WCB RESOURCES is more confident about the potential of Misima Island porphyry Copper-Gold-Silver Project after examination of historic drill results resulted in identification of significant copper halo results. Halo drill results are considered important in demonstrating project potential and are routinely used for targeting the deeper higher grade central regions of the system.
Historic drill testing targeting open pittable high-grade copper mineralization was completed in 1969 to 1972 by Noranda and from 1977 to 2000 by Misima Mines. Noranda concluded that the potential high-grade component of the system was at depth while Misima Mines also focused on adjacent gold and silver mineralization. Neither drilled the interpreted central core or potential high-grade component of the system.
Numerous modern discoveries of highly significant porphyry copper-gold deposits such as Ridgeway and Cadia East (Australia), Golpu (PNG), Namosi (Fiji) and Elang (Indonesia) have been influenced by geological factors that have included the recognition of halo or lower grade mineralization that typically envelops the central zones. Deep systematic drill testing beneath this halo geochemistry resulted in discoveries of these major copper and gold resources.
Results from historic drilling at Misima show a well-defined area of halo intersections measuring 1500 by 1000 metres. Many of these intersections commence at shallow depth and end in similar material. This zone is also defined by systematic copper, gold and silver soil anomalism and highly elevated copper, gold and silver channel results. Central to this area is a high order magnetic anomaly coincident with interpreted magnetite alteration that is yet to be drill tested.
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. An inferred mineral resource of 1.57 million ounces of gold and 8.5 million ounces of silver was recently defined.
WCB’s president and CEO Cameron Switzer says, “The development of these high order halo style results over such a large area further support the WCB interpretation that the Misima target represents a tier 1 porphyry copper-gold-silver target. This data when combined with previous systematic data including soils, channels, magnetics and mapping further upgrade the prospectivity and potential. WCB will be drilling deep holes aimed at defining ore bodies not geochemistry.”
WCB has obtained the initial 30% interest in the Misima Island project after entering a sale and farm-in agreement with Pan Pacific Copper (PPC). PPC owns Gallipoli Exploration (PNG), the owner of the exploration licence which was recently renewed for a further two years. WCB can obtain up to a 70% interest by spending a total of Aus$9 million within four years.