Issued and Outstanding: 28,029,342
VANCOUVER, Jan. 27, 2012 /CNW/ - WPC Resources Inc. (the "Company") is pleased to announce the discovery of a very large porphyry-style copper system at its 100% owned ZPG Project in Lander County, Nevada. The project is located about 30 kilometers from the town of Battle Mountain and 12 kilometers southwest of Newmont's Phoenix Mine, a large open pit Cu-Au project.
At the ZPG property, the Company is testing a copper target buried under 100 metres to 200 metres of post-mineral sediments. The target is defined by a coincident circular aeromagnetic feature and a strong IP chargeability high, together defining a target area of about 4.4 kilometres by 1.8 kilometres.
The first drill hole, ZPG11-1, was recently completed to a depth of 731.5 metres (2400 ft). It was designed to test the northern edge of the chargeability high and the top of the magnetic anomaly. Significantly, this hole intersected an extensive thickness of porphyry-style altered sedimentary rocks beginning at 239.3 metres and continuing to the bottom of the hole at 731.5 metres, it penetrated 492.2 metres of strong hornfels alteration with pyrite and chalcopyrite throughout. Additionally, this entire interval carried strong copper values averaging 688 ppm copper (0.069% Cu) over the same 492.2 metres. The best result was from 664.5 to 672.1 metres, which assayed 0.31% copper and 6.2 g/t silver over 7.6 metres. The last 67.0 metres of the hole, from 664.5 metres to 731.5 metres averaged 1131 ppm copper (0.113% Cu). High copper values persist through the altered zone, with very few values of less than 400 ppm copper. Silver values are prevalent throughout the hole as well with values up to 10.2 g/t. Strong zinc mineralization occurs from 239.3 to 277.4 metres and averages 0.12% zinc over 38.1 metres.
These features indicate the presence of a very large copper porphyry system, the remainder of which is as yet untested. The next drill program, which is slated to start in late February, will focus on the center of the IP and magnetic anomalies to search for a possible porphyry source of the alteration.
A summary of significant intersections within hole ZPG11-1 are shown in the table below:
Table 1 - ZPG11-1 Significant Intersections
|From (m)||To (m)||Length (m)||Ag (g/t)||Cu (%)||Zn (%)|
Al Fabbro, President of the Company, says: "We are really excited with the results from our very first drill hole. We set a limit of 2400 feet on this hole and, while we believed in the geophysics, we did not expect such strong and continuous copper mineralization on the edge of the system, proof that the exploration concept is valid. The second hole, slated to start in late February, was always thought to be in the heart of the system. The strong silver and zinc presence was a complete surprise. It is exciting and we look forward to Hole #2 confirming the discovery of this very large Copper/Silver/Zinc porphyry system. We had anticipated starting our program at our Toiyabe Pediment Property in March, but given our early success at ZPG, our Board has decided to concentrate our efforts, and finances, on the ZPG property and delay the Toiyabe program to a later date. We feel it is important to concentrate our efforts on expanding our early success at ZPG. Finding a large mineralized system in a belt with so many large, producing mines, the most notable being Newmont's Phoenix Mine to our immediate north, is extremely encouraging and bodes well for the Company's future."
Analyses were performed by SGS Mineral Services. The samples were picked up from the drill by the laboratory and delivered to their prep facility in Elko, Nevada. Sample pulps were sent from the Elko lab to SGS Mineral Services facility in Vancouver, BC, for final analysis; the Vancouver lab is an ISO 9001:2008 accredited facility. WPC's internal QA/QC program involved the submission of either a blank, a duplicate, or one of two Au-Cu analytical standards every 30.5 metres (100 feet). Examination of the QA/QC data does not indicate any irregularities in the analytical results.
This news release has been reviewed and approved by Wesley Raven, P.Geo. who is the qualified person for the project as defined under NI 43-101.
About WPC Resources Inc.
WPC Resources Inc is a Vancouver, British Columbia based exploration and development company.
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This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Allan Fabbro, President
Telephone: (604) 351-8850