Update on Strategic Partnership - Red Mountain Project
Ballarat, Feb 11, 2020 AEST (ABN Newswire) - Sandfire has advised White Rock Minerals Ltd (
ASX:WRM) of its intention to withdraw from the Red Mountain Project Earn-In and Joint Venture Option Agreement (refer to ASX announcement dated 25th March 2019), which is to be effective as at today's date. Sandfire spent A$8.5M on the Project during 2019 and will withdraw without any retained interest being earnt by Sandfire.
White Rock advises that it will now initiate a process to secure funding to explore the exciting new gold anomaly at Last Chance during the 2020 field season. The Last Chance Prospect is a large (15km2), strong (up to 418ppb (0.4g/t) gold) and robust gold anomaly defined by 27 stream sediment sample points (refer ASX Release dated 28th January 2020).
100% control of the Red Mountain VMS mineralisation and the newly defined IRGS target at Last Chance provides White Rock shareholders much greater upside leverage in value creation through discovery.
White Rock MD & CEO Matt Gill said "While White Rock understands that commercial decisions can be at odds with individual project pathways, the retention of 100% of the Red Mountain Project will allow White Rock to identify alternate funding to advance the zinc and precious metals-rich VMS deposits while also pursuing the exciting new gold prospect at Last Chance with 100% of the upside exposure provided to White Rock shareholders. Our aim is to create value for our shareholders through exploration success, a core strength of the White Rock Board and management team."
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.
| ||
|
