White Cliff Minerals Limited (ASX: WCN) shares surged on ASX after the company announced that visible gold had been discovered in alluvial bulk samples collected in December 2018. The stock price increased by 43.75% to last trade at $0.023 on 25 January 2019.
The company conducted a bulk sampling using an excavator in preference to using drilling along a 450-meter long section of the Chanach river alluvial terrace within the Aucu Gold deposit located in Kyrgyz Copper-Gold Project. It collected a total of 65 samples and found that visible gold is present in 62 of those samples. It has also detected that one of the two river sediment samples contains visible gold. The company reportedly collected the river sediment samples at the boundary of the tenement adjacent to its existing alluvial mining operation.
As per the company’s latest information, Aucu gold deposit contains an Inferred Gold Mineral Resource of 2.95 Million tonnes at a grade of 5.1 g/t gold containing 484,000 ounces of gold. The project also contains an Inferred Copper Mineral Resource of 17.2 Million tonnes at a grade of 0.36% copper for 64,000 tonnes of contained copper.
The concentrates collected from bulk sampling reportedly consists of heavy minerals including trace copper, iron sulfides, magnetite, and gold. White Cliff told that gold components had been mostly sub-angular showing that it is close to original hard rock source.
Its mining operation at Chanach tenement has been ceased in December due to heavy winter snows and minus 10-20 degree temperatures. The company expects that access to Chanach valley will open again in March 2019 following which it expects to re-commence its exploration activities.
White Cliff 100% owned projects Ironstone Gold consists of 191 square kilometers of Merolia Greenstone belt consisting of the Comet Well, Ironstone, and Burtville prospects. Whereas, its Laverton Gold Project covers around 22 square kilometers of the tenement in the Laverton Greenstone belt. The Ironstone region is prospective of high-grade gold mineralization with historical drilling returning 24m at 8.6g/t gold.
The company’s Coronation Dam Cobalt Project consists of one tenement, 16km2, in the Wiluna-Norseman greenstone belt. The tenement contains zones of cobalt mineralization associated with nickel mineralization with grades ranging from 0.01% to 0.69% cobalt and between 0.4% to 2.2% nickel. In Coglia Well Cobalt Project, the company has identified cobalt grades at 0.16% cobalt and 0.65% nickel while in Ghan Well Cobalt Project, cobalt grades reportedly range between 0.01% to 0.75% cobalt.
In today’s media release, the company reported that samples had been submitted to the laboratory for analysis and results are due to be released in late February. Currently, White Cliff’s market capitalization stands at $3.7 million. Over the past 12 months, WCN has fallen massively by 88.97% including a plunge of 5.88%.
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