Fundamental Research Corp. initiates coverage of White Rock Minerals
Independent Research Report
Ballarat, Mar 1, 2018 AEST (ABN Newswire) - White Rock Minerals Ltd (
ASX:WRM) ("White Rock" or the "Company") wishes to advise that Fundamental Research Corp. ("FRC"), Canada's oldest and largest independent research firm, has initiated coverage of the Company and has released a Red Mountain Zinc - Silver Project and Mount Carrington Gold - Silver Project Valuation Report.
MD&CEO Matt Gill said "The Company is looking forward to the upcoming exploration program at its globally significant high grade Zinc - Silver VMS Project at Red Mountain and is pleased with progress with the Feasibility Study at the Mount Carrington Gold - Silver Project.
The Company has now had three recent independent valuations, initially by Independent Investment Research ("IIR") (ASX Announcement 11 July 2017), by DJ Carmichael ("DJC") (ASX Announcement 26 September 2017 and again on 13 February 2018) and now by Fundamental Research Corp.
The Fundamental Research Corp. report values the Red Mountain Zinc - Silver VMS Project at A$42.6M, equivalent to 5 cents per White Rock share and the Mount Carrington Gold - Silver Project at A$29.6M, equivalent to 3 cents per White Rock share. Together with working capital of A$1.4M, the total value of these assets of the Company by FRC is estimated to be A$73.6M, equivalent to 8 cents per share.
The previous DJ Carmichael Report valued the Red Mountain Zinc - Silver Project at A$52M, equivalent to 6 cents per White Rock share and the Mount Carrington Gold - Silver Project at equivalent to 2 cents per White Rock share, giving a total value of 8 cents per share. The previous Independent Investment Research Report valued the Red Mountain Zinc - Silver Project at A$52M, equivalent to 6 cents per White Rock share. These are not a value of the Company, but a value of the Mount Carrington and Red Mountain assets calculated by FRC, DJC and IIR.
No New Information or Data
This announcement contains references to exploration results and Mineral Resource estimates, all of which have been cross-referenced to previous market announcements by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
To view the research report, please visit:
http://abnnewswire.net/lnk/BW07RS8Y
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.
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