SIGNIFICANT channel sample results have been received from ongoing exploration at WCB Resources’ Umuna Gold Project on Misima Island. The sampling recently identified a major fault splay east of the main Umuna zone with positive initial results.
Preliminary results include 38 metres @ 1.36 grams/tonne gold, 10 metres @ 1.0 grams/tonne and 31 metres @ 0.40 grams/tonne. The sampling is part of an ongoing systematic exploration program which continues to upgrade the project in preparation for further drill testing. Exploration has focused on the identification and validation of near-surface strike extensions of gold mineralization.
Recent mapping at Ginesia to the southeast identified a significant fault zone with base metal vein stockwork and disseminations. Initial interpretation of this zone based on map data, indicates a major strike parallel structure to the adjacent Tonowak zone.
Both zones are fault splays at an oblique angle to the Umuna zone. At the intersection of these splays with the Umuna Zone, exaggerated thickness (up to 50 metres) and higher than average grades (above 2.5 grams/tonne) are observed over a distance upwards of 300 metres. This is the region where recent pit optimizations extend to depth as part of the recent indicated resource upgrade.
WCB’s president and CEO Cameron Switzer said, “The recognition of the mineralized Ginesia fault zone is exciting as not only does it suggest significant near-surface oxide mineralization potential, but the zone appears to have a reasonable width with a prospective strike length defined to date of more than 700 metres.
“This area will continue to be a focus for further exploration activities as the definition of near-surface oxide resources in this region has the scope to significantly enhance potential project economics.”
Misima Island has previously demonstrated mineral deposit pedigree through past production of 4 million ounces of gold and 20 million 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 the exploration licence Misima from Pan Pacific Copper, through its subsidiary Gallipoli Exploration (PNG) Ltd, by spending a total of Aus$9 million within a staged timeframe subject to standard regulatory approvals.
WCB has obtained an initial 30% equity interest in Gallipoli with an additional 19% being formally registered. The company is also progressing towards an additional 21% interest.