An 1840km heliborne magnetic survey has been completed at WCB Resources’ Misima Island project as part of an exploration program including ongoing soil and rock chip sampling to identify drill targets.
WCB’s president Cameron Switzer says, “This airborne survey is the next stage of our comprehensive and methodical exploration program. Historical production and geological attributes make the Misima project one of the world’s most exciting emerging copper gold exploration projects. Data from this survey will be evaluated in combination with our geochemical data set for field validation and ultimate identification of the highest impact drill targets.”
He says better defining the geological character of the region will give the company an idea of the alteration zonation and major structures which have the potential to host significant gold/silver and silver/copper mineralization.
Misima is in the same terrain and geological region which hosts the Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna deposits. It has previously produced 4 million ounces of gold and 20 million ounces of silver in historic operations. It was most recently owned and operated by Placer Dome Asia Pacific (now known as Barrick Gold), however the mine ceased open pit production in 2001 and closed in 2004.
WCB is focused on earning a 70% interest in the 180sqkm project by spending Aus$9 million on exploration of the site by 2015.