The potential concept is for higher grade ore mined on Woodlark to feed into a large-scale processing plant located on Misima - with the plant scale potentially in the order of six million tonnes per annum.

A memorandum of understanding signed between the two companies will see the technical and commercial benefits of such a venture being examined.

The initial assessment is expected to take a few months.

Kula's Woodlark has an ore reserve of 766,000 ounces of gold based on a gold price of $US1200 an ounce, with a feasibility study completed in 2012 outlining a nine-year project utilising a 1.8Mtpa gravity and CIL plant and mining an open pit grading 2.2 grams per tonne.

The all-in sustaining costs were put at $868/oz.

Misima's Umuna gold prospect is a large, bulk mineable disseminated gold-silver deposit related to a porphyry copper-gold system. It was mined over a 3.2km strike and produced 3.75 million ounces prior to closing in 2004, with "an average realised gold price sub-$300 per ounce".

WCB has interpreted the mineralisation as having a strike of over 6km. ASX-listed copper producer Sandfire Resources got involved with WCB back in 2014 on the basis of the porphyry potential on Misima. The successful copper miner invested $A5.9 million for a 38% stake in the company, with shares costing C27c per share.

WCB currently has limited cash ($C479,000 at the end of September, 2015), and with its shares trading at about 3c it is capitalised at about $1.74 million. Five deep holes were drilled following Sandfire's investment, with a best result understood to be in the order of 44m grading 4gpt gold and 0.35% copper. WCB believes the porphyry target remains valid and yet to be hit by drilling.

For now though, a possible link-up with Kula is the focus.