Annual Report for the Period Ended 30 June 2017
Review of Operations
Exploration was successfully advanced on several projects during the reporting period. Most notably the Company increased the high grade JORC 2012 compliant gold resource at the Aucu Gold project in the Kyrgyz Republic to 1.8 Mt at 5.2 g/t gold for 302,000 ounces of contained gold and identified a JORC 2012 compliant copper resource at Aucu of 608,000 tonnes at 0.64% copper for 3,780 tonnes of contained copper. These deposits are open along strike and at depth. Metallurgical test work indicated high gold recoveries averaging 98% overall.
The Company also identified potentially economic gold mineralisation at the Ironstone and East Burtville Gold prospects near Laverton in Western Australia.
A review of the Company's existing nickel-cobalt projects revealed that Ghan Well contained potentially economic cobalt mineralisation which is open laterally and along strike.
During the reporting period the Company completed a placement and a share purchase plan that raised $2,549,750 (before issue costs) to continue its exploration programs and for working capital. Subsequent to year end the Company announced a rights issue and placement to raise a maximum of $2,890,000.
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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