WCB Resources announces an updated NI 43-101 compliant mineral resource for the Umuna Zone and Ewatinona prospects of its Misima Island Gold-Silver Project. For the first time the estimate includes a resource from Ewatinona.
The combined Umuna and Ewatinona estimate includes an indicated resource of 1.3 million ounces of gold and 6.0 million ounces of silver, and an inferred resource of 380,000 ounces of gold and 3.3 million ounces of silver.
The mineral resource is constrained by geological and grade domains and is incorporated within a conceptual open pit at each deposit with results being reported at a US$1200 per ounce gold price. A technical report by AMC Consultants will be filed on SEDAR within 45 days.
Upgrading of the mineral resource classification and inclusion of the Ewatinona prospect was enabled following the completion of previous recommendations by AMC. These included updating of surfaces such as the current topographic surface, the previous mining limits, the fill volumes and the water levels, in combination with the recognition of additional data sources that included original drill logs, survey sheets, core photographs, assay sheets and QA/QC procedures and protocols.
Further support and confidence was obtained following the completion of blast hole variography supporting the model as well as reconciliation comparisons from closely spaced blast hole data to the model.
The Ewatinona prospect is in the Quartz Mountain district to the west of the Umuna prospect and was previously the region where Misima Mines Pty Ltd extracted an estimated 240,000 ounces of gold from three small open pits. Geological features and ore characteristics including geochemistry and metallurgy were similar to that at Umuna.
WCB’s president and CEO Cameron Switzer says, “Upgrading of the Misima mineral resource is an important milestone for our company as it demonstrates the upside and potential of this project and transforms WCB from a pure exploration group to a company with a potential development and commercialization scenario which will be further assessed by ongoing studies.
“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 a significant exploration play.
“Clearly there is significant extension potential both at depth and along strike. In addition to the gold project, the porphyry copper-gold-silver prospect and the Quartz Mountain prospect continue to demonstrate potential with early stage exploration results.”