Gold Resource Increases 60% to 484,000 Ounces
- New Inferred Gold Resource of 2.95Mt at 5.1 g/t gold for 484,000 ounces of gold
- New Inferred Copper Resource of 17.2Mt at 0.37% copper for 64,000 tonnes of contained copper
- Exploration recommences
Mining industry consultant Optiro Pty Ltd (Optiro) has estimated an updated JORC code compliant inferred mineral resource reported at a lower cut-off grade of 1 g/t gold for the Aucu deposit of 2.95 million tonnes grading 5.1 g/t gold containing 484,000 ounces of gold.
The new mineral resource represents a 60% increase in ounces of contained gold over the previous gold resource of 302,000 ounces reported in April 2017.
Optiro has also estimated an updated JORC code compliant inferred copper mineral resource, reported at a lower cut-off grade of 0.25% copper for the Chanach Copper deposit 17.2 Mt tonnes at 0.37% copper for 64,000 tonnes of contained copper.
The new inferred copper resource represents a 46% increase in contained copper over the previous contained copper resource of 44,870 tonnes reported in April 2017.
As previously reported, the gold and copper inferred resources start at surface, have only been shallowly drilled in most areas and remain open along strike and at depth. The reported gold resources represent less than 5% of mineralised faults identified by rock-chip sampling within the Aucu Project tenements to date.
Approximately 95% of the mineralised faults identified by rock-chip sampling are still to be drilled. The gold bearing mineralised structures extend beyond the current resource estimate area over a length greater than 3,000 metres and occur as multiple lodes (see Figure 1 in link below).
The Company has recommenced exploration with the establishment of the field camp and is currently conducting an extensive soil geochemical survey to refine gold, copper and lead-zinc anomalies identified last year and to test more of the prospective areas of the licence.
Managing Director Todd Hibberd commented that "The 60% increase in the JORC code compliant inferred gold resource from 302,000 ounces to 484,000 ounces based on a small drilling program indicates just how prospective the project actually it. The 46% increase in the copper resource from 43,000 tonnes to 64,000 tonnes of contained copper also demonstrates that there is more mineralisation to find. In addition, the soil geochemical program conducted in 2017 identified several new gold, copper and base metal anomalies that are currently being followed up.
The quality of the current resource combined with the rock chip and soil geochemical sampling of the extensive mineralised systems shows that the Aucu gold project has significant potential for substantially more gold and copper resources to be identified from further drilling."
Resource Estimate: Aucu Gold Deposit
The updated Inferred Mineral Resource reported in compliance with the JORC code for the Aucu gold deposit reported above a cut-off grade of 1 g/t gold consists of 2.95 Million tonnes grading 5.1 g/t gold for 484,000 ounces of contained gold. The new resource represents a 60% increase in contained gold over the previously reported April 2017 inferred gold resource. Table 1 (see link below) provides a breakdown of the updated resource estimate by area.
The project also contains an updated inferred resource for the Chanach copper deposit which consists of 17.5 Million tonnes grading 0.37% copper for 64,000 tonnes of contained copper (reported above a cut-off grade of 0.25% copper) (see Table 2 in link below). The new copper resource represents a 46% increase in contained copper over the previous contained copper resource of 44,870 tonnes reported in April 2017.
Exploration and Drilling Program - 2018
The Company has recommenced exploration with establishment of the field camp and is currently conducting an extensive soil geochemical survey to refine gold, copper and lead-zinc anomalies identified last year and to test more of the prospective areas of the license. The Company will release a formal exploration update once this sampling is completed.
To view tables and figures, please visit:
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