WCB Resources Obtains Initial (30%) Interest in Misima Island
Project, Papua New Guinea
Highlights include:
-30% interest in EL1747 Misima Island Project in process of
being registered
-WCB progressing with next (19%) stage of the farm-in
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 11, 2013) - WCB
Resources Ltd ("WCB" or the "Company") (TSX-VENTURE:WCB) is pleased
to announce that it has obtained the initial 30% interest in the
Misima Island Project.
The Company entered
into a Sale & Farm-In Agreement (the "Agreement") with Pan
Pacific Copper ("PPC") covering EL1747 located on Misima Island,
Papua New Guinea. PPC is the owner of Gallipoli Exploration (PNG)
Ltd ("Gallipoli") which is the owner of granted EL 1747 Misima.
EL1747 was recently renewed for a further two year term. PPC is
owned by JX Nippon Mining and Metals (66%) and Mitsui Mining and
Smelting (34%). PPC is a global mining, smelting, refining and
international copper producer, currently developing the Caserones
Copper Project in Chile.
Under the terms and
conditions of the Agreement, the Company, through its wholly owned
subsidiary WCB Pacific Pty Ltd, can obtain up to a 70% interest in
EL1747 Misima by spending a total of AUD$9.0M within a 4 year
timeframe as follows:
- A 30% interest in Gallipoli for expending AUD$1.0M;
- The Company shall earn a further 19% interest (for a total
interest of 49%) by expending a further AUD$3.0M within 12 months;
and
- The Company shall earn a further and final 21% interest (for a
total interest of 70%) by expending a further AUD$5.0M within a
further two years.
The first stage of
the Agreement has now been completed, agreed by all parties and
passed all regulatory approvals. Shares representing a 30%
ownership in Gallipoli are in the process of being issued to WCB
Pacific Pty Ltd.
WCB has elected to
proceed to the next stage of the farm-in to earn a further 19%, and
is progressing well through that stage. Further details of recent
exploration activities and a broad summary of the project are set
out more fully below.
Cameron Switzer,
President and CEO said "WCB continues to move forward now
having a recognised equity interest in the Misima Island Project.
It is the belief from both the management and Board that this
project will underpin the future growth and aspirations of the
Company as each phase of exploration activity continues to upgrade
the project potential. Furthermore, we are well progressed to
earning the next 19% interest in the project with our 2014 Scout
Drill Program which will be testing an outstanding Tier 1 Porphyry
Cu Au Ag target. WCB is steering itself towards an exciting growth
phase."
Exploration
Summary
The Misima Island
Project (EL1747) is located in the same terrain and geological
region that includes the giant deposits of Grasberg, Ok Tedi,
Wafi-Golpu, Lihir, and Panguna. Past production on Misima Island
totals 4.0M ounces of gold and 20M ounces of silver. A current
mineral resource of 1.57M ounces of gold and 8.5M ounces of silver
was recently defined by the Company with the Technical Report
supporting this filed on SEDAR.
Systematic
exploration by WCB has defined three (3) highly significant
prospects within the project. These include the:
- Misima Porphyry
Prospect: A large 1,100m by 800m high order soil Cu Au
anomaly supported by highly significant channel sample results in a
zone of upper level porphyry style alteration, multiphase veining
and intense fracturing. Aeromagnetic data support a large zone of
magnetite alteration under this zone which has not been drill
tested. Halo drill holes with broad Cu Au intersections also
envelop the area.
- Umuna Zone: An
inferred resource of 1.57M ounces of gold and 8.5M ounces of silver
has been defined along the Umuna zone where previous drilling had
been completed (see below). Further extensions to this system at
depth and along strike are observed. Most recently highly
significant channel sample results were released for the Misima
North area, 2km to the NW and along strike of the resource
boundary.
- Quartz
Mountain: Defined by multiple large high order Mo-Au-Pb-Zn
soil anomalies associated with silica - albite - sericite -
carbonate alteration. Three zones of spatially separate
hydrothermal brecciation have highly elevated gold and silver
values with historical open pit production from this area totaling
250,000 ounces (estimated). Larger hydrothermal breccia's are also
observed along with a large ovate magnetic high interpreted as
magnetite alteration. Geological interpretation suggests that this
area has potential for porphyry style mineralisation.
WCB's forward
program is aimed at drill testing these targets to, where
appropriate, depths of over 1,000m.
Umuna Zone
Resource
The initial Inferred
Mineral Resource is reported in accordance with National Instrument
43-101 ("NI 43- 101") for the Umuna Zone. The mineral resource
estimate was developed by Richard W Lewis of Lewis Mineral Resource
Consulting Pty Ltd under the independent guidance and supervision
of AMC Consultants Pty Ltd ("AMC"). The resource is constrained by
geological and grade domains and is incorporated within a
conceptual open pit with results being reported at an USD$1,100 per
oz gold price.
The Umuna Zone
Inferred Mineral Resource(2) comprises:
|
|
|
GRADE |
METAL |
Material |
Cut-Off g/t Au |
Tonnes (1,000,000) |
Au g/t |
Ag g/t |
Au (000 oz) |
Ag (000 oz) |
|
Oxide |
0.36 |
7.0 |
0.8 |
14 |
170 |
3,100 |
|
Fresh |
0.50 |
36.1 |
1.2 |
4.7 |
1,400 |
5,400 |
|
TOTAL |
43 |
1.1 |
6.1 |
1,570 |
8,500 |
|
|
|
|
|
|
Notes |
|
1. |
Rounding may cause apparent computational errors |
2. |
Cut-off based on USD$1,100 per oz Au |
3. |
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. As there are no Measured or
Indicated Resources, there cannot be any Mineral Reserves at this
time. There can be no assurances that an inferred mineral resource
will ever be updated to an indicted or measured mineral
resource. |
Qualified Persons
Exploration at the
Misima Project is supervised by Cameron Switzer, President and CEO,
who is the 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 and the
insertion of Certified Geochemical Standards. Rock chip 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.
Mr. Cameron Switzer,
BSc (Hons), MAIG (3384), MAUSIMM (112798), President and Chief
Executive Officer of WCB Resources, is a qualified person as
defined by NI 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
Further details of
this announcement and further technical information regarding
Misima Island and EL1747 including the NI 43-101 Technical Report,
can be located at www.wcbresources.com.
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 focussed on the Tier 1 Misima Island Project in Papua New
Guinea.
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.
WCB Resources LtdCameron SwitzerPresident and Chief Executive
Officercswitzer@wcbresources.comWCB Resources LtdShaun
Maskerinesmaskerine@wcbresources.comwww.wcbresources.comInvestor
Relations:Ironstone Capital Corp.Lee Bowles416 941
1253lbowles@ironstonecapital.ca
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