Oct 30 2010
WCB Resources Ltd (WCB - TSX.V) announced that it has entered into an Option Agreement with Elephant Mines Pty Ltd whereby WCB can acquire up to 100% of Elephant's 100% owned interest in the Red Hill copper gold project in central New South Wales, Australia.
Central New South Wales was targeted for reappraisal as it is host to significant world class Cu - Au projects including the Cadia Complex (Newcrest Mining Ltd), the North Parkes Complex (Rio Tinto Ltd) and the Lake Cowal Complex (Barrick Gold Ltd). As well as these world class deposits there are numerous other deposits of Cu and Au all spatially related to fractionated magnetic complex's interpreted as intrusive systems. All of these systems have well developed magnetic signatures with associated geochemistry. Examples of these systems include the Browns Creek Cu Au skarn, the Lucky Draw Au skarn and the Burraga Cu skarn.
Historically the area has received a variety of previous exploration primarily targeting a VMS style of mineralisation. Field work however has interpreted the alteration at Red Hill to be more typical of intrusive related systems and in particular skarn type alteration/mineralisation. The significance of this is that this style of system has potential for well developed depth extensions and the geological targeting for this style mineralisation has different criteria which have not been previously tested.
A soil sampling program was immediately initiated which resulted in the collection of a total of 913 samples on a staggered grid pattern. Sampling procedure resulted in the collection of in excess of 200 grams of basal B/C horizon material which was sent for multi element analysis.
Analysis of the results indicate well developed coherent high order Cu and Au anomaly. The Cu/Au anomalism forms a central core (Cu to 1020ppm / Au to 5.61ppm) which is surrounded to the east by a high order Zn anomaly (Zn to 1790ppm) and Pb anomaly (up to 5420). Mo (up to 17ppm) and Bi (up to 67ppm) form a scattered pattern throughout the system.
The dimensions of the central Cu/Au anomaly are 300m by 150m with the Zn Pb anomalism forming a peripheral marginal enveloping zone over 1000m in strike and 200m wide. Importantly, the Cu Au anomalism is coincident with the largest magnetic high anomaly developed in the area.
Interpretation of this data clearly demonstrates the concept of the intrusive related zoned hydrothermal system with a central core region of Cu and Au surrounded by a peripheral zone of elevated Zn Pb Ag and minor Au.
Surface alteration of the steeply dipping volcanic sequence suggest alteration mineralogy typical of a skarn hydrothermal system. The surface spatial association of disseminated magnetite chlorite and minor garnet with secondary Cu support this concept. These systems may have significant depth extent.
This initial work confirms the high order Cu and Au anomaly. The Company's next steps will be to further understand the area's geology prior to testing the system's depth. Further work on this project prior to drill testing will include:
- magnetic depth and character modelling of the magnetic high; - detailed surface geological mapping to include the surface geomorphology; and - detailed previous history research focussed on previous drill results. About
Mr. Cameron Switzer, BSc (Hons), MAIG MAUSIMM, President and Chief Executive Officer of WCB Resources, is a qualified person as defined by National Instrument 43-101. He will be responsible for quality control of exploration undertaken by WCB. Mr. Switzer has reviewed and approved the technical information in this release.