Red Mountain High-Grade Zinc and Precious Metals VMS Project - Exploration Update
Ballarat, June 24, 2019 AEST (ABN Newswire) - Diversified explorer and near-stage producer, White Rock Minerals Ltd (
ASX:WRM) ("White Rock" or the "Company") in conjunction with its joint venture partner Sandfire Resources NL (ASX:SFR) (Sandfire) is pleased to provide an update on the 2019 exploration program underway at the Company's globally significant Red Mountain high-grade zinc and precious metals VMS project in central Alaska (Red Mountain Project). There are already two high grade deposits at the Red Mountain Project, with an Inferred Mineral Resource(see Note 1 below) of 9.1 million tonnes @ 12.9% ZnEq(see Note 2 below) for 1.1 million tonnes of contained zinc equivalent.
HIGHLIGHTS
- The 2019 exploration field program commences at White Rock's high-grade zinc and precious metals VMS Project in Alaska.
- Camp established and 20 personnel mobilised to site.
- On-ground geological reconnaissance mapping, geochemical sampling and geophysics activities commenced.
- Diamond drilling has commenced.
- Program fully funded by our JV partner Sandfire Resources.
Summer field exploration activities commenced in late May with the camp re-established at Newman's Creek in the northeast of the Company's strategic and district-scale 475km2 tenement package. On-ground activities during this time have included surface reconnaissance mapping, surface geochemical sampling (soils and rock chips), ground electrical geophysics (MT and CSAMT), downhole EM surveys and diamond drilling.
The surface geological reconnaissance and geochemical sampling has progressed rapidly with 2,116 soil samples and 264 rock chip samples collected (as at June 16) across the two main prospect trends: the Glacier Trend to the north west and the Dry Creek trend to the south (see Figure 1 in link below).
Soil samples are being analysed with a portable XRF to provide rapid geochemical results for identifying targets for ground electrical geophysics (CSAMT) and/or drill testing.
Rock chip sampling has included focused sampling of mineralised horizons and more systematic sampling of specific horizons and lithologic rock types for geochemical assessment to assist with vectoring towards likely massive sulphide accumulation within the stratigraphy. Rock chip assay results are awaited.
Prospecting of the Glacier Trend, a spatially extensive alteration zone with 10km of strike, has identified sulphide accumulations, chert and iron formations, all believed to be proximal to horizons prospective for base metal rich massive sulphides along strike and down dip. Work is now proceeding to define drill targets. Initial ground electrical geophysics (CSAMT) to define conductivity features has commenced with three lines completed at the Arete prospect (see Figure 1 in link below). This prospect was successfully identified from reconnaissance work in just the last few weeks. Drilling of the Arete and other targets along the Glacier Trend is scheduled to commence in late June.
Ground electrical geophysics has also included a line of MT (magnetotellurics) undertaken to define the depth of the target horizon across the syncline between the high-grade West Tundra Flats and Dry Creek deposits (see Figure 1 in link below). This technique is effectively mapping the depth of the prospective horizons across the syncline, with the depth of the hinge zone much shallower than first interpreted. The MT line also contains a strong conductor along strike from the West Tundra Flats deposit for further follow-up field reconnaissance, sampling, additional electrical geophysics and modelling, prior to finalising a drill target.
The first three diamond drill holes for this season's program, located away from the two known deposits, have been completed with no significant massive sulphide mineralisation intersected. The first drill hole (WT19-30) tested a horizon 2km west along strike from the West Tundra Flats deposit, with associated surface geochemical anomalism and a coincident CSAMT conductivity feature. Drilling did not intersect any visual base metal mineralisation. A downhole EM survey did detect an off-hole conductivity anomaly that will be modelled ahead of possible follow-up drill testing.
The next two drill holes (HR19-05 & HR19-06) were completed at the Hunter prospect to test down dip and along strike (approximately 250m step-outs) of mineralisation intersected during the 2018 drill program(see Note 3 below). Both drill holes intersected the target VMS horizon with thin intervals of massive sulphide and banded sulphide observed in both: 0.2m of massive sulphide in HR19-05 and 0.9m of banded pyrite-sphalerite in HR19-06. Downhole EM probing was completed on hole HR19-05 with no significant conductors identified. Sampling of each drill hole is underway with assay results anticipated during July.
White Rock's Managing Director, Matthew Gill said that the 2019 exploration program has had a great start. "We have just completed our first ever modern, high-powered airborne EM survey over our 475km2 strategic belt-scale regional tenement package, and now we have safely and efficiently mobilised our field crews and have boots on the ground exploring the best of our many identified exploration targets, and the drill bit is now also turning.
The agreed exploration strategy with our JV partner Sandfire is to test away from the known high-grade deposits in pursuit of the next big deposit. This sees our activities testing many of the more regional targets identified from our work last year, and our current activities. We have already identified a drill target at the Arete prospect in just the first few weeks of our current activities. This is a great credit to our team on the ground," Gill said.
Notes:
1 Refer ASX Announcement 26th April 2017 "Maiden JORC Mineral Resource, Red Mountain".
2 ZnEq = Zinc equivalent grades are estimated using long-term broker consensus estimates compiled by RFC Ambrian as at 20 March 2017 adjusted for recoveries from historical metallurgical test work and calculated with the formula: ZnEq =100 x [(Zn% x 2,206.7 x 0.9) + (Pb% x 1,922 x 0.75) + (Cu% x 6,274 x 0.70) + (Ag g/t x (19.68/31.1035) x 0.70) + (Au g/t x (1,227/31.1035) x 0.80)] / (2,206.7 x 0.9). White Rock is of the opinion that all elements included in the metal equivalent calculation have reasonable potential to be recovered and sold.
3 Refer ASX Announcement 20th August 2018 "High Grade Zinc Discovery at the Hunter Prospect, Red Mountain".
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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.
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