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12/16/14

Even at the bottom of a market the junior mining bullshit never stops

This morning an outfit called WCB Resources (WCB.v) gave us a screaming headline about its PNG exploration project that went "WCB Resources Intersects 48m @ 4.09 g/t Au, 15.82 g/t Ag and 0.22% Cu from Drill Hole GDD002 at the Misima Porphyry Copper Prospect, PNG" and then went on to tell us...
GDD002 intersects 48m @ 4.09 g/t Au, 15.82 g/t Ag and 0.22% Cu from 38 m, including: 4m @ 47.6 g/t Au, 90.55 g/t Ag and 0.57% Cu from 60 m. -- This mineralisation is predominantly hosted in skarn and can be correlated on section to previously reported high-value surface channel samples approx. 250m to the south-west. -- Three broad zones of highly elevated copper with associated gold and silver geochemistry returned in assays for the top 228m of this hole, which was completed to 768m. Assays are awaited for the rest of the hole. -- The significant intersection in GDD002, in combination with GDD001, provides further evidence of a large, strongly mineralised porphyry system at Misima. -- The new results have helped define a structural corridor within which upper level propylitic or halo alteration and associated porphyry mineralisation occurs, suggesting that this is the priority target area for further deep diamond drilling. -- Scout diamond hole GDD003, located 500m to the south-east from GDD0002, is currently at a depth of 631m.
Impressed? You should be, that's an awful lot of very important geology words all squeezed into one passage. However, let's bypass all the worderation and get back to the numbers being reported because what this NR is announcing is nothing more nor less than a drill cut of 48m of four gram gold. So let's just run that thru the good old handy dandy Corebox/Brent Cook Interval Calculator and...


...oh, looks like a 4m hit with a pathetic halo around it that's being smeared out to make it sound far more interesting than it is. Now, why didn't the junior exploration stage mining company with very little cash in the till and a continually dropping share price that nobody's interested in buying tell us that little part? Wow, beats me...

UPDATE: Best feedback received so far is from reader M: "Why didn't they go for 160m at 1g/t, amateurs!"