White Rock Minerals
A DIVERSIFIED EXPLORATION AND NEAR-TERM PRODUCTION COMPANY
Zinc – Gold – Silver
White Rock Minerals
ASX : WRM
White Rock owns 100% of the globally significant Red Mountain zinc-dominant VMS project in central Alaska. This high-grade zinc-silver-lead-gold project, with a maiden JORC 2012 Resource of 9.1Mt grading 12.9% ZnEq provides White Rock with a quality advanced exploration project where there is significant potential to discover several new large zinc-silver-lead-gold-copper deposits.
The Red Mountain project covers a strategic 143km2 land holding where there are already a further
30 identified targets alongside the two known deposits.
White Rock also owns 100% of the Mt Carrington gold-silver project in New South Wales, Australia. This project is on an approved ML and has a JORC Resource estimate containing over 340,000 ounces of gold and 23 million ounces of silver, with a maiden Ore Reserve released in late 2017.
WHY WHITE ROCK MINERALS?
- Two Assets for the Price of One:
- Red Mountain high-grade zinc and precious metals project in Alaska,
- Mt. Carrington gold and silver project in New South Wales,
- Both assets with JORC Resources,
- Both assets 100% owned
- Company well funded, and with a cornerstone strategic partner in Sandfire
- Active Exploration = News
- Significant re-rating
- The Red Mountain Project is a globally significant zinc VMS Project – 9% ZnEq grade:
- No modern exploration on this Project for over 10 years,
- Exploration campaign to increase the known zinc – silver – lead – gold JORC resource,
- Exploration campaign aims to discover further deposits.
- This program is aimed to generate strong results and a high level of news
- Strong potential for significant rerating when compared to our zinc and gold peer
- White Rock offers geological, geographical and commodity diversification for investors – Australia and USA.
- Highly credentialed and highly regarded management team and board.
- White Rock has a second 100% owned project – The Mt Carrington gold and silver project
- Gold First Stage Pre-Feasibility Study done, delivering a maiden Reserve with the initial 4.5 years of production from gold pits already pre-stripped,
- And with 8 million ounces of silver classified as Indicated Resources to follow.
Share Price Performance
DIRECTORS & MANAGEMENT
Brian Phillips – Non-Executive Chairman
Matthew Gill – Managing Director & CEO
Peter Lester – Non-Executive Director
Ian Smith – Non-Executive Director
Jeremy Gray – Non-Executive Director
Sandfire Resources – 12.7%
HSBC (including Zijin / Sprott) – 8.7%
Avalon Ventures – 4.9%
Suetone P/L – 4.4%
Citicorp Nom – 4.4%
Red Mountain Project
Maiden JORC 2012 Resource places the Red Mountain Project in the top quartile of undeveloped high-grade VMS (zinc, silver, gold) deposits globally.
High grade resource: 9.1Mt @ 12.9% ZnEq within the existing 16.7Mt @ 8.9% ZnEq global resource.
Last drilled in the 1990s.
Mount Carrington Project
White Rock’s other key asset is the 100% owned Mt Carrington project where shallow Indicated and Inferred Mineral Resources totalling 341,000oz gold and 23.2Moz silver have been defined.
THE RED MOUNTAIN PROJECT
- Alaska ranked 10th out of 93 jurisdictions by the Fraser
- Red Mountain Project – central Alaska
- Well located with good infrastructure and logistics:
- Major road and rail access located 120 km west and 85 km north,
- Connection to the port of Anchorage 400 km south,
- Access to fresh water.
- No community or environmental legacy issues
- Established mining hub at Fairbanks; services mines including Pogo, Fort Knox and Usibelli.
Historical Work – Resource Potential
- Polymetallic VMS Project – zinc and silver
- Discovered in 1975 – sulphide
- Historic exploration from 1975-1999.
- Two deposits discovered:
- Discovery / Fosters (Dry Creek),
- West Tundra Flats (WTF).
- Mineralisation from
- Good preliminary metallurgical test work results with recoveries >90% zinc, >75% lead, >80% gold, >70% silver.
- 143 km2 land position established – highly prospective
2018 Exploration program highlights
- A team of twenty was established on the ground over
- Recon and geochem still to cover much of the strategic land holding = significant upside
- Ramped up to 3 recon crews in the field,
- Crews collected 435 stream samples, 1,835 soil samples and 330 rock chips samples.
- Seven areas of interest already identified:
- One new VMS discovery already made – Hunter,
- Hunter is open to the east, west and at depth.
- Successful application of a new geophysics exploration tool on this project (CSAMT).
- 4,000 meters of drilling completed:
- Some of the best drill hole results at Dry Creek and WTF achieved – grades > 20% Zn+Pb, >15g/t Au, > 1,400 g/t Ag
- More drill targets available for follow-up in 2019
Red Mountain JORC 2012 Resource Estimate
Red Mountain – Our first drilling program
Dry Creek Deposit, Discovery Lens
- 7m @ 19.5% zinc, 7.8 lead, 466g/t silver, 6.9g/t gold and 1.5% copper for 49.7% zinc equivalent (DC18-79) from 231.1
- 4.3m @ 4.8% zinc, 2.3% lead, 1,435g/t silver, 2.2g/t gold and 0.5% copper for 43.2% zinc equivalent (DC18-77) from 168.8m
- Hole DC18-79 intersection is the best drill hole intersection of all the historic holes drilled into the Discovery lens.
THE MOUNT CARRINGTON PROJECT
- World-class jurisdiction: located in NSW, which has a number of existing operating mines and development projects.
- Brownfields Projects: historical mining occurred at the Project area by various companies up until 1990. On granted Mining Lease.
- Significant infrastructure in place: close proximity to major roads, railway, small towns, existing tailings storage facility with capacity for expansion, a freshwater dam, site exploration and mining office, an RO water treatment plant and connection to the NSW power grid
- Capital requirement reduced: given the existing infrastructure, start-up capital is estimated at only A$36m (on-site existing infrastructure estimated at A$20m).
- JORC Resources: 341,000oz contained gold and 2Moz of contained silver.
- JORC Reserve: released in December 2017, maiden JORC Reserve of 47mt @ 1.43g/t gold for 159,000 oz has been defined for the first two gold deposits to be mined.
- Positive PFS: released in December 2017, and targeting an optimized mine plan focused on the Gold First stage initially, generating free cash flow of A$36m and an IRR of 34%, over an initial 5 mine life, with mining of the silver dominant deposits contemplated to follow for a further 3 years (estimated). Payback less than 2 years.
- Favourable geology: hosted in the Drake Volcanics in the New England Fold Mineralisation is typically hosted by stockwork-style quartz veining or disseminated sulphides, within silica-illite-pyrite alteration.
- Upside potential: near-mine and regional targets exist at the Project for both gold and silver complimenting the existing resource base, as well as for intrusive-related copper-gold porphyry
Central Lease exploration potential for more resources
Multiple historic drill holes with shallow gold mineralization yet to be followed-up.
All Nations Zone – 2 targets
All Nations West – 400m strike potential not drilled
firstname.lastname@example.org/t Au from 76.5m (ANDD003)
0.4m @17.2g/t Au from 96.6m (ANDD003)
Five other target/zones (Kylo South, Pioneer, Golden Knob, Carrington and Guy Bell) also with drill hole intersectios yet to be followed up. Significant copper potential remainsto be tested beneath shallow mineralisation at Gladstone West.