Another great milestone for White Rock Minerals (ASX:WRM, OTCQX:WRMCF) – a second drill rig has been added to our 2021 Red Mountain exploration program in Alaska; in our previous three seasons, we ran just the one drill rig.
This second drill rig will be testing never before drilled silver-rich zinc gold lead volcanogenic massive sulphide (VMS) targets identified throughout the Red Mountain VMS and Last Chance VMS target areas within the greater 800km2 Red Mountain Project area. Approximately 3,600 metres of drilling is planned to test these new VMS targets.
These drill targets were identified from White Rock’s own work using geophysics, geochem, mapping and sampling.
All-up, White Rock will be running three drill rigs this summer, on three genuine exploration targets in their own right, and hope to achieve some 10,000m of drilling during this 2021 exploration field season.
The company is looking forward to some great results.
About White Rock Minerals (ASX: WRM, OTCQX:WRMCF)
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 798km2, 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.