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MENAFN - ProactiveInvestors - Australia - 12/11/2012

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(MENAFN - ProactiveInvestors - Australia) WCP Resources (ASX: WCP) has attracted some investor attention with shares jumping 44% to an intra-day high of A0.088 today, up from a closing price of 0.061 on 2 November 2012.

The sudden increase has prompted the ASX to issue a price and volume query, with 2.9 million shares changing hands alone today.

WCP responded to the ASX saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

The company has been on an upwards share trajectory since mid-June when it was trading at a low of 0.04, marking 120% increase to today's high of 0.088.

WCP has been carrying out exploration at its Al Hariqah Gold Project, a prospective and potentially large scale gold project located in the Republic of Yemen, and the Yalgoo Gold Project, a prospective tenement located in the Yalgoo Mineral Field in Western Australia.

At Al Hariqah, mapping, soil/rock chip sampling and drilling have demonstrated that gold mineralisation occurs for a strike length of nearly 4 kilometres in a north-northwest trending zone which stretches up to 500 metres wide at the northern end.

About 160 drill holes, totalling over 17,000 metres, have been drilled to date at the project. Drilling has concentrated on the northern 1 kilometre of strike where numerous mineralised intercepts have been returned.

There is currently no resource for the Al Hariqah Project to date.

Drilling results indicate that gold mineralisation extends to at least 150 metres depth with several deep holes ending in mineralisation.

The southern 3 kilometre strike has only been subjected to sporadic drilling on the eastern side which did return gold mineralisation that warrants follow up drilling.

The deposit is open along strike to the south, across strike and at depth.

Meanwhile, the Yalgoo Project is located within 70 kilometres of the Mount Gibson gold mine, which has gold resources in excess of 559,000 ounces and produced 870,000 ounces of gold between 1986 and 1998.

The project is also located near the Golden Grove base-metal mine, Karara Magnetite Project and the Kirkalocka gold mine, which between 2002 and 2008 produced 294,000 ounces of gold.

Best selective rock chip assays from a sampling program completed in the September 2011 quarter included 9.36 grams per tonne (g/t) gold, 9.98g/t gold, 25.1g/t gold and 60.4g/t gold.

The results were returned from selective sampling of quartz veins hosted in Archean metamorphosed mafic intrusive rocks and from a north-south striking zone around 3 kilometres in length between the Kings Find and Nyngan historic workings.

During the September 2012 quarter WCP received detailed satellite imagery for the Yalgoo Project which will assist in planning a scout style drilling program to investigate the potential for narrow vein high grade gold style mineralisation.


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