WCB Resources Upgrades Misima Project in PNG With Significant Surface Extension Channel Sample Gold Results From the Umuna Zone
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 21, 2016) -
Highlights include:
- Outcropping surface mineralisation identified over significant widths
- Preliminary channel sample gold and silver results include:
- 68m @ 1.96 g/t Au and 6.08 g/t Ag
- 18m @ 4.07 g/t Au and 5.56 g/t Ag
WCB Resources Ltd. ("WCB" or the "Company") (TSX VENTURE:WCB) is pleased to announce the results for the recently completed channel sampling and mapping at the Umuna Au Project in PNG. This channel sampling at Kulumalia is part of an ongoing systematic exploration program focussed on the identification and evaluation of surface extensions to the Umuna Zone, the main zone of mineralisation on Misima, in preparation for further drill testing.
Mapping and Channel Sampling Program
Mapping and channel sampling at the Umuna Zone has been focussed on the identification and validation of near surface strike extensions of gold mineralisation. Kulumalia is the south eastern extension of the plus 3km strike extensive Umuna Zone. Previous shallow 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 outside of the historic pit confines an additional 500m to the south east.
Mapping to the south east has identified the extensions of the Umuna Fault Zone along with up to three multiple zones of base metal vein stockwork and disseminations developed with gold and silver. Further extensions to the south east are also observed. Continuity will be further evaluated with subsequent trenching and channel sampling exploration activity.
A total of 503 channel samples have been collected with 125mm grinder diamond blade in zones of hard material and with geological blade hammer in softer zones typically associated with clay sericite alteration. Geological control at each sample ensured that care was taken to ensure accurate volume/hardness relationships remained consistent. Sampling was completed on a geological control basis if appropriate otherwise a 2m sample interval was taken to ensure a better understanding of controls on mineralisation. Appropriate QA/QC protocols were completed including duplicate samples, standards and field blanks. All sample locations were surveyed using GPS devices.
Highly anomalous channel sample results have been received including
68m @ 1.96 g/t Au and 6.08 g/t Ag
18m @ 4.07 g/t Au and 5.56 g/t Ag
Cameron Switzer, President and CEO, said, "The recognition of the surface Kulumalia extensions could prove to be a critical factor in unlocking further 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. Historic scattered drilling in this area has been completed to a maximum depth below surface of 140m with good results. These channel samples in combination with the mapping data will allow with confidence the accurate interpretation of the mineralised zones to surface for resource modelling. The delineation of surface oxide mineralisation with good grade over significant width is highly encouraging."
Planning for future drill testing in this area will focus on zones that increase the resources as well as validate the continuity and increase the level of confidence for future mineral resources.
Quality Assurance/Quality Control
Exploration activities on the Misima Project are 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, Guidelines including the insertion of Certified Independent Geochemical Standards and appropriate collection of field duplicates where appropriate.
Channel results are reported above a 0.3ppm Au cut and include internal dilution intervals of up to 2m.
Channel samples are collected under the supervision of company geologists in accordance with standard industry practice and are a more accurate representation of the actual grade of the material sampled. Particular attention is taken to ensure accurate hardness volume relationships were maintained throughout the sample program. Samples are dispatched via commercial transport to ALS Minerals Ltd Brisbane, an accredited laboratory in 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 WGS84 projection.
Channel samples were assayed by ALS Minerals Brisbane using method 33 elements using 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 are analysed by Cu OG62, Ore Grade Cu - Four Acid.
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 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.
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
WCB Resources Ltd.
Cameron Switzer
+61 7 3212 6242
cswitzer@wcbresources.com
WCB Resources Ltd.
Shaun Maskerine
smaskerine@wcbresources.com