BRISBANE-based WCB Resources says copper halo drill results drawn from historic drilling at its Misima Island project in Papua New Guinea significantly upgrade the property.
WCB said halo drill results were important in demonstrating project potential and were routinely used for targeting the deeper higher grade central regions of the system.
Historic drill testing targeting open pittable high-grade copper mineralisation by Noranda Inc took place between 1969 and 1972.Misima Mines followed between 1977 and 2000, targeting open pittable gold and silver.
Importantly, neither Noranda or Misima Mines drilled the interpreted central core or potential high-grade component of the system.
Highlights of the historic drill programs include 98m grading 0.10 per cent copper from 43 metres; 63m at 0.12% copper and 8 grams per tonne gold from 5m; 94m at 0.14 copper from 6m; 74m grading 0,53% copper, 0.38gpt gold and 15gpt silver from 4m and 66m at 0.15% copper, 0.95gpt gold and 8gpt silver from 16m.
“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,” WCB president and chief executive Cameron Switzer said.
“This data, when combined with the previously released systematic data including soils, channels, magnetics and mapping further upgrade the prospectivity and potential.
“The board and management believe that this is an exciting transition phase for WCB and one which has the potential to deliver enormous growth potential for all investors.”
Planned drill testing by WCB will be targeted at the central interpreted higher grade components of this classic porphyry copper-gold-silver system with planned drill hole depths of over 1,000m. Deep hole drilling defines orebodies rather than geochemistry.
The TSX Venture Exchange-listed company has a copper-gold project in New South Wales, but is predominately focused on proving up and developing its Misima Island asset.
Past production on Misima Island totals four million ounces of gold and 20Moz of silver.
WCB currently has a 30% interest in the project but can increase its holding to 70% by spending $9 million over four years.