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WCB Resources Ltd, through its wholly owned subsidiary WCB Pacific Pty Ltd, has entered into an agreement with Pan Pacific Copper (“PPC”) covering EL1747 located on Misima Island, Papua New Guinea.
Pan Pacific Copper is the owner of Gallipoli Exploration (PNG) Ltd ("Gallipoli") which is the owner of granted EL 1747 "Misima". PPC is owned by JX Nippon Mining and Metals (66%) and Mitsui Mining and Smelting (34%). PPC is a global mining, smelting, refining and international copper producer, currently developing the Caserones Copper Project in Chile.
Under the terms and conditions of the Agreement, WCB can obtain up to a 70% interest in EL1747 Misima by spending a total of AUD$9.0M within a staged timeframe.
WCB has obtained the first 30% interest in Gallipoli for AUD$1.0M.
WCB can also obtain a further 40% interest in Gallipoli as follows:
- a further 19% interest (for a total interest of 49%) by expending a further AUD$3.0M within a staged timeframe; and
- a further and final 21% interest (for a total interest of 70%) by expending a further AUD$5.0M within the final timeframe.
The parties will enter into a joint venture with fairly standard JV terms. PPC retain the right to an offtake agreement for all mineral production within EL1747 based on prevailing metal prices and a commercial terms basis.
From a geological and mineral deposits perspective, EL 1747 Misima is located in the same terrain and geological region that includes the deposits of Grasberg, Ok Tedi, Hidden Valley, Wafi-Golpu, Lihir, Simberi and Panguna as well as significant projects such as Tolukuma, Kainantu and Woodlark Island. Importantly Misima Island has previously demonstrated mineral deposit pedigree through the past production of 4.0M ounces of gold and 20M ounces of silver from various operations but most recently the Misima Mine owned by Placer Dome Asia Pacific. This mine commenced commercial operation in 1989. Open pit mining ceased in 2001 and the operation closed in 2004 following the processing of an estimated 86Mt of material at and average grade of 1.46 g/t Au and 15 g/t Ag. The entire site has been revegetated and rehabilitated to an exemplary level.
EL1747 Misima consists of 53 sub blocks covering an area of 180km2. The Misima Project consists of three (3) significant prospects. These include the
Misima Porphyry – TIER 1 target. Geological criteria (soils, halo drill holes, magnetics, veining and alteration, channel samples) validate concept. Importantly the scale of system equivalent to many large Cu Au porphyry deposits. High precious metal (Au Ag) credits. Average surface grade 0.37 g/t Au 866ppm Cu, 3.1 g/t Ag over surface area ~ 700Kt per vert. metre. Interpreted central high grade zone currently being drill tested.
Umuna Zone (1.57 Mozs Au 8.5 Mozs Ag) – defined extensions of historic open pit Au Ag mineralisation that produced 4M oz’s Au and 20M oz’s Ag. Resource based on $1,100 Au price and optimisation profile of +150,000ozs Au pa. Depth extensions, strike extensions to the north and south including splays identified. Ongoing work suggests significant exploration upside.
Quartz Mountain Au Ag Mo (± Cu) Prospect – Large upper porphyry level system with 3 small open pits associated with base metal rich hydrothermal breccias. Large coincident Mo Au soil anomalies, historic channel results, drill data, in combination with recent magnetic high anomalies support the prospectivity of this system. Disseminated Cu identified in intrusives.
In additional to these three major prospects there are also numerous regional prospects that require further assessment.