White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is awaiting the results of extensive and intensive exploration activities at Last Chance gold target in Alaska before drawing up plans for the 2021 drill season.
The company said the results – all expected within the next four to eight weeks - would provide a quality interpretation of the overall gold system for follow-up targets for drill testing in the 2021 field season.
Interpretation of CSAMT data, in conjunction with integrating and interpreting airborne magnetic and radiometric data, satellite spectral data, geological mapping and geochemical data from surface sampling and maiden drill holes will enhance its understanding of the mineralising system in preparation for planning.
Surface gold anomalies and hydrothermal silica breccia structural targets at Last Chance were drill tested at the Pickle, Sidewinder West, Double Down and Sidewinder Blowout prospects.
Many of these initial targets remain for follow-up drill testing in 2021, along with several targets yet to be drill tested.
Geology and results from exploration to date support the interpretation that the erosional level at Last Chance is within the upper brittle regime of a very large orogenic and/or Intrusion Related Gold System with potential for more favourable gold deposition at depth.
Results awaited for Last Chance
A number of results are pending over the next few weeks. They include:
➢ Drill assays results for the remaining six drill holes at Pickle, Sidewinder West, Sidewinder Blowout and Double Down. The results are expected over the next four to six weeks as assay laboratories are currently overloaded;
➢ The final report from four lines of CSAMT geophysics completed across the central gold target area is due in the next few weeks, with interpretation guiding planned follow-up for the 2021 field season;
➢ Results from the additional 131 regional stream sediment samples collected over the expanded tenement package to the west and south of Last Chance are expected over the next six to eight weeks; and
➢ Results expected over the next four to six weeks from encouraging additional soil and rock chip sampling of new VMS prospects to the north of Last Chance.
A review into costs and the increased gold price for the Mt Carrington Gold-Silver Project in New South Wales, saw increased tonnage and project life, resulting in a two-and-a-half fold increase in estimated free cash flow from A$37 million to A$126 million.
The results from the review and updating of the 2017 PFS demonstrate a significant uplift in project economics predominantly driven by the better gold price assumption.
It also saw:
➢ Pre-tax cash flow increase 236% to A$126.3 million;
➢ The project net present value increase 292% to A$93.6 million;
➢ The project internal rate of return increase 141% to 82%;
➢ The initial Gold First Stage Mine Life up 9% to 5 years; and
➢ The capital payback period cut by 45% to 14 months.
An earn-in and joint venture term sheet was signed with Koala Metals to advance the Mt Carrington project to a final investment decision.
Koala Metals will sole-fund a definitive feasibility study and all regulatory approvals required to enter into production.
Global Metals & Mining Investor Conference
White Rock's managing director and chief executive officer Matt Gill will present at the Global Metals & Mining Investor Conference at 11 am (New York Time) on October 22.
The conference is organised through the US-based OTC Markets group - where White Rock has just established a cross-trading ticker to allow US investors to trade in WRM shares, in their own currency and own time zone.
It can be accessed here: https://bit.ly/3lAKeK3