White Cliff Minerals (ASX: WCN) has acquired Victoria Copper Ltd, 100% owner of exploration licence L-2797. This granted exploration licence lies within the broader Rae Copper region, Nunavut, Canada and covers the historical Danvers copper deposit. Confirmation drilling and other verification work.
The acquisition brings 100% unencumbered ownership of the licence, proximal to the company’s’ existing claims at Rae and the licence contains a non JORC compliant, historic resource estimate of 4.16Mt at a grade of 2.96% Cu at a 2% cut-off Cu.
Records of resource drilling undertaken during 1967 & 68 had a maximum vertical depth of ~150m. Highlights from the 1960’s resource drilling included:
• 39.40m @ 4.9% Cu from 60.3m (S-57)
• 47.10m @ 3.2% Cu from 42.2m (S-24)
• 35.40m @ 3.2% Cu from 21.0m (S-21)
• 27.5m @ 4.0% Cu from 76.7m (S-63)
• 38.1m @ 2.8% Cu from 63.4m (S-73)
• 31.4m @ 3.3% Cu from 15.2m (S-20)
• 44.8m @ 2.2% Cu from 55.8m (S-18)
Follow up drilling in 2003 & 2005 focused mainly on expanding the known mineralized envelope which starts at surface and has dimensions of approximately 550m(L) x 200m(W) x 150m(D).
Results confirmed mineralization remains open in all directions presenting potential for further exploration success, highlights include;
• 72.70m @ 1.6% Cu from 27m (2003-47-2)
• 56.39m @ 1.5% Cu from 47m (2003-47-1)
• 98.05m @ 0.9% Cu from 66m (2003-47-3)
• 52.88m @ 1.2% Cu from 177m (2005-47-7)
The acquisition of this, until now, stranded licence bolsters the already impressive and prospective Rae Project Portfolio. Sitting within the company’s surrounding landholding, this addition represents accelerated near term optionality to start growing a resource for the greater Rae Project.
The historic, non JORC compliant estimate, the potential to expand this resource estimate and the concentrations of copper-silver reported from past drilling activities is a key factor in the acquisition of the licence. The previously reported work and studies undertaken on the licence will be verified by the company as quickly as reasonably possible, with proposed work focused on drilling being planned for 2025.
Finally the licence is conveniently located 3km south of the Hope Lake Airstrip where the company intends to base its 2025 field operations.
This moderate tonne but lower grade historic resource of 4.16Mt @ 2.96% Cu is but one of several styles of mineralization the company expects to find throughout the broader licence area. Other targets include the very large tonne targets of Hulk, the high grade-high tonne potential of Stark, the very high-grade native copper flow top replacement targets and finally the extremely high-grade Thor, Rocket, and Vision areas. This acquisition provides not only the potential for fast tracked expansion of an already identified large occurrence of copper but further secures the company’s dominant landholding in the region.
We are now preparing for the 2025 drilling, with all targets now identified and prioritised starting with the giant Hulk sedimentary target, the extremely high-grade vein systems and resource verification work at Danvers as well as at Great Bear – the company is well positioned to deliver on its CY25 planned objectives. I’m pleased to say we are making good progress on the final phases of our permitting and will update shareholders on the finalisation of this aspect as well as the award of drilling and service support contracts and the start of mobilization in due course.”
To read more about this, please visit https://wcminerals.com.au/
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