White Cliff Minerals Limited (ASX: WCN) has reported gold assays for the bulk samples collected in December 2018. The bulk sampling was undertaken along a section of the Chanach river alluvial terraces 1000 m downstream from the Aucu Gold deposit to assess the placer gold potential of the 16km long river system.
The company reported on the sampling details; samples were washed screened and pan concentrated from 30-60 kg of wet gravel samples to ~30-60 grams of concentrate. Of the 65 samples collected, 62 samples reported Visible gold detection.
The gold concentrations in the bulk samples were ranging from 0.35 mg/t (wet) to 104 mg/t (wet), it is to be noted that grades above 50mg/t are potentially economic. The dry results are pending due to the moisture content in the initial samples. Moisture and density analysis have not been conducted.
The bulk sampling was tested from the surface to a depth of 5 m. The company informed that the Alluvial gold usually deposits in areas where high energy water flow slows down, and the gold is deposited in sinuous zones called leads on the inner sides of the bends in the river. As time passes, the gold gradually works its way to the base of the alluvial channel. WCN stated that the presence of gold in the river channel was encouraging as it indicated an active gold deposition system where gold grade usually increase with depth. Providing more details on the deposits, the company stated that the alluvial river gravels extend for 16 km within the lease and gravel depths range from 5 metres near the start of the river on the eastern end of the lease to 15- 20 metres near the western end of the lease.
The company finds the initial results quite encouraging and plans to conduct further bulk sampling using a more detailed sampling method.
The company finally stated that it intends to restart exploration activity in March with the initial work on cleaning the access road to the main drilling location and camp area allowing field visits by parties interested in purchasing the project.
On 11 March 2019, WCN reported the details on the rights issue. A total of $646,278 worth of applications were accepted by the company, resulting in a short fall of $508,598. The underwriter informed the company that it has received commitments from its clients to place all the shortfall shares. The company also informed in the same release that it is raising a further $45,000 by way of additional placement of 9.1 million ordinary shares. The new shares to be issued on Wednesday 13 March 2019.
The stock has been in a major downtrend in the past couple of months. The stock has moved down by 48.72%, and 39.39%, in the past three months and one month respectively.
The shares of WCN was trading flat for the day at A$0.005 on ASX (As at Thu 14 Mar 19 01:10 PM)
White Cliff Minerals Limited’s (ASX: WCN) market capitalization stands at circa $2.31 million. The Stock has noted the 52-week high price of A$0.161 and 52-week low price of A$0.005. As per the latest ASX declaration, the company EPS stood at -0.090 AUD.
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