Thomson Resources Ltd (ASX:TMZ) and White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) are pleased to advise that following completion of due diligence that both parties have now entered into a definitive agreement for a 3 stage earn-in and option to joint venture agreement.
White Rock Minerals Ltd
White Rock Minerals Ltd (ASX:WRM) is a diversified explorer and near-stage producer, headquartered in Ballarat, Victoria. The Company's flagship exploration project is Red Mountain in central Alaska. At Red Mountain, there are already two high grade zinc - silver - gold - lead VMS deposits, with an Inferred Mineral Resource of 9.1 million tonnes @ 12.9% ZnEq for 1.1 million tonnes of contained zinc equivalent. The Company is also exploring its recently discovered large intrusion related gold anomaly at Last Chance, also located in the Tintina gold belt of Alaska, home to multi-million gold ounce deposits like Pogo, Fort Knox and the Donlin Project. The Company also has the Mt Carrington project, located near Drake, in Northern NSW, which is a near-production precious metals asset with a resource of 341,000 ounces of gold and 23.2 million ounces of silver on an approved mining lease, and with a Gold First PFS and JORC Reserve. White Rock Minerals is listed on the Australian Stock Exchange.
AuStar Gold Limited (ASX:AUL) and White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) refer to their joint ASX announcement of 3 February 20211 in which they advised that they had entered into a Merger Implementation Deed for the Share Scheme.
White Rock Minerals Ltd (ASX:WRM) Successful Completion of Placement
During the Quarter White Rock (ASX:WRM) (OTCMKTS:WRMCF) focused on completing advanced works in preparation for an aggressive 2021 field season with an exploration drill campaign in Alaska. Three drill rigs have been secured, as has supporting helicopter services, two remote accommodation camps and geophysical contractors.
White Rock (ASX:WRM) (OTCMKTS:WRMCF) has commenced an airborne EM (SkyTEM) survey over the newly identified Last Chance VMS "camp" and the adjacent Last Chance IRGS/orogenic gold target.
White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is pleased to announce a proposed equity raising to raise a total of up to approximately A$8.8 million before costs, comprising a placement under which White Rock has successfully received commitments to issue 17,254,902 fully paid ordinary shares.
White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is planning for an aggressive 2021 field season and exploration drill campaign in Alaska is well advanced. Three drill rigs have been secured, as has supporting helicopter services, two remote accommodation camps and geophysical contractors.
White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is an Australian minerals exploration and development company with activities focussed on two projects: Red Mountain and Mt Carrington.
White Rock Minerals (ASX:WRM) (OTCMKTS:WRMCF) is pleased to provide an update regarding ongoing interpretation of data acquired at the Last Chance gold target during the 2020 field season.
Significant activity during the period include the proposed Acquisition of AuStar Gold Limited, a term sheet signed with Thomson Resources Ltd to Earn-In and Joint Venture Mt Carrington, the Red Mountain Zinc-Silver-Lead-Gold Project, Alaska, USA and the work program at the Last Chance Gold Target.