WCB Resources Ltd. said Aug. 10 that it completed an updated mineral resource estimate for the Umuna and Ewatinona prospects, which form part of its Misima Island gold project in Papua New Guinea.
The updated resource is supported by recent detailed mapping and channel sampling incorporating additional structural measurements and interpreted geological controls, with results being reported at a gold price of US$1,200 per ounce.
The project now hosts indicated resources of 1.3 million ounces of gold and 6.5 million ounces of silver within 39.6 million tonnes at 1.0 g/t of gold and 5.1 g/t of silver.
Inferred resources, meanwhile, total 1.0 million ounces of gold and 7.3 million ounces of silver within 33.1 million tonnes at 1.0 g/t of gold and 6.9 g/t of silver.
WCB stands to earn a 70% interest in Misima Island from Pan Pacific Copper Co. Ltd. by spending a total of A$9 million within a staged period, subject to regulatory approvals.