PAPUA NEW GUINEA - WCB confirms strong Misima soil anomalies

WCB Resources says a systematic exploration program at its Quartz Mountain prospect within the Misima Gold-Copper Project has revealed high soil anomalism over a major area. The program is aimed at ranking and prioritizing all anomalies at the site for potential drill testing. 

Almost 2500 auger ridge and spur soil samples have been collected with results from some of the soil samples returning mineralization of up to 4.26 grams/tonne gold, 2.80 grams/tonne silver, 60ppm molybdenum and 3390ppm lead as well as 3130ppm copper, 5.62 grams/tonne gold, 11.1 grams/tonne silver, 70ppm molybdenum, 6510ppm zinc and 6110ppm lead. The anomalism is observed over a large area of the site with zones of elevated gold and lead in its centre.

WCB’s president Cameron Switzer says, “Our systematic exploration strategy has clearly defined three high order anomalies with both rock chip grab samples and auger soil samples. Quartz Mountain is defined by impressive molybdenum, lead and gold results which clearly indicate a classic, intrusive related hydrothermal system in this environment. Further work in this area will be prioritized with respect to our other high order anomalies but will aim to define drill targets with detailed geological mapping and channel sampling.”

In late 2011, WCB signed a farm-in agreement with Pan Pacific Copper to earn a 70% share in Misima by spending Aus$9 million during the next four years. Pan Pacific owns exploration company Gallipoli which holds the granted exploration licence for the project.

Located in the same geological province as the Grasberg, Ok Tedi, Lihir, Simberi and Wafi-Golpu deposits, Misima has previously demonstrated its pedigree in historical production of 4 million ounces of gold and 20 million ounces of silver. The most recent past owners, Barrick Gold, ceased open pit production in 2001 and closed the mine in 2004.

www.wcbresources.com