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A near-stage producer and a diversified explorer, White Rock Minerals Ltd (ASX: WRM) owns two projects in Alaska and New South Wales. The companyâs flagship exploration project âthe Red Mountainâ is located in central Alaska. White Rock has an earn-in JV agreement with Sandfire Resources NL (ASX:SFR) for the Red Mountain zinc-silver-lead-gold Project. The Mt Carrington gold-silver project is located in Northern NSW near Drake.
In an announcement on the ASX, White Rock recently updated the market on its 2019 exploration program which is in full swing at the companyâs Red Mountain project. The project contains polymetallic volcanogenic massive sulphide mineralisation rich in high-grade zinc and precious metals with potential for significant gold and copper.
Red Mountain Project Update
White Rock informed that it has received the final data from the airborne electromagnetics (AEM) geophysical survey that commenced in April 2019 and got successfully completed in May 2019. The survey was conducted over an area of 500km² and was flown at the White Rockâs significant Red Mountain Project. The final data received is now being combined with surface geochemistry to focus on several high priority VMS targets detected for drill testing.
According to White Rock, the survey results show a signature conductivity response at both Dry Creek and West Tundra Flats, two well-known high-quality massive sulphide deposits. White Rock intends to utilize this knowledge to search for identical responses in other areas within its tenement package.
The company commenced summer field exploration activities with on-ground activities in May this year that included surface geochemical sampling (rock chips and soils), downhole EM surveys, surface reconnaissance mapping, ground electrical geophysics (CSAMT and MT) and diamond drilling.
Dry Creek and West Tundra Flats Deposits
White Rock determined a maiden JORC 2012 MRE (Mineral Resource Estimate) in April 2017 for Dry Creek and West Tundra Flats deposits as indicated in the below figure:
The two high grade deposits at the project have an Inferred Mineral Resource of 9.1 MT @ 12.9% ZnEq for 1.1 MT of contained zinc equivalent. Centred on these two deposits, the AEM survey was undertaken by SkyTEM under the 2019 comprehensive exploration program.
The exploration program aims at identification of key drill targets after the companyâs successful drilling campaign concluded in 2018, returning intersections of 4.7m @ 7.8% lead, 6.9g/t gold, 19.5% zinc, 466g/t silver and 1.5% Cu and 4.3m @ 2.3% lead, 1,435g/t silver, 2.2g/t gold, 4.8% zinc, 0.5% Cu and 4.8% zinc.
White Rock has recently received a commitment from its JV partner Sandfire Resources NL (ASX:SFR) for funding of an additional US$1,500,000 to extend the companyâs existing exploration activities into September at the Red Mountain Project. This additional funding expanded the companyâs total 2019 exploration budget committed for Red Mountain Project to over AUD 8 million.
AEM Survey Results
White Rock has identified sulphide accumulations, iron and chert formations while surveying a spatially extensive alteration zone, the northern limb along the Glacier Trend with 10 km of strike length. The formations are believed to be close to horizons that have the potential for VMS deposits. The areas of interest along the Glacier Trend have been prioritised with the help of the supplementary lithogeochemical analysis of rock chip data that characterises classic VMS alteration vectors linked with black shales and exhalite horizons. The rock chip data is now being evaluated in combination with the identification of different conductivity responses from the airborne electromagnetics data to support in drill targeting.
White Rock reported that the drill rig has now moved to the highly prospective northern limb to test the first of these new targets at the Arete prospect. These targets have identical strength and geometry as that of Dry Creek and WTF deposits. The drill rig has now been shifted 12 km to the west of Dry Creek and WTF deposits.
The company has identified target priorities at the Smog South, Sheep/Rogers, Irish Knob and Artesia prospects where a combination of anomalous geochemistry, exhalative horizons and identical AEM conductivity deviations are being modelled.
Source: Companyâs Report (24th July 2019)
The company reported that seven diamond drill holes have been completed in total to date in the program and there was no substantial massive sulphide mineralisation intersected. Out of these seven, White Rock reported about the completion of the first three diamond drill holes in June 2019. The test targets of the further four diamond drill holes were at Stingray (WT19-31), Meganâs (DC19-94), Mantaray (DC19-32) and Platypus (DC19-93).
Preliminary Airborne EM Survey
White Rock notified about the successful completion of the Airborne EM Survey at Red Mountain Project on 20th May 2019. SkyTEM used advanced processing and data collection system for conducting the survey in order to detect prospective VMS conductors present in the Bonnifield Mining District. The preliminary AEM data underlined several conductivity features associated with Bonnifield Districtâs geology and structure as well as VMS mineralisation. SkyTEM processed the collected data before advanced interpretation and modelling by a leading Perth-based EM consultant, NewExco.
Stock Performance
The companyâs stock traded flat on ASX today at AUD 0.008 with around 2.14 million number of companyâs shares in trade. The companyâs stock has a market capitalisation of AUD 13.09 million. The stock has delivered a 14.29 per cent return on a YTD basis.
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