WCB Resources Provides Update on Diamond Drilling at Misima Porphyry Copper Prospect, PNG - Seite 4

Originally identified in the mid 1960's through a regional stream sediment sampling program, early drill testing in 1969 defined a modest 0.1% to 0.2% Cu porphyry at surface. Interpretation at the time suggested that higher grade mineralisation could be located at depth. The exploration focus subsequently shifted to the large area of gold mineralisation on the western side of the porphyry. Exploration drilling then defined the Umuna gold resource, from which an estimated 4.0Moz of gold and 20Moz of silver were recovered up until its closure by Misima Mines in 2004.

Regional exploration commenced in late 2011 which accurately defined a high order copper-gold soils anomaly extending over an area of 1,000m by 900m over the area of outcropping porphyry mineralisation. Mapping and channel sampling further refined the outcropping porphyry alteration and mineralisation enabling a higher degree of understanding with respect to the erosive level of the system. This data suggest the current exposure is in the outer or peripheral zone. Magnetic survey data aided in the proposed drill targeting.

WCB subsequently acquired the extensive Misima Mines Database in late 2012 which included over 20 years of exploration drilling, development activity and mining data. Acquisition of the Misima Mines database enabled the definition of the system with numerous halo style drill holes and broad areas of modest copper in the blast hole data associated with material mined from the Umuna gold resource. This data suggest the current outcrop exposure level is in the outer or peripheral zone of a porphyry copper-gold system.

Synopsis of this data suggest that WCB has defined a zone with a footprint in more than 1 million tonnes per vertical metre with an average grade of 0.37 g/t Au, 866ppm Cu and 3.1 g/t Ag (based on all data including Misima Mines' channel sampling and blast holes, as well as WCB's channel sampling).

Importantly, higher economic copper and gold grades are returned when magnetite alteration is observed. Magnetic data suggest that the large high-order magnetic anomaly does not reach surface and has not been previously drill tested. This is further supported by previous exploration drill holes which returned "halo-style" intersections over an area of 1,500m by 1,000m. Halo drill holes have been critical in several recent significant discoveries.