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WCB Resources Ltd.
Summary
| Project: | Misima | |
|---|---|---|
| Deposit: | Misima | |
| Location: | Papua New Guinea | |
| Commodities: | Gold-Silver | |
| Date: | 9/8/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-9-2017: WCB Resources Ltd. announces a Resource Estimation report for its Misima deposit at the Misima project. Review and restatement of mineral resources at the Misima property. This Technical Report on the Misima Island Gold Project (the Property), h | |
| Resources: | (Resource, Ind.): 39.6Mt @ 1.0g/t Au, 5.1g/t Ag for 1.3Moz Au, 6.5Moz Ag contained | |
| CP/QP: | [Resources]: Scott Mcmanus (Skandus Pty Ltd.) | |
| ABSTRACT: | This Technical Report on the Misima Island Gold Project (the Property), has been prepared by Skandus Pty Ltd of Port Macquarie, Australia on behalf of WCB Resources Limited (WCB or the Company) of Vancouver, Canada. The Property is located on Misima Island within Milne Bay Province of Papua New Guinea (PNG) and about 625 km east of Port Moresby, the capital of PNG, The report has been prepared in accordance with the requirements of National Instrument 43-101 (NI 43-101), “Standards of Disclosure for Mineral Projects”, of the Canadian Securities Administrators (CSA) for lodgment on CSA’s “System for Electronic Document Analysis and Retrieval” (SEDAR). It discloses the results of a review and restatement of the Mineral Resources, exploration work carried out by WCB, and recommends an exploration program to be completed by WCB. 1.2 History, location, and ownership Misima Island is part of the Louisiade Archipelago within Milne Bay Province of PNG. It is situated in the Solomon Sea about 625 km east of Port Moresby, the capital of PNG. Alluvial gold was discovered on Misima Island in 1888 and about 100,000 ounces was produced from alluvial workings before the source of the gold was traced to the headwaters of Cooktown Creek in 1904. Mining of the underground vein gold began in l9l5 and continued at the rate of around 100 tons a day until early 1942 when the approaching Japanese forces caused the evacuation of the island. Total production from the underground workings from 1888 to 1942 is estimated to have been approximately 236,000 ounces. Attempts after the war to re-commence mining were unsuccessful, largely because of extensive collapse in the underground workings. From 1959 to 1972 at least 5 companies explored the area without locating economic ore reserves. Placer (PNG) Pty Ltd commenced systematic exploration around the old workings in 1977 and by 1987 had established an “ore reserve” of 56 Mt @ 1.4 g/t Au and 21 g/t Ag at a cut-off grade of 0.7 g/t Au equivalent (Lewis & Wilson, 1990). A mining development agreement was concluded between Placer subsidiary Misima Mines Pty Ltd (MMPL) and the Government of PNG in December 1987 and open pit mining commenced in January 1988. This mine ceased open pit production in 2001 and closed in 2004 after producing 3.7 Moz of gold and 22.2 Moz of silver. Approximately 86 Mt was mined from 1989 to 2004 at an average grade of 1.46 g/t Au and 15.6 g/t Ag. Metallurgical recoveries for gold averaged 91.5% and for silver 43.9%, over the life of the mine. | |
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