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White Rock Minerals announces annual report to shareholders

Mining News - Published on Mon, 01 Oct 2018

Image Source: ABN Newswire
White Rock Minerals Ltd announced the Company's Annual Report to shareholders. At Red Mountain the Company commenced its first field season of exploration. A 25-person camp was established to service a five-month exploration program that included diamond drilling, ground geophysics and surface geocehmical surveys. Drilling initially focused on validation and extension drilling of the two main deposits at Dry Creek and West Tundra where an Inferred Mineral Resource estimate includes a high grade component of 9.1 million tonnes @ 12.9% ZnEq1 for 1.2Mt of contained zinc equivalent at a 3% Zn cut-off. This high-grade Mineral Resource estimate sits within a greater Inferred Mineral Resource of 16.7 million tonnes @ 8.9% ZnEq for 1.5Mt of contained zinc equivalent at a 1% Zn cut-off for Dry Creek, 3% Zn cut-off for West Tundra & 0.5% Cu cut-off for Dry Creek Cu Zone. Drilling then progressed to test new regional targets based on historic surface geochemistry and electromagnetics data that were subsequently refined and added to through the Company's geological reconnaissance, surface geochemical sampling and surface geophysics surveys. The successful discovery of massive sulphide mineralisation at the Hunter prospect goes a long way to supporting the Company's thesis that the Red Mountain VMS project has the potential to host multiple deposits and expand into a true camp of high grade zinc-silver-gold VMS deposits.

Economic Studies:
At the end of 2017 the Company reported the key outcomes from the positive Pre-Feasibility Study (PFS) into the development of the first stage of its 100% owned Mt Carrington gold and silver project. Highlights of the PFS included a Maiden Ore Reserve of 3.47 million tonnes at 1.4g/t gold for 159,000 ounces gold, A$36 million undiscounted cashflow over an initial 4 1/2 years (before any further mine life additions or the mining of the silver resources) and a strong Internal Rate of Return (IRR) of 34%. Detailed work relating to long lead time baseline studies critical to the preparation of the Project's Preliminary Environmental Assessment (PEA) and final EIS are ongoing, ahead of completing the Definitive Feasibility Study.

Environmental Rehabilitation Program:
The environmental monitoring and rehabilitation program continued on the Mt Carrington Mining Leases, designed to support the long term environmental sustainability of the Leases.

Community Engagement Program:
At Mt Carrington the Company continues to keep the local Drake community, Tenterfield Council and local stakeholders informed and is ready to re-engage once feasibility studies have more clearly defined the Project description and processing route for the Mt Carrington project. The Company, together with a leading community engagement consultancy firm has developed a social impact assessment and community consultation strategy which is ready to be implemented once activities intesify when the formal permitting process begins.

Equity Fundraising:
Equity capital raisings during the year comprised various placements to Institutional and Sophisticated Investors and included an entitlement issue. Approximately 386 million shares and 202 million unlisted options were issued raising USD 3.66 million before costs. Further capital raisings were made subsequent to year end (refer item 10 "Events subsequent to Reporting Date" in the Directors' Report).

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Posted By : Rabi Wangkhem on Mon, 01 Oct 2018
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