Full Year Statutory Accounts
Ballarat, Sep 30, 2019 AEST (ABN Newswire) - White Rock Minerals Ltd (
ASX:WRM) is an Australian minerals exploration and development company with activities focussed in the New England Fold Belt of northern New South Wales and the Bonnifield district in central Alaska.
In 2016 the Company acquired 100% of the Red Mountain project, an advanced high-grade zinc-silver volcanogenic massive sulphide (VMS) exploration project in Alaska. This asset offers the potential for exploration success built around two existing deposits, Dry Creek and West Tundra Flats, in a highly prospective field and with exposure to two commodities in demand - zinc and silver. During 2017 the Company announced a maiden Inferred Mineral Resource estimate of 16.7Mt at a grade of 8.9% ZnEq1, with contained metal totalling 678,000t zinc, 286,000t lead, 53.5 million ounces silver and 352,000 ounces gold contained, reported in accordance with the JORC Code (2012).
The Company has secured a significant land package (475km2) around the Dry Creek and West Tundra Flats deposits where many lookalike conductivity targets have been identified within zones of anomalous surface geochemistry that are indicative of proximal VMS mineralisation. During 2019 the Company undertook its second field exploration campaign that included diamond drilling, surface geophysics and surface and airborne geochemistry on both the existing deposits and new target areas. These activities were funded by an earn-in joint venture with Sandfire Resource NL (ASX:SFR).
White Rock also owns 100% of the Mt Carrington gold and silver project near Drake, NSW, which contains an Indicated and Inferred Mineral Resource estimate of 341,000 ounces gold and 23.2 million ounces silver. The Resources are located on granted Mining Leases with developed infrastructure.
White Rock maintains a vision and strategy to create and enhance shareholder value by developing a mining operation at Mt Carrington based on the exploitation of the near-surface gold-silver Resource base, refurbishing the existing site infrastructure and the establishment of a new processing plant. During 2017/18 the Company reported a positive Pre-Feasibility Study (PFS) for the first stage development of the gold dominant Resource declaring a maiden Reserve of 3.5Mt @ 1.4g/t Au for 159,000 ounces gold and with positive and robust economics. The project is now well placed to proceed through a Definitive Feasibility Study (DFS) in parallel with submission of an Environmental Impact Statement (EIS), with several environmental baseline studies in progress.
The Mt Carrington Mining Leases are enveloped by an Exploration Licence (183km2) with demonstrated potential for epithermal and intrusion-related gold, silver and copper mineralisation. White Rock has generated and refined an extensive exploration target portfolio at Mt Carrington since 2010.
White Rock's Board and Management team comprise a small group of highly experienced mineral industry professionals with global proficiency in exploration, project development, mining, business, corporate development and management.
To view the Annual Report, please visit:
https://abnnewswire.net/lnk/185RG5B1
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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