White Rock Minerals (ASX:WRM) reports on tenement expansion over new VMS prospects with evidence of high-grade massive sulphide mineralisation at Red Mountain, Alaska

White Rock has secured additional tenements over historic VMS prospects and an emerging trend of new VMS targets at its 100% owned Red Mountain Project, Alaska.

Surface reconnaissance has identified multiple prospect areas, some with high grade massive sulphide rock float that is dominantly sphalerite (zinc sulphide), galena (lead sulphide), chalcopyrite (copper sulphide) and pyrite (iron sulphide).

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Photos: Samples of massive sulphide float from the emerging Keevy VMS Trend

Field work is progressing with detailed mapping, surface geochemical sampling and ground geophysics underway to assist in targeting drill holes that will test a number of these new prospects in the coming weeks.

White Rock Minerals is pleased to announce the expansion of its district-scale tenement package at its 100% owned Red Mountain Project (Figure 1). The Company has moved to secure additional contiguous tenements to the north that cover the Galleon Prospect that was previously held by competitors and additional contiguous tenements to the south that cover the newly identified Keevy VMS Trend. An additional 58 mining claims covering 38km² (15 square miles) have been staked. White Rock’s Red Mountain project now comprises 1,327 mining claims over 836km² (323 square miles).

Initial field work focused on follow-up of areas with anomalous stream geochemistry and reconnaissance mapping of conductivity targets identified from the airborne SkyTEM survey acquired in 2019. Prior to the commencement of the 2021 field season White Rock completed a detailed systematic assessment of this SkyTEM survey to identify subtle conductivity anomalies with similar characteristics to the known VMS mineralisation at Dry Creek and WTF. Dry Creek and WTF already deliver an Inferred Mineral Resource1 of 9.1 million tonnes @ 157g/t silver, 5.8% zinc, 2.6% lead and 0.9g/t gold for a grade of 609g/t AgEq2, alternatively for a grade of 13.2% ZnEq3.

A total of 90 VMS targets east of the Wood River were identified (Figure 2).

Prospect reconnaissance teams are now focused on the newly defined Keevy VMS Trend where a number of VMS “time horizon” indicators have been identified at multiple prospects. Key indicators of VMS potential at each prospect are summarised as follows:

• Yeti – black barite with elevated silver and strong base metal soil anomalism;
• Kiwi – massive sulphide float and elevated base metal soil anomalism;
• Yogi – minor chert and strong base metal soil anomalism;
• Jack Frost – massive sulphide float and strong base metal soil anomalism;
• Easy Ivan – strong base metal soil anomalism; and
• Lowrider – strong base metal soil anomalism.

Field activities have now moved to more detailed geologic mapping, systematic surface geochemical sampling and ground electrical geophysics surveys to assist in identifying and prioritising targets for drill testing. The first drill sites at Easy Ivan and Jack Frost are currently being prepared.

White Rock is exploring the Red Mountain Project area for additional VMS deposits that will complement the two existing silver-rich high-grade zinc deposits at Dry Creek and WTF with an Inferred Mineral Resource1 of 9.1 million tonnes @ 157g/t silver, 5.8% zinc, 2.6% lead and 0.9g/t gold for a grade of 609g/t AgEq2, alternatively for a grade of 13.2% ZnEq3.

Figure 1: White Rock’s expanded strategic tenement package (previous existing claim outline in black and newly staked claim outline in blue) with the location of known VMS prospects over the regional geology map (after Dusel- Bacon et al., 2012).

Figure 2: Red Mountain Project showing the 90 airborne EM conductivity targets (brown polygons), pXRF soil samples >1,000ppm lead (pink squares) and the newly identified Keevy VMS Trend, with new prospect areas (red stars) that are the current focus of on ground field activities and upcoming drilling. Elevated lead in soils is used to distinguish potential VMS horizons from widespread elevated zinc associated with carbonaceous shale host rocks.

About White Rock Minerals (ASX: WRM)

White Rock Minerals Ltd is an Australian minerals exploration and development company with activities focussed on two projects: Red Mountain and Mt Carrington.

The 100% owned Red Mountain Project, covering 836km2, is located in central Alaska. The Company is exploring for Intrusion Related Gold System (IRGS) mineralisation and high-grade silver-rich zinc volcanogenic massive sulphide (VMS) deposits.

There are already two high-grade zinc-silver rich deposits with an Inferred Mineral Resource of 9.1 million tonnes @ 157g/t silver, 5.8% zinc and 0.9g/t gold (13.2% ZnEq) (609g/t AgEq).

Mt Carrington is a 100% owned advanced gold-silver project located in northern NSW, Australia. A 2020 Pre-Feasibility Study (PFS) Update into the “Gold First” development stage declared an overall Mineral Resource of 352,000 ounces gold. There is also a Silver Mineral Resource estimate totalling 23M ounces. The PFS financial metrics for this project are robust, especially in this strong gold price environment. Using a conservative A$2,300 per ounce, the 2020 Gold First PFS financial metrics demonstrate a capital payback of just 14 months, an IRR greater than 80%, and with free cash flow generated from the gold over its first 5 years of greater than A$120M.

White Rock is also in the process of acquiring a Victorian gold explorer and producer called AuStar Gold. This asset commands a 670km2 under-explored but highly prospective gold tenement package, south-east of Fosterville, and with two mining licences, a small high-grade underground gold mine (Morning Star) and a gold processing plant. The Morning Star mine historically produced >800,000 ounces of gold at >26 g/t. The acquisition of AuStar offers a great entry point into the resurging Victorian gold scene, with significant exploration opportunities both in-mine and regionally.

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