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First African gold drilling for WCP

  WCP Resources is commencing exploration drilling on two East African gold projects acquired by the company in August this year.The company said this rapid transition from acquisition to drilling reflects its belief that the projects, located in a region of known world-class producing mines and major international operators, have the potential for multi-million ounce gold deposits. This view is supported by data reviewed with WCP’s new African partners. A 10-hole diamond drilling program at Busia in southeast Uganda is one of the highlights of WCP’s current program, targeting an initial shallow open pittable >500,000 ounce JORC-compliant gold resource and the definition of further targets along the 3.5km strike length. The company said its aim is to substantially increase the resource potential of the project with subsequent drilling. A new diamond drilling and auger sampling program at Agusha-Gumu Dunga in western Ethiopia is another highlight of the company’s current program, following up on previous work comprising 22 trenches with numerous occurrences of visible gold and rock chip samples. The previous program at Agusha-Gumu Dunga returned gold grades up to 31.8g/t and gold intercepts including 10m at 3.0g/t, 4m at 4.9g/t and 24.5m at 2.0g/t; however, no drilling has been undertaken on this prospect to date. Under the terms of the acquisition of these two projects, WCP is earning 75 percent of Indian Ocean Gold Limited, the owner of all the project interests.

28 Wednesday November 2007  0:13:26

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