Quarterly Activities Report
Ballarat, July 30, 2021 AEST (ABN Newswire) - During the Quarter, White Rock Minerals Ltd (ASX:WRM) (WRMCF:OTCMKTS) commenced field activities at its 100% owned Red Mountain Project, located in central Alaska. The Company is exploring for Intrusion Related Gold System (IRGS) mineralisation and high-grade silver-zinc-gold-lead volcanogenic massive sulphide (VMS) deposits.
Field activities to date include:
- Drilling for down-dip extensions to the silver-rich zinc Dry Creek VMS deposit.
- Drill testing of new VMS targets in the Red Mountain area and along the newly identified Keevy VMS Trend, where additional tenements were staked during the Quarter.
- Drill testing of the Last Chance Gold Target.
- To date, some 2,769 metres have been drilled from 9 holes across 6 prospects. o Surface reconnaissance of numerous VMS targets in both the Red Mountain and Last Chance areas has been a key focus with detailed soil sampling, ground magnetics and CSAMT geophysics completed and/or underway at:
o Jack Frost and Easy Ivan, both are new prospects identified during the 2021 field season that are now drill ready in less than 7 weeks of field work;
o Yogi, Kiwi and Yeti, all on the newly identified Keevy VMS trend, and
o Horseshoe, Ringer, Bullseye, Bib, Bib West, Copper Creek and Peaches.
- Surface reconnaissance of new gold stream anomalies identified during 2020 has also been occurring with detailed prospect soil sampling and ground magnetics at the newly identified Pepper gold prospect, east of the Last Chance Gold Target.
- In total, across both the VMS and gold targets, over 5,000 soil samples and 200 rock chip samples have been taken, plus over 70 line kilometres of ground magnetics and 10 line kilometres of CSAMT surveyed and 1,900 line kilometres of airborne EM acquired over 400km2.
MT CARRINGTON PROJECT, NSW
- White Rock and Thomson Resources Ltd ("Thomson") (ASX:TMZ) executed a definitive agreement for a 3 stage Earn-In and Option to Joint Venture Agreement, whereby Thomson can earn up to 70% of White Rock's advanced Mt Carrington gold-silver Project in north eastern NSW by funding the project through a Definitive Feasibility Study (DFS), Environmental Impact Statement (EIS) and the environmental permitting process to a Decision to Mine. White Rock is free-carried during the Earn-In period and will receive a series of cash payments including A$550,000 over the first 18 months, an additional payment of $500,000 if Thomson elect to earn 51% and a further $12,500,000 if Thomson elect to earn 70%.
PROPOSED MERGER WITH AUSTAR GOLD
- White Rock and AuStar Gold Ltd ("AuStar") (ASX:AUL) signed a revised Merger Implementation Deed (MID) whereby White Rock would acquire 100% of AuStar Gold by way of scheme of arrangement in an all-equity 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) (OTCMKTS:WRMCF) 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 @ 609g/t AgEq / 13% ZnEq. 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 Ltd
Thomson Resources Ltd
Austar Gold Ltd