Australia

White Rock Minerals wastes no time in progressing extended Last Chance gold target

White Rock Minerals Ltd (ASX:WRM) is making every effort possible to progress its Last Chance gold target at Red Mountain project in the prolific gold-rich Tintina region of Alaska.

The company has staked an additional 375 mining claims covering 240 square kilometres surrounding the Last Chance gold stream sediment anomaly as it moves to secure a strategic regional tenement position.

These claims, which include readily apparent strike extensions of the gold system, take the Red Mountain project to 1,298 mining claims over 798 square kilometres.

Geologists on the ground


Since getting on the ground a month ago, White Rocks team of six geologists have been conducting detailed recon and mapping and taking hundreds of soil samples and rock chip samples as the company puts together the geological picture.

White Rock has also awarded a drilling contract and has started mobilising a diamond drill rig to its base camp staging post at Healy, just 35 kilometres to the west of the Last Chance gold target.

It plans to be drilling by early August once more assays are in from the soils and rocks samples, and a closer drill target inspection has been completed.

Capital raising support


These efforts are being supported by capital raising initiatives with a two-tranche placement closing yesterday for proceeds of A$5.85 million and results of a share purchase plan to be announced next Monday.

On the back of the strong newsflow, shares have increased from 0.4 cents on June 19 to a new two-year high of 1.4 cents this week and are today up 10% to 1.1 cents.

Expanded tenement package


The expanded tenement package at Red Mountain now forms a strategic and contiguous block of mining claims that cover an extensive area prospective for Intrusion-Related Gold System (IRGS) mineralisation including Last Chance gold target.

White Rocks expanded strategic tenement package with the previous existing claim outlined in black and newly staked claim in red.

In prolific area


IRGS is a style of mineralisation typical of many gold deposits within the prolific Tintina Gold Province, which is host to giant gold deposits including Donlin Creek (45 million ounces), Pogo (10 million) and Fort Knox (13.5 million).

The new package also has multiple VMS prospects including the high-grade zinc-rich deposits at Dry Creek and WTF with an inferred resource of 9.1 million tonnes at 12.9% zinc equivalent for 1.1 million tonnes of contained zinc equivalent.

Expanding reconnaissance


White Rock plans to expand field reconnaissance across this new package to identify additional gold targets for priority exploration in conjunction with the upcoming drill program at Last Read More – Source