White Rock Minerals provides update from Red Mountain VMS project
White Rock Minerals (ASX:WRM), in collaboration with its JV partner Sandfire Resources NL (ASX:SFR), has provided a strong update on its comprehensive exploration program at high-grade zinc and VMS deposits at Red Mountain in Alaska.
The 2019 field exploration program has been developed in conjunction with Sandfire, and aims to drill test the maximum number of new targets. The newly formed JV Management Committee, which comprises of two representatives from each company, has approved a 2019 exploration program.
This program will commence immediately with a budget of A$6,000,000. This is a major coup for WRM, as this figure is A$1m above the minimum contribution required of Sandfire during 2019 (given it loaned A$1m to the 2018 exploration program).
Of particular note in the upcoming exploration program is a new contract with SkyTEM, an industry leading airborne EM surveyor.
WRM is now in the process of revamping the exploration base at Red Mountain, which was left untouched during winter. Preparations are also being made to fly fuel in for exploration works.
WRM Managing Director and CEO Matt Gill commented on the update, “Commencing the 2019 exploration program on our globally significant high-grade zinc and precious metals VMS project in central Alaska is an exciting time for the company and all our shareholders.
“To be able to use a modern high-powered geophysics technique for the first time, not previously applied to this highly prospective field, is a great kick-off to this field season. Having the technical and financial support of Sandfire Resources – a very successful explorer and developer of VMS deposits – is a strong endorsement to the quality and potential of our Red Mountain Project,” he said.
Read more about the Sandfire JV: White Rock/Sandfire JV provides platform for Red Mountain
Anticipated field exploration activities in 2019 include:
- A 3,000 line kilometre SkyTEM airborne electromagnetics (AEM) survey commencing mid-April. SkyTEM is projected to start within a fortnight, with this work having never been done across the entire project area
- Satellite spectral analysis including the assessment of hyperspectral data to identify and map zonation ahead of field exploration
- Regional whole rock lithogeochemical analysis of tenement-wide rock chip samples collected in 2018
- Detailed on-ground geological reconnaissance and soil geochemical sampling across regional target areas using a portable XRF analyser to deliver rapid target definition
- A diamond drill program commencing late-May to follow up the successful discovery of new massive sulphide mineralisation at the Hunter prospect in 2018
- Another diamond drill program to test the best of the regional targets defined by the use of multi-disciplinary airborne EM, 2018 stream geochemical anomalies, new satellite defined alteration and more
- Detailed electrical ground geophysics (CSAMT and MT) across the regional targets replicating the most rapid field acquisition electrical technique that successfully mapped conductivity associated with mineralisation at the two existing deposits: Dry Creek and West Tundra
- Selective downhole electromagnetic surveys to identify off-hole conductivity anomalies for follow-up drill testing.
About Red Mountain
The Red Mountain Project is located in central Alaska, 100km south of Fairbanks in the Bonnifield Mining District. The tenement comprises 760 mining claims over a total area of 475km2.
The project contains polymetallic VMS mineralisation rich in zinc, silver and lead, with the potential for significant gold and copper. Mineralisation occurs from surface and is open along strike and down-dip.
To date there are already two high grade deposits at the Red Mountain Project, with an Inferred Minerals Resource of 9.1 million tonnes at 12.9% zinc equivalent for 1.1Mt of contained zinc equivalent.