MINERALS exploration and development company WCB Resources is set to lift its interest in the Misima Island copper gold project to 49 per cent after signing a new deal with Pan Pacific Copper.
The company has also set the wheels in motion to lift its stake to 70% under the sale and farm-in agreement signed with Pan Pacific, the parent company of EL 1747 permit holder Gallipoli Exploration.
Through its WCB Pacific subsidiary, the company had previously acquired a 30% stake in Gallipoli by spending A$1 million.
WCB will earn the 19% stake by spending a further A$3 million in 12 months, lifting the stake in Gallipoli to 49%.
In a statement, WCB said it had completed these expenditure requirements and was awaiting the approval of Pan Pacific to have the shares issued.
It will earn the remaining 21% interest if it spends a further A$5 million within the next two years.
WCB Resources has elected to proceed to the next stage of the farm-in to earn a further 21%.
The Misima Porphyry Copper Prospect is one of two porphyry alteration centres on EL1747 and is currently the target of a scout drilling campaign.
A diamond drilling campaign over the tier 1 copper gold prospect targeting a coincident strong magnetic anomaly started in September, with a total of three drill holes completed.
Each of these intersected a porphyry style alteration and fracturing, with drilling of the fourth hole in the campaign having started in February.