Quarterly Report for the period ended 31 March 2017
- Aucu Gold Project delivers 93% increase in Inferred gold resources to 302,000 Oz's
- New gold in soil anomalies identified at Merolia Gold Project
Kyrgyz Republic Exploration - Aucu Gold Project (90% owned)
During the March quarter the Company received the final, and duplicate, assay results from the 2016 drill program at the Aucu Gold deposit in the Kyrgyz Republic. The drilling identified a new high grade mineralised zone containing visible gold in both the drill holes and in surface outcrop.
Subsequent to the quarter end the Company completed a new JORC gold resource estimate in conjunction with detailed metallurgy testing. These study outcomes will be used to complete an open pit optimisation study.
The updated inferred resource for the Aucu gold deposit reported in accordance with the JORC Code above a cut-off grade of 1 g/t gold is 1.8 million tonnes grading 5.2 g/t gold, for 302,000 ounces of contained gold.
Importantly the new resource contains a very high grade zone (Quartz Zone) of 244,000 tonnes at 9.5 g/t gold containing 75,000 ounces of gold,
Western Australian Exploration -Gold Projects (100% owned)
Extensive soil geochemical sampling programs identified substantial gold in soil anomalism along the Central gold trend near Ironstone.
During the quarter the Company acquired an additional 1% of the Kyrgyz Republic Aucu gold project from an external shareholder through the issue of 12 million new ordinary shares. White Cliff now owns 90% of the Aucu high grade gold project.
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About White Cliff Minerals Ltd
White Cliff Minerals Ltd is a Gold, Copper, Cobalt, Nickel resources and mining company listed in Australia (ASX:WCN). The Company is focused on developing low cost high value mineral deposits that have near term cash flow potential.
Major projects include the Aucu gold deposit that contains 484,000 ounces of gold (3mt at 5.1 g/t) starting at surface and Chanach copper deposit that contains 64,000 tonnes of copper (17.2Mt at 0.37% copper). Both projects have substantial blue sky potential with drilling covering only 5% of the known structures. In Australia the company is developing the Coronation Dam cobalt–nickel deposit where a maiden resource will be announced in the late 2018.
White Cliff Minerals Ltd