WCB Resources makes further progress on its Umuna Gold Project on Misima Island
Highlights include:
- Previously unrecognized splays have been identified hosting mineralisation typical of the style and form associated with the adjacent Umuna mineralisation
- Further positive support for upgrading of the Umuna Gold Resource Model and refinement of next phase drill testing
- Preliminary channel sample gold and silver results from Kulumalia extensions include
16m @ 0.70 g/t Au
24m @ 0.41 g/t Au
VANCOUVER, British Columbia, July11, 2017(GLOBE NEWSWIRE) -- WCB Resources Ltd ("WCB" or the "Company") (TSX-V:WCB) is actively engaged in further channel sampling and mapping at the Umuna Au Project in PNG. This ongoing systematic exploration program is focussed on the identification and evaluation of surface extensions to the Umuna Zone, the main zone of mineralisation on Misima, in preparation for further increasing the geological knowledge and understanding of the system, resulting in resource model updating and appropriate drill testing.
Mapping and Channel Sampling Program
Mapping and channel sampling has been focussed on the identification and validation of near surface strike extensions of previously identified gold mineralisation.Kulumalia is the south eastern extension of the Umuna Zone where shallow mining has extracted near surface gold bearing material over a length of 500m to depths of up to 80m below surface. Previous studies released April 21, 2016 identified extensions of this zone outside of the historic pit confines an additional 500m to the south east with result including
68m @ 1.96 g/t Au and 6.08 g/t Ag and
18m @ 4.07 g/t Au and 5.56 g/t Ag
Extensions 100m further to the south east have been identified and include
16m @ 0.70 g/t Au
24m @ 0.41 g/t Au
Importantly mapping has defined a close associated between sub volcanic dacitic intrusive phases, associated marginal breccia and stockwork mineralisation along well defined and semi predicable structural trends. Excellent correlation was determined between the structural zones with mineralisation and Misima Mines Ltd drillhole data and channel sample data.
Critically the recognition of the positive correlation with the mapped geology, mineralisation and Misima Mines channel data has resulted in the recognition of an additional parallel splay between Kulumalia and the Tonowak mineralisation. This along with the previously recognised Ginesia splay suggests further opportunity to identify additional zones of mineralisation.
A total of 313 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.
Cameron Switzer, President and CEO said, "This mapping and sampling program has added further support to our confidence in our geological understanding on the controls and distribution of the additional surface splays in the Umuna system. It has positive implications regarding the accuracy and interpretation for the existing mineralised zones at Umuna and for further exploration targeting near surface mineralisation associated with these subsidiary splays. Furthermore this data can now be applied from a structural and geological perspective to an upgraded resource model which will incorporate both the main Umuna Zone and associated splays. From a commercial perspective previous optimisation studies indicated a high sensitivity to additional near surface oxide mineralisation."
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 0.3 ppm 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 Intertek Laboratories Lae, an accredited laboratory in PNG 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 projection.
Channel samples were assayed by ITS (PNG) Limited Lae for 33 elements using method 4AOM, and for gold by method FA30AA. Method 4AOM is a "near total" digestion using 4 acid and ICP-OES. Au-FA30AA 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 4AH, 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.
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.
For further information please contact: Cameron Switzer Email:cswitzer@wcbresources.com +61 7 3212 6242 +61 4 2777 2111 (cell)