THE BOURSE WHISPERER: White Rock Minerals has more than doubled its silver resources and lifted its gold resources by 50 per cent at its wholly-owned Mt Carrington project near Drake in northern New South Wales.
The total in‐situ gold‐equivalent* endowment of the six near‐surface resources on the project is now approximately 730,000 ounces.
*calculated at 52:1 silver:gold using metal prices of gold at US$1,650 per ounce and silver at US$32 per ounce and does not account for mining or metallurgical recoveries
The company said the updated Resource base at Mt Carrington provides it with the foundation to immediately commence conceptual mining studies with the aim of moving to pre‐feasibility studies from 2013.
Mt Carrington: Central Mining Leases gold – silver Resource locations. Source: Company announcement
“This resource upgrade, the first since our IPO in 2010, has exceeded our expectations and gives us confidence that we have a significant emerging gold-silver development project in an under‐explored high‐grade epithermal gold‐silver district,” White Rock managing director Geoffrey Lowe said in the company’s announcement to the Australian Securities Exchange.
“We have a quality Resource base on granted mining leases with a tailings dam, water reservoir and high voltage power in place.
“This provides us with an exciting opportunity to pursue near‐term development options.
“Further upgrades to the Resource base will be delivered as the project moves towards pre‐feasibility, along with an acceleration of the regional exploration program.
“We will commence a substantial drilling campaign on our portfolio of new near‐mine and regional exploration targets in the coming months, each of which has the potential to significantly upscale the project through a new high grade gold‐silver discovery.”
Key features of the updated Resource estimate are:
– The total silver Resource has increased from 10.5 million ounces to 23.3 million ounces;
– Newly classified Indicated Resource of 4.3Moz silver;
– Expanded Inferred Resource of 19Moz silver;
– Mineralisation exists from surface to 250 metres depth and further Resource growth potential is evident along strike and down dip at the Lady Hampden and White Rock North deposits; and
– Newly identified mineralisation at the Silver King deposit demonstrates expansion capacity.
– The total gold Resource has increased from 190,000 ounces to 284,000 ounces;
– Newly classified Indicated Resource of 153,000 ounces of gold.
– Expanded Inferred Resource of 131,000 ounces of gold;
– Mineralisation exists from surface to 220m depth and further Resource growth potential is evident along strike and down dip at the Strauss and Kylo deposits.