White Rock Minerals commenced its on-ground exploration activities in late May and have just released a fulsome update on all the activities they have been doing at their Red Mountain project in Alaska to date, as the company searches for more high-grade silver – zinc – lead – gold VMS as well as gold IRGS deposits.
This project, covering some 836km2, has had upwards of ten geologists looking for their next discovery, as well as the geophysicists, and the running of between two and three diamond drills.
The company invites you to read its update, and then listen to the podcast interview White Rock Mineral’s CEO Matt Gill did to put some colour around the company’s latest Update Release to the market.
In the podcast, Matt Gill tells that the company has now reached the halfway point in its 2021 field season at the Red Mountain project in Alaska. He says two remote camps with more than 40 personnel have been established at the project site in the prolific Tintina gold province where the company is exploring for intrusion-related gold system (IRGS) mineralisation and high-grade silver-zinc-gold-lead volcanogenic massive sulphide (VMS) deposits. Gill also discusses the company’s enterprise value and longer-term strategy for its portfolio of assets.
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.