VANCOUVER, BRITISH COLUMBIA--(Marketwire - 16 October 2012) - WCB Resources Ltd.("JCB" or the "Company") (TSX VENTURE:JCB) reports that sampling of crushed rock (i) in the target porphyry area yielded significant results for copper, gold and silver grades. Porphyry veins and lesions were identified and sampled, including multipath stacking and skarn. In particular, high order results were returned from samples with associated magnetite alteration. JFC has previously reported that a large magnetic anomaly coincided with an equally significant copper and gold bottom anomaly in the target area where these samples were collected (see publication of 23 September 2012). In addition to these magnetite alteration results, high-grade gold and silver results were obtained in veins of sericitic pyrite.
Systematic exploration continues to advance the Misima project with the recent designation of storage zones for porphyrite and magnetite-related skarn. These zones are visible in the tracks covering the main porphyry target area. Ongoing mapping will continue to determine the distribution of this mineralization.
Results from samples containing magnetite include:
- Copper - values range from 0.16% to 10.05%, typically associated with secondary copper oxides
- Gold - values range from 0.19 g/t to 3.01 g/t
- Silver - values range from 4.7 g/t to 277 g/t
In addition to the magnetite-dominated lesion, samples have been identified that contain well-developed sericite-pyrite veins. The results of this style of veining typically have a strong correlation between lead and zinc and have made a comeback:
- Gold - values range from 1.17 g/t to 86.9 g/t
- Silver - values range from 0.6 g/t to 131 g/t
Cameron Switzer, President and CEO, said: “These are very welcome results. As we progress through each systematic phase of our exploration, the results continue to exceed our expectations. Our team has now identified classic CuAu porphyry mineralization in the interpreted porphyry target region, which contains a large 1100 by 900 meter magnetic anomaly. Importantly, our results now highlight the significantly elevated precious metal values associated with this type of mineralization. We will continue our current channel mapping and sampling work program to define our well locations, and we will continue to enhance other exciting target areas including Quartz Mountain, Boiou and the recently identified Grants Prospect Areas."
Quality assurance/Quality control
Project Misima research is overseen by Cameron Switzer, President and CEO, who is a Qualified Person with NI number 43-101. All geochemical information on the company's projects is obtained and reported through a quality assurance and control (QA/QC) program that includes the use of standard operating practices and the use of certified geochemical standards. Crushed rock samples are collected under the supervision of industrial geologists in accordance with standard industry practice. Samples are sent by commercial transport to an accredited laboratory in Brisbane, Australia for analysis. Results are routinely checked by a suitably qualified geologist to ensure laboratory performance meets the required standards.
Sample locations are recorded by GPS units in the GDA94 Z56.
Rock samples were tested for 35 elements using the ME-ICP41 method by ALS Minerals Brisbane or for the presence of 33 elements using the ME-ICP61 method and for the presence of gold using the Au-AA25 method. ME-ICP41 is a partial etch using aqua regia and ICP-AES, and ME-ICP61 is an "almost complete" etch using acid 4 and ICP-AES. Au-AA25 is used to detect ore grades from 0.01 to 100 g/t gold on a nominal 30-gram sample using the AAS combustion test.
(i) Crushed rock samples are inherently only indices of metal tenor and are unlikely to represent average deposit quality.
Mr. Cameron Switzer, BSc (Hons), MAIG (3384), MAUSIMM (112798), President and Chief Executive Officer of WCB Resources, is a Qualified Person as defined by National Instrument 43-101. He is responsible for quality control of investigative work carried out by the WRC. Sir. Switzer has reviewed and approved the technical information contained in this press release.
Grant of options
The Company also reports that it has granted 400,000 stock options to certain directors, officers and advisors of the Company. 200,000 options have a strike price of $0.60, while the remaining 200,000 have a strike price of $0.45. All options are available until October 16, 2017.
Over EL1747
From a geological and mineral perspective, EL1747 is located in the same terrain and geological region that includes the Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna deposits, as well as key projects such as Tolukuma, Kainantu and Houtleeuwerik Island. Misima Island has previously demonstrated a line of mineral deposits by extracting 4.0 million ounces of gold and 20 million ounces of silver from various operations, but more recently the Misima Mine owned by Placer Dome Asia Pacific. This mine ceased open pit production in 2001 and closed in 2004.
EL1747 Misima consists of 53 sub-blocks covering an area of 180 km2. The exploration permit was targeted due to the presence of a significant anomaly of high copper flow sediments in many basins which have received limited close observation. In addition, additional high-order anomalies have been identified in gold and zinc, which require detailed follow-up.
WCB is expected to acquire a 70% stake in EL1747 Misima and spend a total of A$9.0 million over 4 years.
Further details of this announcement and further technical information on Misima Island and EL1747 can be found atwww.wcbresources.com/news-releases/.
Information on WRC resources
WCB is an aggressive mineral exploration and mining company with a strong, multidisciplinary and proven management team capable of leading a project from discovery to completion.
WCB's strategy is to build shareholder value through the acquisition, exploration and development of copper and gold projects. This strategy was developed by bringing together WCB's core competencies in project appraisal, structured acquisitions, project exploration and development and operations, areas in which WCB directors and officers have significant experience.
We believe that our skills and experience combined with an efficient company structure offer investors great potential. JRC is constantly seeking and evaluating additional copper-gold projects in the Asia-Pacific region.
On behalf of the board
Cameron Switzer, President and CEO
Forward-Looking Statements: This press release contains certain statements that may be considered "forward-looking statements." All statements in this press release other than statements of historical fact, including, but not limited to, statements regarding mineralization potential, mineral resource estimates, obtaining mineral resource estimates, interpretation of past exploration and potential exploration results, timing and success of exploration activities, timing and results of future resource estimates, permit dates, metal prices and exchange rates, capital availability, government regulation of exploration activities, environmental risk, recovery, title and future plans and objectives of the future company - statements that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future results, and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of significant factors and assumptions. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, failure to obtain necessary approvals related to the transaction, testing errors, changes in project parameters as plans are refined , performance of future resources, estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks related to operations in foreign jurisdictions, uninsured risks, regulatory changes, property failures, timely availability of personnel, materials and equipment, accidents or equipment, delays in obtaining public approvals, unexpected environmental impacts on operations and the costs of their removal, as well as other investigative risks or other risks described in this document and periodically in the documents that the companies submit to securities regulators. Mineral exploration and mine development is an inherently risky business. As a result, actual events may differ materially from those anticipated in the forward-looking statements. For more information about the company, investors should refer to the annual filings available atwww.sedar.com. Neither the TSX Venture Exchange nor its statutory service provider (as defined in the TSX Venture Exchange Rules) is responsible for the adequacy or accuracy of this information.
The company is committed to protecting its processes in the event of forward-looking statements. Actual results may differ materially from those described in the press release due to a number of factors, some of which are beyond the Company's control.
| scoreboard | |||||||||||
| A SAMPLE | AMGE94 | AMGN94 | Au- AA25 | Ag- ICP41 | If- ICP41 | Cu- ICP41 | Mo- ICP41 | Pb- ICP41 | Zn- ICP41 | Cu- OG46% | Ag- OG46 |
| 779101 | 476837 | 8824103 | 0,01 | 0,1 | 4 | 5 | 0,5 | 9 | 29 | ||
| 779102 | 476831 | 8823962 | 0,02 | 0,1 | 1 | 75 | 0,5 | 1 | 129 | ||
| 779103 | 476905 | 8823890 | 0,005 | 0,1 | 1 | 22 | 0,5 | 3 | 113 | ||
| 779104 | 477049 | 8823985 | 0,005 | 0,1 | 1 | 92 | 0,5 | 6 | 93 | ||
| 779105 | 477056 | 8824037 | 0,01 | 0,1 | 7 | 4 | 0,5 | 2 | 72 | ||
| 779106 | 476818 | 8823887 | 0,01 | 0,1 | 1 | 2 | 0,5 | 14 | 35 | ||
| 779107 | 477540 | 8822739 | 0,005 | 1.7 | 45 | 166 | 3 | 60 | 69 | ||
| 779108 | 477540 | 8822739 | 0,02 | 5 | 14 | 1660 | 1 | 18 | 539 | ||
| 779110 | 477572 | 8822915 | 0,61 | 9.3 | 245 | 124 | 0,5 | 245 | 532 | ||
| 779111 | 477655 | 8822898 | 1.5 | 100 | 72 | 10.000 | 13 | 45 | 46 | 10.05 | 217 |
| 779112 | 477690 | 8822880 | 0,12 | 2.7 | 184 | 1800 | 18 | 29 | 259 | ||
| 779113 | 479852 | 8819832 | 0,005 | 3 | 37 | 244 | 0,5 | 3 | 48 | ||
| 782701 | 479517 | 8821041 | 0,26 | 0,6 | 7 | 112 | 1 | 350 | 187 | ||
| 782702 | 479843 | 8821010 | 0,93 | 38,2 | 15 | 10.000 | 9 | 21 | 214 | 9.07 | |
| 782704 | 479542 | 8821781 | 86,9 | 79,6 | 191 | 4460 | 4 | 3530 | 1880 | ||
| 782705 | 479774 | 8821488 | 0,91 | 10.3 | 63 | 1600 | 1 | 3600 | 221 | ||
| 782706 | 478702 | 8822481 | 3.1 | 100 | 35 | 10.000 | 0,5 | 51 | 275 | 3,68 | 160 |
| 782707 | 478441 | 8822429 | 0,21 | 4.7 | 74 | 217 | 2 | 44 | 700 | ||
| 782708 | 478759 | 8821938 | 0,39 | 5.1 | 30 | 9700 | 2 | 12 | 2790 | ||
| 782709 | 476561 | 8824249 | 4.22 | 100 | 94 | 2160 | 12 | 8300 | 2000 | 131 | |
| 782710 | 478654 | 8822033 | 0,77 | 18.1 | 74 | 10.000 | 0,5 | 13 | 165 | 2,65 | |
| 779115 | 479151 | 8821649 | 0,02 | 0,3 | 26 | 1825 | 60 | 47 | 103 | ||
| 779116 | 479856 | 8821002 | 3.01 | 36,6 | 51 | 10.000 | 24 | 6 | 119 | 7,75 | |
| 779117 | 479829 | 8821091 | 0,09 | 1.3 | 80 | 1325 | 4 | 4 | 74 | ||
| 779118 | 479024 | 8822600 | 0,02 | 9.1 | 56 | 1030 | 26 | 8 | 11 | ||
| 779119 | 479337 | 8822770 | 0,005 | 0,6 | 2 | 783 | 10 | 1 | 3 | ||
| 779120 | 478731 | 8821961 | 0,01 | 2.3 | 5 | 3790 | 12 | 11 | 556 | ||
| 779121 | 478731 | 8821961 | 0,005 | 5.1 | 1 | 652 | 0,5 | 9 | 828 | ||
| 779122 | 478743 | 8821949 | 0,25 | 19.1 | 8 | 10.000 | 15 | 6 | 487 | 2.03 | |
| 779123 | 478758 | 8821948 | 0,01 | 13.1 | 2 | 1180 | 0,5 | 21 | 7050 | ||
| 779124 | 478765 | 8821938 | 0,03 | 4 | 46 | 10.000 | 12 | 9 | 4000 | 1,51 | |
| 779125 | 478769 | 8821932 | 0,19 | 70,3 | 277 | 7080 | 10 | 581 | 1230 | ||
| 779126 | 478780 | 8821924 | 0,05 | 7.9 | 8 | 1340 | 0,5 | 25 | 1200 | ||
| 779127 | 478757 | 8821934 | 0,05 | 5.1 | 10 | 380 | 1 | 326 | 785 | ||
| 779128 | 478765 | 8821929 | 0,01 | 2.9 | 4 | 205 | 1 | 731 | 689 | ||
| 779129 | 478802 | 8821922 | 0,07 | 2.8 | 10 | 1040 | 5 | 149 | 201 | ||
| 782711 | 479844 | 8821002 | 0,74 | 4 | 31 | 157 | 1 | 123 | 75 | ||
| 782712 | 480497 | 8820309 | 1.17 | 10.1 | 17 | 938 | 13 | 10.000 | 432 | ||
| 782713 | 479950 | 8822576 | 0,28 | 30 | 494 | 4780 | 12 | 329 | 2210 | ||
| 782714 | 479404 | 8822085 | 0,005 | 1.1 | 2 | 288 | 0,5 | 148 | 249 | ||
| 782715 | 479216 | 8822027 | 0,04 | 4.8 | 33 | 596 | 1 | 119 | 344 | ||
| 782716 | 477578 | 8818938 | 0,22 | 8.7 | 16 | 148 | 24 | 10.000 | 336 | ||
| 782717 | 477658 | 8818983 | 0,15 | 4.2 | 8 | 375 | 3 | 2270 | 3380 | ||
| 782718 | 477561 | 8818941 | 3,91 | 16.7 | 56 | 292 | 80 | 2390 | 1600 | ||
| 782719 | 477738 | 8819061 | 0,11 | 1.3 | 19 | 176 | 1 | 41 | 65 | ||
| 782721 | 477610 | 8818964 | 0,53 | 4.3 | 11 | 142 | 14 | 805 | 2450 | ||
Neither the TSX Venture Exchange nor its statutory service provider (as defined in the TSX Venture Exchange Rules) is responsible for the adequacy or accuracy of this information.