THE INSIDE STORY: White Rock Minerals (ASX: WRM) is based in the historic mining town of Ballarat in Victoria, yet is exploring in New South Wales and Alaska.
White Rock Minerals owns the Red Mountain project in central Alaska – a high-grade zinc-silver-lead-gold project – and the advanced Mt Carrington gold-silver project in NSW.
Red Mountain has a Mineral Resource estimate of 9 million tonnes at 13 per cent zinc equivalent.
The company describes Red Mountain as being a quality advanced exploration project in an established mining district with plenty of potential to discover large zinc-silver-lead-gold-copper deposits in addition to extending the known zinc-silver-lead-gold deposits at Dry Creek and West Tundra Flats deposits.
There are already two high-grade deposits at the Red Mountain project, with an Inferred Mineral Resource of 9.1 million tonnes at 12.9 per cent zinc equivalent for 1.1 million tonnes of contained zinc equivalent at Dry Creek and West Tundra Flats.
This VMS polymetallic Resource zinc equivalent grade is made up of 5.8 per cent zinc, 2.6 per cent lead, 157 grams per tonne silver and 0.9g/t gold.
Recent drilling at Dry Creek intersected 1.4 metres at 13.9 per cent zinc, 4.4 per cent lead, 115g/t silver, 0.8g/t gold and 0.3 per cent copper for 21.6 per cent zinc equivalent.
White Rock reported assays from this drill core confirmed high-grade mineralisation had been intersected in massive sulphide over 200 metres down-dip from its previous drilling efforts.
The company interpreted this deepest intersection in the Dry Creek deposit to indicate a possible steeper dip to mineralisation than first interpreted, suggesting the deposit could be wide open down dip along its entire 1,200 metre strike length.
The massive sulphide intersected was interpreted to be the extension to the high-grade Fosters lens, the upper of two lenses in the Dry Creek deposit.
“This aggressive step-out drill hole at Dry Creek has shown that the deposit is wide open with fantastic high-grade zinc and silver persisting over 200 metres deeper than previously drilled,” White Rock Minerals managing director Matt Gill said when announcing the results.
“While this particular intersection is narrow, we know that typical VMS lenses pinch and swell along strike and down dip, as evidenced by previous drilling where true width intersections of up to 40 metres at the Fosters lens have been recorded.
“The majority of the current Inferred Resource is drilled to a depth of just 200 metres so a further step out of over 200 metres suggests considerable upside is possible in expanding the size of the deposit.
“Furthermore, ground conditions and the onset of winter terminated the drill hole prematurely with the high-grade Discovery lens remaining untested at this depth.
“This leaves considerable additional potential to this down dip position in the deposit, especially when considering the Resource footprint extends for 1,200 metres of strike.
“A targeted drill program early in the 2020 field season could unlock just how significant the Resource expansion potential could be.”
White Rock’s Mt Carrington project is underpinned by a Mineral Resource estimate of more than 340,000 ounces of gold and 23 million ounces of silver.
The Mineral Resources are situated in seven surface deposits, all located on granted Mining Leases and with developed infrastructure.
The company completed at Pre-Feasibility Study for Mt Carrington in late 2017, from which it has commenced progressing Mt Carrington through a Definitive Feasibility Study and permitting process prior to a Decision to Mine, at which point a construction and commissioning finance package is available, subject to certain conditions.