White Cliff JV awarded exploration extension

THE BOURSE WHISPERER: White Cliff Minerals and its Joint Venture partner, private company T2Gold have been granted a four year extension to the Chanach exploration license by the Government of the Kyrgyz Republic.

The country’s Department of Natural Resources (DNR) has also identified the JV comapny, Chanach LLC, to be one of a handful of companies to have complied with all regulatory requirements and is now a preferred tenderer for new license applications.


Location of the Chanach copper-gold project. Source: Company announcement

The Joint Venture partners said they intend to develop a closer relationship with the DNR and will seek to acquire further advanced projects in the Kyrgyz Republic.

According to a release to the Australian Securities Exchange by White Cliff Minerals the JV partners recently commissioned an extensive analysis of satellite ASTER spectral imagery to assist with targeting the 2012 exploration.

“The survey has identified widespread argillic, phyllic and silicic alteration that may indicate the centre of the mineralised copper-gold porphyry system centred southeast of the existing drilling,” the company said in the announcement.

“Outcropping mineralised diorite dyke swarms containing both copper and gold appear to radiate from the centres of the ASTER phyllic and silicic alteration systems.

“If confirmed by field mapping and sampling this may indicate a system of mineralised porphyries within a diameter of approximately five kilometres.

“These targets occur on and adjacent to outcropping porphyries and importantly coincide with the copper mineralisation previously identified at surface.

“The strongest targets occur on Silurian conglomerates and sandstones suggesting that these rocks are underlain by porphyry intrusions.”

White Cliff said the JV plans exploration activity for the remainder of 2012, which includes extensive multi-element soil and rock sampling over the south-eastern parts of the license over the interpreted core of the porphyry system in conjunction with a ground or helicopter borne magnetic survey followed by scout drilling of the identified targets.

Exploration will also continue on the Central Chanach copper-gold deposit where drilling will focus on extending and expanding the zone of supergene oxide copper mineralisation.

There will also be ongoing investigation on copper rock chip samples located on the magnetite skarn contact.