31 March 2021 Quarterly Activities & Cashflow Report
RED MOUNTAIN PROJECT, ALASKA
Six new, potentially significant, mineralised massive sulphide targets have been identified in the emerging Last Chance "VMS" camp from the follow-up of stream sediment anomalism during the 2020 field season, and returned promising assays results including:
- Horseshoe (up to 8.3% Zn, 0.3% Pb, 1.1% Cu, 12g/t Ag & 3.6g/t Au).
- Bib (up to 7.3% Zn, 5.1% Pb, 0.3% Cu, 40g/t Ag & 0.3g/t Au).
- Bib West (up to 5.7% Zn, 1.4% Pb & 0.2% Cu)
- Grapple (up to 3.6% Zn, 1.9% Pb, 0.7% Cu & 40g/t Ag).
- Peaches (up to 2.9% Zn, 2.8% Pb, 0.2% Cu, 46g/t Ag & 1.5g/t Au).
- Ringer (up to 1.0% Cu, 26g/t Ag & 0.4g/t Au).
Drilling during the 2021 field season will focus on:
- The potential of the high-grade silver-zinc Dry Creek VMS deposit to grow to a size that could support a standalone development opportunity;
- Drill testing of conductivity targets proximal to the Dry Creek and WTF deposits within the Red Mountain VMS "camp";
- New VMS prospects with outcropping mineralisation not yet drill tested in the emerging Last Chance VMS "camp", and
- Follow-up drill testing at the large Last Chance IRGS/orogenic gold target, with a combination of shallow drilling of surface geochemical anomalies and multi-disciplinary targeting of deeper structural positions likely to offer
MT CARRINGTON PROJECT, NSW
White Rock and Thomson Resources Ltd ("Thomson") (ASX:TMZ) entered into a binding and exclusive Term Sheet for a 3 stage Earn-In and Option to Joint Venture Agreement, whereby Thomson can earn up to 70% of White Rock's Mt Carrington gold-silver Project in north eastern NSW by funding the project through a Definitive Feasibility Study and the environmental permitting activities to a Decision to Mine. White Rock is free-carried during the Earn-In period.
PROPOSED MERGER WITH AUSTAR GOLD
White Rock and AuStar Gold Ltd ("AuStar") (ASX:AUL) entered into a Merger Implementation Deed (MID) whereby White Rock would acquire 100% of AuStar Gold by way of scheme of arrangement in an all-share transaction.
The Scheme would move White Rock into the league of gold producers and secures a large (~670km2) under-explored land package with historic high-grade gold production in the highly prospective Victorian goldfields.
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About 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.
White Rock Minerals Ltd
Thomson Resources Ltd
Austar Gold Ltd