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Drill rig for Misima Island

Staff Reporter | 6:25 PM | |
WCB Resources Ltd says the barge carrying the drill rig, support equipment and additional supplies is on its way to Milne Bay.
The barge left Lae on Tuesday and is expected to take five days to travel to the previously announced Misima porphyry drill programme.
The firm added drilling was expected to commence approximately seven days after the arrival of the drill rig on the island.
The mine ceased open pit production in 2001 and closed in 2004.
Originally identified in the mid-1960s via a regional stream sediment sampling programme, early drill testing in 1969 defined a modest 0.1% to 0.2% copper porphyry.
Interpretation at the time suggested that higher grade mineralisation could be located.
Next, the exploration focus shifted to the large area of gold mineralisation on the western side of the porphyry.
WCB Resources is a minerals exploration and development company that brings together a strong, interdisciplinary and proven management team with the ability to take a project from discovery right through to operation.
It has commenced an exploration programme on the Misima prophyry to identify mineralised extensions to the former mine and to further define the potential resource at the historic Quartz Mountain area.
In its newsletter, The PNG Chamber of Mines and Petroleum noted that WCB can obtain up to 70% equity from Pan Pacific Copper by spending A$9 million (K21.08 million) within a staged time-frame subject to standard regulatory approvals.