Strong copper finds at gold-proven Misima

EXPLORER WCB Resources has found evidence of porphyry style mineralisation at its Misima Island project in PNG, with rock chip grab samples yielding copper values from 0.16% to 10.05% and gold from 0.19 grams per tonne to 3.01gpt.
Strong copper finds at gold-proven Misima Strong copper finds at gold-proven Misima Strong copper finds at gold-proven Misima Strong copper finds at gold-proven Misima Strong copper finds at gold-proven Misima

WCB president and chief executive officer Cameron Switzer said the results surpassed expectations.

"Our team has now identified classic porphyry copper-gold style mineralisation within the interpreted porphyry target area that contains the large 1100m by 900m magnetic anomaly," he said.

"Importantly our results now highlight the strongly elevated precious metal credits associated with this mineralisation style.

"We will continue with the current work program of mapping and channel sampling to define our drill locations as well as continue to advance the other exciting target areas including Quartz Mountain, Boiou and … the newly identified Grants prospect areas."

Under a joint venture agreement struck in December, Toronto-listed WCB can earn up to 70% of the Misima exploration licence (EL1747) from Japan-based Pan Pacific Copper by spending $A9 million on exploration within four years.

The deal was sweetened midyear when the special mining lease covering the old gold mining areas of the Placer Dome-developed Misima mine were included as part of EL1747.

WCB said 4 million ounces of gold and 20Moz of silver were produced from several pits in SML1.

The mining area on Misima Island covered 15.48sq.km and gold was fetching less than a paltry $400 per ounce when mining ceased in 2004.

PPC is owned by JX Nippon Mining and Metals (66%) and Mitsui Mining and Smelting (34%).

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