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White Rock Minerals to detail Sandfire JV at Proactive’s CEO Sessions

A fully funded exploration program is underway at the Red Mountain Zinc-Silver-Lead-Gold Project.

White Rock Minerals Ltd - White Rock Minerals to detits Sandfire JV at Proactive’s CEO Sessions
Sandfire can earn up to 51% in the Red Mountain Project by spending $20 million

White Rock Minerals Ltd (ASX:WRM) has two core projects, its Red Mountain Zinc-Silver-Lead-Gold Project in Alaska, and its Mt Carrington Gold-Silver Project in NSW.

The Red Mountain high-grade zinc and precious metals project is the focus for the company more recently with a fully funded exploration program underway.

In March 2019, White Rock signed an earn-in and joint venture option agreement to allow Sandfire Resources NL (ASX:SFR) to farm into its Red Mountain Project.

$8 million 2019 exploration program

The 2019 joint venture exploration program at Red Mountain has a budget of $8 million with plans for diamond drilling, an electromagnetic (EM) survey, field world, and downhole EM.

During the June quarter a 3,000 line kilometre airborne EM survey was flown over the core area of Red Mountain measuring 500 square kilometres.

Processing of this data aims to identify potential volcanogenic massive sulphide (VMS) conductor targets.

This survey and other pre-drilling exploration will be used to generate drill targets for the diamond drilling program underway.

Project already hosts two high-grade deposits

The Red Mountain Project already hosts two high-grade deposits with a JORC resource of 9.1 million tonnes grading 12.9% zinc equivalent for 1.1 million tonnes of contained zinc.

Given the project already hosts these two deposits, this increases the confidence in the drill program’s potential to make a significant discovery that can be economically developed into a mine.

Advanced Mt Carrington project benefits from high gold, silver prices

Mt Carrington is a 100% owned advanced gold-silver epithermal project which had a pre-feasibility study (PFS) completed on it in 2017.

The project hosts a JORC resource of 341,000 ounces of gold and 23 million ounces of silver.

The PFS considered a staged development with stage one focused on gold targeting the JORC Ore Reserve of 3.47 million tonnes grading 1.4 g/t gold for 159,000 ounces.

Stage one forecast producing 148,000 ounces of gold over 4.5 years with capex totalling $35.7 million and an estimated all-in sustaining cost (AISC) of A$1,236 per ounce.

The $AUD gold price is trading at all-time highs this month and is roughly 30% higher than late 2017, when the PFS was completed, making a future mining operation at Mt Carrington more attractive.

 

 

Other companies presenting at the Sydney and Melbourne events are Meteoric Resources NL (ASX:MEI), Minotaur Exploration Ltd (ASX:MEP), and Golden Deeps Ltd (ASX:GED).

 

Register for the CEO Sessions today

Sydney details, Monday, August 26, 2019

Melbourne details, Tuesday, August 27, 2019

Quick facts: White Rock Minerals Ltd

Price: 0.005 AUD

ASX:WRM
Market: ASX
Market Cap: $8.18 m
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