PERTH (miningweekly.com) – Copper/gold miner Sandfire Resources on Monday reported that it would invest A$5.9-million into TSX-V-listed WCB Resources, providing the Australia-based company exposure to a potential tier-1 porphyry copper/gold exploration opportunity in the form of the Misima project, in Papua New Guinea.
Sandfire director John Evans said the Misima project was an exceptional exploration opportunity for the discovery of a major porphyry copper/gold deposit, in a location with a strong history of mining and development.
“Opportunities of this nature are very rare and Sandfire is pleased to be able to participate in such a wonderful opportunity for shareholders,” he said.
Proceeds from the private placement would be used to progress exploration at Misima.
WCB was earning a 70% interest in the project through a joint venture with Pan Pacific Copper, which is jointly owned by JX Nippon Mining & Metals Corporation and Mitsui Mining & Smelting Company.
The project is located within the porphyry belt which contains four of the world’s richest primary grade copper and gold porphyries including Grasberk, Ok Tedi and Golpu.