Quarterly Report for the Period Ended 30 September 2018
- Coglia Well drilling program delivers substantial cobalt- nickel mineralisation
- Coronation Dam drilling program continues to deliver wide intervals of cobalt and nickel mineralisation
- Corporate restructure, capital consolidation and rights issue launched to raise $2.3M
Australian Cobalt-Nickel Projects (100% owned)
During the September quarter further assay results were received from a 5,000 metre program conducted at the Coronation Dam cobalt and nickel project. Assays received from the RC program have returned shallow and wide intervals of cobalt and nickel mineralisation, confirming the project's prospectivity and potential to host an economic resource.
Final results were received from a 2,869 metre drilling program at the Coglia Well cobalt and nickel project completed in the March quarter. Drilling identified widespread cobalt and nickel mineralisation within the regolith profile above an ultramafic unit. Drilling also identified significant copper anomalism more usually associated with nickel sulphide mineralisation.
Kyrgyz Republic Aucu Gold Project (90% owned)
During the quarter, the Company conducted an extensive review of all historical rock sampling results across the project to prioritise exploration targets. An extensive soil sampling program infilling the previous program where anomalous gold and copper values were identified was undertaken along with follow up rock and outcrop sampling. Results from these programs will be released in the current quarter.
The Company has also reviewed the updated resource estimate announced in the June quarter to assess what further work is required to convert it to an Indicated mineral resource. The Company is also in the process of transforming part of the license into an exploration permit. Once an exploration permit is granted the Company can formally lodge resource estimates and scoping studies with the Government and commence the process of applying for a mining permit.
During the quarter the Company consolidated the share structure 50:1 and appointed a new Company Secretary.
Subsequent to the quarter end the Company has launched a partially underwritten 2:1 renounceable rights issue to raise $2.3 Million and appointed a new Non-executive Chairman.
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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