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White Rock Minerals wastes no time in progressing extended Last Chance gold target

The company has moved to secure a strategic regional tenement position surrounding the target in Alaska’s Tintina region, including readily apparent strike extensions of the gold system.

White Rock Minerals Ltd - White Rock Minerals wastes no time in progressing extended Last Chance gold target
A drill rig is being mobilised for a program to start next month

White Rock Minerals Ltd (ASX:WRM) is making every effort possible to progress its Last Chance gold target at Red Mountain project in the prolific gold-rich Tintina region of Alaska.

The company has staked an additional 375 mining claims covering 240 square kilometres surrounding the Last Chance gold stream sediment anomaly as it moves to secure a strategic regional tenement position.

These claims, which include readily apparent strike extensions of the gold system, take the Red Mountain project to 1,298 mining claims over 798 square kilometres.

Geologists on the ground

Since getting on the ground a month ago, White Rock’s team of six geologists have been conducting detailed recon and mapping and taking hundreds of soil samples and rock chip samples as the company puts together the geological picture.

White Rock has also awarded a drilling contract and has started mobilising a diamond drill rig to its base camp staging post at Healy, just 35 kilometres to the west of the Last Chance gold target.

It plans to be drilling by early August once more assays are in from the soils and rocks samples, and a closer drill target inspection has been completed.

Capital raising support

These efforts are being supported by capital raising initiatives with a two-tranche placement closing yesterday for proceeds of A$5.85 million and results of a share purchase plan to be announced next Monday.

On the back of the strong newsflow, shares have increased from 0.4 cents on June 19 to a new two-year high of 1.4 cents this week and are today up 10% to 1.1 cents.

Expanded tenement package

The expanded tenement package at Red Mountain now forms a strategic and contiguous block of mining claims that cover an extensive area prospective for Intrusion-Related Gold System (IRGS) mineralisation including Last Chance gold target.

White Rock’s expanded strategic tenement package with the previous existing claim outlined in black and newly staked claim in red.

In prolific area

IRGS is a style of mineralisation typical of many gold deposits within the prolific Tintina Gold Province, which is host to giant gold deposits including Donlin Creek (45 million ounces), Pogo (10 million) and Fort Knox (13.5 million).

The new package also has multiple VMS prospects including the high-grade zinc-rich deposits at Dry Creek and WTF with an inferred resource of 9.1 million tonnes at 12.9% zinc equivalent for 1.1 million tonnes of contained zinc equivalent.

Expanding reconnaissance

White Rock plans to expand field reconnaissance across this new package to identify additional gold targets for priority exploration in conjunction with the upcoming drill program at Last Chance.

Gold anomalism at Last Chance is accompanied by associated arsenic and antimony pathfinder element anomalism, the same element association present at the Donlin Creek deposit.

Location of the Red Mountain Project within the Tintina Gold Province and its major gold deposits.

During the 2019 field season, White Rock completed a detailed regional stream sediment program with 27 sample points identifying the Last Chance gold target.

A search of the Alaska Department of Natural Resources website indicates that the Last Chance anomaly has never had any historic mining claims staked, suggesting that the area is unexplored.

Together with the size and strength of the gold anomaly, White Rock is encouraged by the exploration potential for the Last Chance Gold Prospect to yield a significant new gold discovery.

The detailed definition of stream sediment sampling provides a clear area for focused on ground follow-up activities.

Quick facts: White Rock Minerals Ltd

Price: 0.645 AUD

ASX:WRM
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Market Cap: $46.86 m
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