WCB Resources Provides Exploration Update on EL1747 Misima Project, PNG
June 24 2014 - 8:06AM
Marketwired
WCB Resources Provides Exploration Update on EL1747 Misima Project,
PNG
- Exploration activities recommenced at Misima Project
- Systematic evaluation at Quartz Mountain commencing
- Drilling to commence shortly
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 24, 2014) - WCB
Resources Ltd ("WCB" or the "Company") (TSX-VENTURE:WCB) announces
the following update regarding exploration activities at the Misima
Project Papua New Guinea.
Exploration activities have recommenced with a focus directed
toward the commencement of a drill program on the Misima Porphyry.
In the intervening period prior to drill testing exploration, teams
have been assigned to complete detailed mapping and channel
sampling activities over recently identified extensions of the
Misima Porphyry as well the Quartz Mountain Prospect.
At the Misima Porphyry Prospect, mapping and channel sampling
over material similar to the porphyry style alteration and veining
previously defined, has resulted in a significant south easterly
extension. This extension covers an area measuring 500m by 150m. On
a prospect scale this extension appears to be associated with a
significant regional structure which has a well defined sub surface
magnetic signature suggestive of magnetite alteration. Results are
awaited.
In addition, teams have gained access to the historic Quartz
Mountain area to commence the initial stages of systematic
evaluation. Quartz Mountain has been a region of extensive historic
activity with Misima Mines Pty Ltd extracting an estimated 240,000
of gold from three (3) small open pits developed on zones of
brecciation and dissemination. A review of available data for
Quartz Mountain has commenced aimed at focusing activities.
Cameron Switzer, President and CEO commented "whilst
logistical arrangements are underway with the scout drill program
it is opportune for the field teams to advance other regions or
prospects towards drill targeting. To identify and locate such a
large extension to the existing porphyry style alteration and
veining is highly significant. In addition, we have always been
encouraged by the prospectivity of the Quartz Mountain area since
our initial high order soil results."
About EL1747
Misima
Giant Cu Au Deposits such as Grasberg, Ok Tedi, Panguna and
Wafi-Golpu, as well as the giant Au deposit Lihir are developed in
this region. Misima Island is located on the extensions of this
terrain and 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. Most recently WCB released a
NI43-101 compliant inferred resource containing 1.57M ounces gold
and 8M ounces silver.
The EL1747 Misima Project consists of 53 sub blocks covering an
area of 180km2. The exploration license was targeted due to the
presence of a significant gold mineralising system in conjunction
with significant high order copper stream sediment anomalies in
multiple drainages which had received limited detailed systematic
follow up.
WCB can obtain up to a 70% interest in EL1747 Misima from Pan
Pacific Copper by spending a total of AUD$9.0M within a staged
timeframe subject to standard regulatory approvals.
About WCB
Resources
WCB Resources 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 is
focused on the exploration and development of the Tier 1 Misima
Island Project in Papua New Guinea. WCB's strategy is to build
shareholder value through acquisition, exploration and development
of copper gold projects. We believe that our capabilities and
experience, combined with an efficient corporate structure, provide
tremendous potential upside for investors.
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 Switzercswitzer@wcbresources.comFig
House CommunicationsRebecca Greco+1 416 822
6483fighouse@yahoo.comIronstone CapitalLee Bowles+1 416 561
7474lbowles@ironstonecapital.ca
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