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White Rock Minerals Ltd

White Rock Minerals drills width and grade in latest gold-silver assays

A definitive feasibility study is underway at Mt Carrington.

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Matt Gill, managing director, recently presenting to investors

White Rock Minerals (ASX:WRM) has delivered both width and grade from its Mt Carrington Gold-Silver Project in northern New South Wales.

Drilling was completed at the Lady Hampden deposit to obtain metallurgical samples for the test work program currently underway.

Results include: 11 metres at 4.21 g/t gold and 86 g/t silver from 58 metres; and 19 metres at 1.5 g/t gold and 255 g/t silver from 119 metres.

Matt Gill, managing director, commented: “These drill results continue to support our confidence in the gold and silver resource at Mt Carrington.

“We hope to be in a position to release a Probable Reserve Statement to JORC 2012 standard during the 3rd quarter of this year.”


Metallurgical work

Drilling was completed at the Lady Hampden deposit to obtain additional fresh rock samples required to complete the metallurgical test work program currently underway.

The program is testing each of the main deposits at Mt Carrington: Lady Hampden (silver and gold), Strauss (gold), Kylo (gold) and White Rock (silver).

Assay results were in line with expectations, supporting the wide zones of mineralisation known to exist in this deposit.

The metallurgical test work is part of the definitive feasibility study (DFS) currently underway.


DFS update

The definitive feasibility study work commenced in January this year utilising the expertise of six consultancies and is progressing well.

Detailed geological modelling is ongoing, as is the necessary geotechnical, mining, metallurgical, engineering and water management components.

In parallel, the company is progressing the key environmental studies necessary at this early stage to inform the mine plan.


Background

White Rock has two company making assets, being Red Mountain in Alaska and Mt Carrington in New South Wales.

Mt Carrington has a gold-silver JORC resource on granted mining leases and a definitive feasibility study is underway.

Its shallow resources total 338,000 ounces of gold and 23.4 million ounces of silver.

The estimated initial 7-year mine life will provide a 10 month payback and generate over $100 million in free cash flow.

It also has the potential for high grade gold-silver at depth and for copper porphyry mineralisation.

Red Mountain recently revealed a resource of 678,000 tonnes of zinc, 286,000 tonnes of lead, 53.5 million ounces of silver and 352,000 ounces of gold.

It exhibits significant exploration potential in an under-explored yet mining-friendly district.


Analysis

White Rock continues to get closer to unlocking the low cost gold-silver start-up opportunity that is Mt Carrington.

With key terms for a conditional fully funded construction financing package in place, each progressive step in the DFS unlocks further value for the company.

The funding proposal will directly provide for construction and commissioning through to commercial production, subject to the successful delivery of the DFS.

Quick facts: White Rock Minerals Ltd

Price: $0.01

Market: ASX
Market Cap: $13.09 m
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