WCB Resources Confirms Porphyry Style Mineralisation With High Order Rock Chip Grab(i) Results at Its Misima Island Project
16 Ottobre 2012 - 3:00PM
Marketwired Canada
WCB Resources Ltd. ("WCB" or the "Company") (TSX VENTURE:WCB) announces that
rock chip grab(i) sampling covering the Porphyry Target area have returned
significant copper, gold and silver results. Porphyry style veining and
alteration has been identified and sampled including multi directional stockwork
and skarn. Most notably, high order results were returned from samples with
associated magnetite alteration. WCB previously reported the delineation of a
large magnetic high anomaly coincident with an equally significant copper and
gold soil anomaly in the target area where these samples have been collected
(see release dated September 23, 2012). In addition to these results associated
with magnetite alteration, high grade gold and silver results have been returned
from sericite pyrite veining.
Systematic exploration continues to upgrade the Misima Project with the recent
delineation of porphyry style stockwork zones and skarn associated with
magnetite alteration. These zones are exposed in tracks covering the main
Porphyry Target area. Ongoing mapping will continue to delineate the
distribution of this mineralisation.
Results from samples containing magnetite include:
-- Copper - values range from 0.16% to 10.05% typically associated with
secondary copper oxides
-- Gold - values range from 0.19 g/t to 3.01 g/t
-- Silver - values range from 4.7 g/t to 277 g/t
In addition to the magnetite dominated alteration, grab samples containing well
developed sericite pyrite veining has been identified. Results from this style
of veining typically have a strong lead and zinc association and have returned:
-- Gold - values range from 1.17 g/t to 86.9 g/t
-- Silver - values range from 0.6 g/t to 131 g/t
Cameron Switzer, President and CEO said, "These are very welcome results. As we
advance through each systematic phase of our exploration, the results continue
to surpass our expectations. Our team has now identified classic porphyry Cu Au
style mineralisation within the interpreted Porphyry Target area that contains
the large 1100m by 900m magnetic anomaly. Importantly our results now highlight
the strongly elevated precious metal credits associated with this mineralisation
style. We will continue with the current work program of mapping and channel
sampling to define our drill locations as well as continue to advance the other
exciting target areas including Quartz Mountain, Boiou, and the most recently
the newly identified Grants prospect areas."
Quality Assurance/Quality Control
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.
Sample locations are recorded by GPS devices in GDA94 Z56.
Rock samples were assayed for 35 elements by ALS Minerals Brisbane using method
ME-ICP41 or 33 elements using ME-ICP61, and for gold by method Au-AA25. ME-ICP41
is a partial digestion using aqua regia and ICP-AES and ME-ICP61 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.
(i) Rock chip grab samples by nature are only indications of metal tenor and are
unlikely to represent the average grade of a deposit.
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.
Grant of Options
The Company also announces that it has granted 400,000 stock options to certain
directors, officers and consultants of the Company. 200,000 of the options havec
an exercise price of $0.60 while the remaining 200,000 have an exercise price of
$0.45. All options are exercisable up to October 16, 2017.
About EL1747
From a geological and mineral deposits perspective, EL1747 is located in the
same terrain and geological region that includes the deposits of Grasberg, Ok
Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna as well as
significant projects such as Tolukuma, Kainantu and Woodlark Island. 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.
EL1747 Misima consists of 53 sub blocks covering an area of 180km2. The
exploration license was targeted due to the presence of a significant high order
copper stream sediment anomaly in multiple drainages which has received limited
detailed follow up activity. Furthermore, additional high order gold and zinc
anomalies have been identified and require follow up detailed work.
WCB is expected to earn up to a 70% interest in EL1747 Misima by spending a
total of AUD$9.0M within a 4 year timeframe.
Further details of this announcement and further technical information regarding
Misima Island and EL1747, can be located at www.wcbresources.com/news-releases/.
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
engaged in an ongoing search and evaluation of additional copper gold projects
in the Asia Pacific region.
On behalf of the Board of Directors
Cameron Switzer, President and Chief Executive Officer
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 the 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 companies 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.
Table of Results
----------------------------------------------------------------------------
Au- Ag- As- Cu- Mo- Pb- Zn- Cu- Ag-
SAMPLE AMGE94 AMGN94 AA25 ICP41 ICP41 ICP41 ICP41 ICP41 ICP41 OG46% OG46
----------------------------------------------------------------------------
779101 476837 8824103 0.01 0.1 4 5 0.5 9 29
----------------------------------------------------------------------------
779102 476831 8823962 0.02 0.1 1 75 0.5 1 129
----------------------------------------------------------------------------
779103 476905 8823890 0.005 0.1 1 22 0.5 3 113
----------------------------------------------------------------------------
779104 477049 8823985 0.005 0.1 1 92 0.5 6 93
----------------------------------------------------------------------------
779105 477056 8824037 0.01 0.1 7 4 0.5 2 72
----------------------------------------------------------------------------
779106 476818 8823887 0.01 0.1 1 2 0.5 14 35
----------------------------------------------------------------------------
779107 477540 8822739 0.005 1.7 45 166 3 60 69
----------------------------------------------------------------------------
779108 477540 8822739 0.02 5 14 1660 1 18 539
----------------------------------------------------------------------------
779110 477572 8822915 0.61 9.3 245 124 0.5 245 532
----------------------------------------------------------------------------
779111 477655 8822898 1.5 100 72 10000 13 45 46 10.05 217
----------------------------------------------------------------------------
779112 477690 8822880 0.12 2.7 184 1800 18 29 259
----------------------------------------------------------------------------
779113 479852 8819832 0.005 3 37 244 0.5 3 48
----------------------------------------------------------------------------
782701 479517 8821041 0.26 0.6 7 112 1 350 187
----------------------------------------------------------------------------
782702 479843 8821010 0.93 38.2 15 10000 9 21 214 9.07
----------------------------------------------------------------------------
782704 479542 8821781 86.9 79.6 191 4460 4 3530 1880
----------------------------------------------------------------------------
782705 479774 8821488 0.91 10.3 63 1600 1 3600 221
----------------------------------------------------------------------------
782706 478702 8822481 3.1 100 35 10000 0.5 51 275 3.68 160
----------------------------------------------------------------------------
782707 478441 8822429 0.21 4.7 74 217 2 44 700
----------------------------------------------------------------------------
782708 478759 8821938 0.39 5.1 30 9700 2 12 2790
----------------------------------------------------------------------------
782709 476561 8824249 4.22 100 94 2160 12 8300 2000 131
----------------------------------------------------------------------------
782710 478654 8822033 0.77 18.1 74 10000 0.5 13 165 2.65
----------------------------------------------------------------------------
779115 479151 8821649 0.02 0.3 26 1825 60 47 103
----------------------------------------------------------------------------
779116 479856 8821002 3.01 36.6 51 10000 24 6 119 7.75
----------------------------------------------------------------------------
779117 479829 8821091 0.09 1.3 80 1325 4 4 74
----------------------------------------------------------------------------
779118 479024 8822600 0.02 9.1 56 1030 26 8 11
----------------------------------------------------------------------------
779119 479337 8822770 0.005 0.6 2 783 10 1 3
----------------------------------------------------------------------------
779120 478731 8821961 0.01 2.3 5 3790 12 11 556
----------------------------------------------------------------------------
779121 478731 8821961 0.005 5.1 1 652 0.5 9 828
----------------------------------------------------------------------------
779122 478743 8821949 0.25 19.1 8 10000 15 6 487 2.03
----------------------------------------------------------------------------
779123 478758 8821948 0.01 13.1 2 1180 0.5 21 7050
----------------------------------------------------------------------------
779124 478765 8821938 0.03 4 46 10000 12 9 4000 1.51
----------------------------------------------------------------------------
779125 478769 8821932 0.19 70.3 277 7080 10 581 1230
----------------------------------------------------------------------------
779126 478780 8821924 0.05 7.9 8 1340 0.5 25 1200
----------------------------------------------------------------------------
779127 478757 8821934 0.05 5.1 10 380 1 326 785
----------------------------------------------------------------------------
779128 478765 8821929 0.01 2.9 4 205 1 731 689
----------------------------------------------------------------------------
779129 478802 8821922 0.07 2.8 10 1040 5 149 201
----------------------------------------------------------------------------
782711 479844 8821002 0.74 4 31 157 1 123 75
----------------------------------------------------------------------------
782712 480497 8820309 1.17 10.1 17 938 13 10000 432
----------------------------------------------------------------------------
782713 479950 8822576 0.28 30 494 4780 12 329 2210
----------------------------------------------------------------------------
782714 479404 8822085 0.005 1.1 2 288 0.5 148 249
----------------------------------------------------------------------------
782715 479216 8822027 0.04 4.8 33 596 1 119 344
----------------------------------------------------------------------------
782716 477578 8818938 0.22 8.7 16 148 24 10000 336
----------------------------------------------------------------------------
782717 477658 8818983 0.15 4.2 8 375 3 2270 3380
----------------------------------------------------------------------------
782718 477561 8818941 3.91 16.7 56 292 80 2390 1600
----------------------------------------------------------------------------
782719 477738 8819061 0.11 1.3 19 176 1 41 65
----------------------------------------------------------------------------
782721 477610 8818964 0.53 4.3 11 142 14 805 2450
----------------------------------------------------------------------------
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