After receiving Aus$6 million from a private placement, WCB Resources can now rapidly move forward with a drill program on the Misima porphyry prospect, Misima Island. The company current has a 30% equity interest in the project with an option to acquire up to a 70% equity interest.
On April 4 WCB closed a non-brokered private placement with all units purchased by Sandfire Resources, a public mining company listed on the Australia Stock Exchange with a market capitalization of about Aus$900 million. Sandfire is in production at its DeGrussa Copper-Gold Project in Western Australia and is exploring several copper-gold properties in Australia.
WCB is excited to move its Misima Island project further with Sandfire as a major and strategic investor.
The Misima porphyry prospect has been defined by systematic exploration techniques which began in early 2012. Soil sampling defined a large 1100 by 800 metre high order soil copper-gold anomaly that is supported by highly significant channel sample results.
Geological mapping defined a zone of upper level porphyry style alteration, multi-phase veining and intense fracturing associated with this anomalism.
An aeromagnetic survey outlined a large buried magnetic high interpreted as magnetite alteration which has previously not been drill tested to depths that modern successful explorationists target. Halo drill holes with broad copper-gold intersections over a 1500 by 1000 metre area further support and validate the prospectivity.
The Misima Island project is in the same terrain and geological region that includes the giant deposits of Grasberg, Ok Tedi, Wafi-Golpu, Lihir, Porgera and Panguna. Past production on Misima Island totals 4 million ounces of gold and 20 million ounces of silver. An inferred mineral resource of 1.57 million ounces of gold and 8.5 million ounces of silver was recently defined.
Planned drill testing by WCB will be targeted at the central interpreted higher grade components of this classic porphyry system with planned drill hole depths of more than 1000 metres. The company has distributed drill tenders to a number of prospective drilling companies and will provide updates as they become available.
Expenditures incurred during the upcoming drill program will contribute towards the ownership of the project.