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White Cliff Minerals heads to market

Last updated: 15:07 11 Mar 2014 AEDT, First published: 16:07 11 Mar 2014 AEDT

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White Cliff Minerals’ (ASX: WCN) shares are in pre-open after it was granted an ASX trading halt pending an announcement on a capital raising.

The halt will last until the earlier of the announcement being made or the start of trade on Thursday, 13 March 2014.

It had in February finalised its 2014 exploration program to test the potential depth and strike extent of the new copper and gold discovery at its Chanach project in Kyrgyz Republic.

The drilling of 3,000 metres to 5,000 metres of reverse circulation drilling and 2,000 metres of trench channel sampling will test along strike from, and beneath of the 2013 high grade trenching results White Cliff encountered in 2013 including: 7 metres at 3.83% copper and 30.1 g/t gold and 10 metres at 1.73% copper.

This also included a very interesting 9 metres at 6.03 g/t gold result.

Major deposits are located within 100 kilometres of Chanach that contain up to 93 million ounces of gold and 25 million tonnes of copper; regionally there are significant discoveries. 

So there is significant promise for the project to host multiple large scale copper-gold resources given 2013 results.

So drilling is slated to commence in July in a fascinating high grade copper gold play.  Which is all strong fodder and upside for White Cliff given it is capped at just circa $2.1 million.

 

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