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White Rock rallies after first round of assay results
3 minute read
White Rock Minerals Ltd (ASX:WRM) has revealed promising results from the first round of assays analysed for massive sulphide mineralisation intersected in two of the first three diamond drill holes at Red Mountain in Alaska.
As a backdrop, this project which is in central Alaska is wholly owned by White Rock and features volcanogenic massive sulphide (VMS) style zinc mineralisation from surface which is open along strike and down dip.
The project comprises the Dry Creek and West Tundra flats deposits with an inferred mineral resource of 678,000 tonnes of zinc, 286,000 tonnes of lead, 53.5 million ounces silver and 352,000 ounces gold.
Latest drilling reveals similarities with previous styles of mineralisation
Intervals recently intersected correspond with the visible sulphide mineralisation previously reported.
The diamond drilling results are part of White Rock’s maiden drill campaign at the Red Mountain project.
They are from infill drilling of the two existing deposits, Dry Creek and West Tundra, with a resource base of 16.7 million tonnes at 8.9 per cent zinc equivalent.
This includes a high-grade component of 9.1 million tonnes at 12.9 per cent zinc equivalent as defined in the maiden resource delivered in April 2017.
WRM does remain a speculative stock and investors should seek professional financial advice if considering this stock for their portfolio.
Best grade-thickness intersection at West Tundra
At West Tundra, an intercept from 60.6 metres to 63.1 metres downhole with an estimated true width of 3.4 metres represents the best grade-thickness intersection for any drilling at West Tundra.
This hole is some 75 metres from the nearest hole, indicating the sparse drilling of between 100 metres and 250 metres at West Tundra.
Management is of the view that this suggests the deposit is open to improvements in grade and thickness with infill drilling.
As demonstrated below, the DC18-76 intercept at Dry Creek is in line with surrounding drill intersections.
The high-grade mineralisation from 63.9 metres to 72.7 metres downhole has an estimated true width of 7.9 metres
This hole is some 20 metres from the nearest holes.
Management confident of adding to maiden resource in coming months
Commenting on these developments, managing director Matt Gill said, “These first drill assay results for the Dry Creek and West Tundra deposits validate our belief that these two deposits form part of a genuine high-grade zinc rich polymetallic VMS mineralisation system.
Our exploration program focus is to expand the maiden resource and to identify and test new targets to make the additional discoveries.
Initial drilling and surface mapping and sampling have allowed us to characterise the mineralisation at Red Mountain, providing the knowledge with which to identify, prioritise and test these new targets.
This is a great start to our 2018 exploration program and we are confident of adding to our maiden resource in a meaningful way over the next few months.”
Today’s news triggered a 12.5% spike in the company’s shares in early morning trading on Monday.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
Preparing to drill high priority targets
On this note, field crews commenced their mapping and soil and rock chip sampling on the highest priority targets at the beginning of June prior to selecting targets for drill testing throughout the 2018 campaign.
The geophysics crew has commenced field surveys with initial orientation work across the known mineralisation at Dry Creek in progress.
Electrical surveys are expected to commence on new targets this week.