WCB Resources has announced an initial NI 43-101-compliant inferred mineral resource for the Umuna Zone on its Misima Island project. The resource comprises 43 million tonnes @ 1.1 grams/tonne gold and 6.1 grams/tonne silver for 1.57 million ounces of gold and 8.5 million ounces of silver.
The Umuna estimate was developed by Richard W Lewis of Lewis Mineral Resource Consulting under the independent guidance and supervision of AMC Consultants. The resource is based on historical data including 1945 drill holes and includes geological input from 144 trenches. The resource is constrained by geological and grade domains and is incorporated within a conceptual open pit with results being reported at an US$1100 per ounce gold price.
The resource comprises 7 million tonnes in oxide @ 0.8 grams/tonne gold and 14 grams/tonne silver for 170,000 ounces of gold and 3.1 million ounces of silver, and 36.1 million fresh tonnes @ 1.2 grams/tonne gold and 4.7 grams/tonne silver for 1.4 million gold ounces and 5.4 million silver ounces.
WCB’s president and CEO Cameron Switzer says, “This resource is an important milestone for our company as firstly it demonstrates the upside and potential of this project and secondly transforms WCB from a pure exploration group to a company with a potential development and commercialisation scenario.
“Importantly, as our team continues to dissect and further understand the data, our confidence level grows to support the idea that the Misima project is one of those rare tier 1 exploration plays. Clearly we have significant extension potential both at depth and along strike. Amazingly, this is just the gold project and does not include the porphyry copper-gold-silver project or the Quartz Mountain project, both of which continue to impress with early stage exploration results.”
From a geological and mineral deposits perspective, WCB’s licence area is 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 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, which ceased open pit production in 2001 and closed in 2004.