acquisition of the Misima Mines database enabled the definition of the system with numerous halo style drill holes and broad areas of modest copper in the blast hole data associated with material mined from the Umuna gold resource. This data suggest the current outcrop exposure level is in the outer or peripheral zone of a porphyry copper-gold system.

Synopsis of this data suggest that WCB has 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).

Importantly, higher economic copper and gold grades are returned when magnetite alteration is observed. Magnetic data suggest that the large high-order magnetic anomaly does not reach surface and has not been previously drill tested. This is further supported by previous exploration drill holes which returned "halo-style" intersections over an area of 1,500m by 1,000m. Halo drill holes have been critical in several recent significant discoveries.

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 released a NI43-101 compliant inferred resource containing 1.57 M ounces gold and 8M ounces silver associated with extensions of the previously mined zone.

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 30% equity interest in Gallipoli Exploration (PNG) Ltd and is well progressed towards an additional 19% interest.

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.

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 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
    cswitzer@wcbresources.com

    Investor Relations
    Rebecca Greco
    Fig House Communications
    416-822-6483

    Lee Bowles
    Ironstone Capital
    416-561-7474